Your Federal Perkins Loan comes with responsibilities, listed below are some of them. Make sure you understand what you are accepting before you sign your Promissory Note.

When you sign a promissory note, you are agreeing to repay the loan according to the terms of the note. The note is a binding legal document and states that, except in certain cases of discharge, you must repay the loan...even if you don’t complete your education, can’t get a job after you leave school, or are dissatisfied with, or don’t receive the education you paid for. Think carefully about what this means to you before you decide to accept these federal funds.

You must make payments on your Federal Perkins Loan even if you don’t receive a bill or payment notice. Billing statements are sent to you as a convenience, but you are obligated to make payments as set forth in your note even if you don’t receive any notice.

If you apply for a deferment or forbearance for which you qualify, you must still make your payments until you are notified that your request has been granted. Make sure you document all of your contacts with Saint Martin’s Perkins Loan Office and our billing service.

You must notify this office if you graduate, drop below half-time, drop out of school, change schools, or change your name, address, or Social Security number. You must not assume at any time that if you notify any department or office on this campus that the Perkins Loan Office will be notified in turn. It is your responsibility to notify us directly and specifically of changes in your status. IMPORTANT! It is not our job to find you! We never ever want to hear, “I moved and didn’t get my bill so I couldn’t pay it.” Losing track of you can have serious consequences in the future such as damaged credit ratings, wage garnishments, and legal and collection fees. Avoid this! Write, phone, send a pigeon, a fax or a bicycle messenger-We want to hear from you!

You must complete an entrance interview and an exit interview as part of the MANDATORY requirements of this loan. You must notify us when you plan to leave, graduate, transfer, withdraw, etc You will not receive transcripts or other school services until you are cleared. Please don’t forget to complete your exit when it’s time to go. You won’t have all the tools you need to repay responsibly without it.

Federal Perkins Loan