Fordham University            The Jesuit University of New York

Perkins Loan Overview

Perkins Loans are low-interest federal student loans for undergraduate students with exceptional financial need. Here's a quick overview of the Federal Perkins Loan:

  • Available to undergraduate students with exceptional financial need.
  • Interest rate for this loan is a fixed 5%
  • Fordham University is the lender; you make your payments to the school's loan servicer, Affiliated Computer Services (ACS)
  • The maximum award a student can receive on a Perkins Loan is $5,500.00.
  • Students will be notified by Financial Aid about the award by letter or email.
    • Freshman students will receive a paper award letter - they must sign and return the award letter back to Financial Aid of accept the award at My.Fordham
    • Continuing students will continue to receive an email to accept the awards by logging on to their account at My.Fordham.

Electronically Signing your Perkins Master Promissory Note

By federal regulations students who are awarded a Perkins loan are required to complete a Master Promissory Note (MPN) which is the student’s promise to pay.

Beginning August 1, 2005 students who are awarded a Perkins loan are eligible to sign their Master Promissory Note electronically. This service is provided through a third party vendor (ACS). You will receive an e-mail notification from ACS advising you that you are eligible to sign your Master Promissory Note electronically. You will need to have your FAFSA pin ready in order to verify your identity.

The student will need the following information in order to complete the Perkins MPN:

  • Create username and password
  • Name
  • SS#
  • DOB
  • Address
  • Email
  • Security Question

To begin the E-sign process please click  here.

Perkins Entrance and Exit Interview

Perkins Entrance Interview

Before the school disburses the Federal Perkins Loan, regulations require the student to complete an entrance counseling session. The counseling session helps guide the student in managing the student loans, both during and after college.

Information needed to complete Entrance Interview:

  • Students Name
  • SS#
  • DOB
  • Drivers License # and State
  • Permanent Address
  • Phone #
  • Email address
  • School name and major
  • Parents name, address, phone # and employer
  • Two references (name, address, phone # and employer)

When the Entrance interview is completed the Perkins Loan Coordinator will receive an email confirmation confirming student completed the entrance within 24hr from Mapping your Future.

To fill out your Perkins Entrance Interview Online click here.

Perkins Exit Interview

To fill out your Perkins Exit Interview Online please click here.

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Repayment of Perkins Loan

This guide outlines your rights and responsibilities in repaying your federal Perkins Loan. This information is crucial in understanding how to prevent your loan from entering into default.

Perkins Loans have a nine-month grace period after graduation or when enrollment drops below half-time as a degree-seeking student. During the grace period, payment is not due and interest does not accrue. After the grace period has elapsed, arrangements must be made to either repay the loan or postpone payment.

It is your responsibility to repay your loan according to the signed promissory note.

The minimum payment amount on a Perkins Loan is $40 per month. The maximum repayment period is 10 years; therefore, your monthly payments could be higher depending upon the total amount of your loan.

If you have trouble making your payments or believe that you have an extenuating circumstancethat should be taken into consideration, contact the Bursar Office at 718-817-4900 for assistance.



A Direct Consolidation Loan allows a borrower to combine multiple federal student loans into one loan. The result is a single monthly payment instead of multiple payments to multiple servicers. A Direct Consolidation Loan has a fixed interest rate for the life of the loan. To apply, visit or call 1-800-557-7392.



Under certain circumstances, a borrower is entitled to have the repayment of a loan deferred. During deferment, payment is not required and interest does not accrue. Deferments can be granted for the following reasons:

• Enrolled as at least a half-time, degree-seeking student
• Enrolled in a graduate fellowship and/or rehabilitation training program
• Economic hardship
• Serving or retired from active duty in military service
• Seeking and unable to find full-time employment

You must notify the Bursar Office to request a deferment. Forms and other documentation may be required. For more information or assistance, please contact the Bursar staff.


Forbearance is a temporary postponement of payments or reduction of payments for a period of time. Borrowers may be granted forbearance if they are experiencing financial hardship, poor health, and for other acceptable reasons. You can receive forbearance even if you’re not eligible for a deferment. Borrowers must request forbearance and provide supporting documentation of the reason. Forbearance may be granted for up to a period of one year at a time. Forbearance may be renewed, but the periods collectively cannot exceed three years.



If you default on your Perkins Loan, it means that payment has not been made according to the terms of your promissory note, a binding legal document that was signed at the time that your loan was disbursed. The University of Texas at Dallas and the federal government can take action to recover the money you owe. Consequences of default include:

• Income tax refunds withheld and applied toward amount owed
• Ineligibility for additional federal student aid
• Late fees and collection costs added to what you already owe
• Wage garnishments
• Notification to national credit bureaus, potentially harming your credit score


Loan Rehabilitation

Default occurs when two or more payments are missed. You may rehabilitate a defaulted Perkins Loan by making nine consecutive, on-time monthly payments. A rehabilitated loan is returned to regular repayment status.



A loan may be discharged (canceled) if the borrower becomes disabled or dies, or in certain cases involving bankruptcy. Contact our office for more information.



A borrower may have all or part of their Perkins Loan canceled annually (including interest) for full-time employment in certain types of service fields including:
• Teacher in a low-income school or educational service agency
• Law enforcement or corrections officer
• Teacher in a shortage field (science, math, foreign language)
• Special education teacher
• Nurse or medical technician
• Speech pathologist (Title 1 School)
• Qualified professional provider of early intervention services

Cancellations are based on when your loan was disbursed and the type of service you are providing. You must notify the Bursar Office if you believe you qualify for a cancellation, and you will be required to provide supporting documentation from your employer.


Contact Information

Fordham University
Bursar Office
Thebaud Hall 1st Floor
441 E. Fordham Road
Bronx, NY 10458

Phone: 718-817-4900
Fax: 718-817-2040




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