Federal Perkins Loan

The Federal Perkins Loan is a low-interest loan for students demonstrating great financial need. Currently, Perkins funding is limited and is available to undergraduate students and, in some instances, law students. The annual interest rate charged is currently 5% and is stated on the promissory note. Repayment of your Perkins loan usually begins 9 months after your last date of attendance or the date you drop below half time enrollment.

Repayment

The lender for your Federal Perkins Loan is Gonzaga University; however payments will be made to a billing service, Heartland ECSI. Repayment of your Federal Perkins Loan begins when your grace period ends. Although repayment of your loan is not required while you're in school, we recommend that you begin planning and reviewing your options for repaying your loans ahead of time. Loan payments are due the 15th of every month.

Questions or concerns with billing or repayment of your loans should be directed to:

Office of Financial Aid
Gonzaga University
502 E Boone Ave
Spokane, WA 99258-0072
Telephone: 509-313-6811 or 800-986-9585 x6804 or x6811
Email: finaid@gonzaga.edu
Fax: 509-313-5816

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.

Cancellation

There are some circumstances in which your Perkins loan may be canceled or discharged. Application for cancellation or discharge must be completed through our loan servicer, Heartland ECSI. Additional information can be found through Frequently Asked Questions.

Cancellation types include, but are not limited to:

Deferment and Forbearance

Deferment and forbearance options are available if you are having difficulty making your loan payments. Choosing one of these options will help you avoid defaulting on your loans while alleviating the financial strain you may be experiencing during a time of hardship. Be sure to continue making payments while your deferment or forbearance request is being processed and be sure stay in contact with your servicer during this time.

Forms to request a Deferment or Forbearance are available through Heartland ECSI, and completed forms should be faxed to 866-261-5384 or mailed to:

Gonzaga University
c/o Heartland ECSI
100 Global View Dr., Suite 800
Warrendale, PA 15086

Default

Once your loan goes into repayment, if you do not make your scheduled loan payments, you run the risk of your loan going into default.  If your loan has defaulted, a hold will be placed on your Gonzaga transcripts and diploma until the default has been cleared.  You are also ineligible to receive any federal financial aid while you have a loan in a defaulted status.

Consolidation

Consolidation allows you to combine some or all of your existing federal student loans into one loan, simplifying the repayment process.  There are many pros and cons to loan consolidation and it is recommended you research consolidation further before pursing it to ensure it is the right choice for you. If you choose to include a Federal Perkins Loan in your loan consolidation, all repayment provisions that are specific to the Federal Perkins Loan will be lost. Also, beware of companies offering to lower your interest rate or get your loan canceled; these companies usually charge for loan consolidation, which you can do for free on your own.  More information regarding loan consolidation can be found on the following sites:

If you have decided that loan consolidation is the right choice for you, the application process can be completed at www.studentloans.gov. You will sign in with your FSA ID and click on "Complete Direct Consolidation Loan Application and Promissory Note".