FEDERAL PERKINS LOAN PROGRAM
Federal Perkins Loan Program
The Federal Perkins Loan is a low interest, long term loan made through the University to help needy students pay post secondary educational costs. The University and the federal government contribute monies to the loan account usually on an annual basis, however, the bulk of the money for the fund comes from students repaying funds borrowed in previous years. When borrowers repay the loan this money goes directly into the Perkins Loan Fund. The monies are then redistributed to current students.
The annual interest rate charged on the unpaid balance of the Federal Perkins Loan is 5% and is stated on the promissory note.
Grace Period is the time before the borrower must begin or resume repaying the loan. The grace period begins when you cease to be enrolled as at least a half time student.
Repayment of the Federal Perkins Loan begins when the grace period ends. Any time a borrower drops below half time status it is necessary to attend a loan counseling session. This session provides pertinent information and a repayment schedule which contains the number of payments, interest rate, date of the first payment and frequency of payments. Monthly payment amount depends on the amount borrowed. The repayment period may not exceed 10 years.
Any questions or concerns with billing or repayment of your loans must be directed to:
Institutional Loan Office
502 E Boone Ave
Spokane, WA 99258-0072
Telephone: 509-313-6804 or 800-986-9585 x6804 or x6811
Any time you are unable to make payment on your loan, you must contact this office. Failure to do so may result in your entire loan balance and interest becoming due and payable.
WHO IS Campus Partners?
Campus Partners is a billing service retained by Gonzaga to handle billing and bookkeeping functions associated with your loan. The billing service will send your monthly statement and in turn you remit payment to their office. Remember! Only payments should be sent to the billing service, all other correspondence, request for deferment or cancellation should be sent to Gonzaga.
You may access your personal account information at www.mycampusloan.com/. Your account number is necessary to view any information.
U.S. Army Loan Repayment Program
It is useful to know that the U.S. Army offers a loan repayment program as an enlistment incentive. If a Perkins Loan (or Stafford Loan) borrower serves as an enlisted person in the U.S. Army, in the Army Reserves, or in the Army National Guard, the U.S. Department of Defense will repay a portion of the loan. For more information, the student should contact his or her local military recruiting office. This is a recruitment program, not a cancellation, and does not pertain to an individual's prior Army service.