Student Loan Collections
The Financial Aid Office awards the Federal Perkins Loan. Once the student has been notified of the award amount, he/she must go to the Student Loan Collections office and sign a Promissory Note, also referred to as a prom note. The Student Loan Collections office is located in the Business Office, Parks Hall 111.
What is a Prom Note? A prom note is a promise to repay the loan. By signing the prom note, you are agreeing to the rules and regulations set forth by the U.S. Department of Education.
What is the grace period? The grace period is nine consecutive months beginning after you cease to be at least a half-time student. Interest does not accrue and payment is not due during this period.
How do I repay the loan? You must complete an exit interview when you have completed your studies. There are two ways to repay the loan: out-of-pocket or by cancellation of the loan.
How are payments set up? Your payments will be determined according to the amount of the loan; the minimum payment is $40. You will be issued coupons that should be used when making payments. All payments are paid to GCSU and are due on the first day of each month. A late fee of $2 applies to payments received after the 15th of the month.
What is a cancellation? The principle and interest may be cancelled for one year of employment in certain eligible fields and at the following rate:1st year – 15%, 2nd year – 15%, 3rd year – 20%, 4th year – 20%, 5th year – 30%, plus interest accrued each year.
What areas of employment are eligible?
- Full-time teacher in a low-income, public or non-profit school.
- Special Education teacher
- Full-time teacher of math, science, bilingual education or foreign language in an area that has a shortage of such teachers.
- Early intervention service provided to infants and toddlers with disabilities.
- Law enforcement or corrections officer employed full-time in an eligible local, state or federal enforcement agency.
- Full-time nurse or medical technician providing health care services.
- Full-time employee of the Department of Family and Children's Services.
- Full-time staff member in the educational component of Head Start
How do I apply for a cancellation? You must contact the Student Loan Collections office or access online forms here. Forms must be completed and returned to the Student Loan Collections office.
What is a deferment? A deferment is a period of time when payments are suspended under certain conditions such as: still attending school, forbearance, economic hardship and military service. You must request a deferment through the Student Loan Collections office or access online forms here. Forms must be completed and returned to the Student Loan Collections office.
What is a postponement? A postponement will postpone payments for up to six months, but interest continues to accrue during the postponement period. Certain criteria must be met to be eligible.
How do I apply for a postponement? You must contact the Student Loan Collections office to request a postponement or access online forms here. Forms must be completed and returned to the Student Loan Collections office for approval.
Who do I inform of name or address changes? Any changes in name, address, social security number or drivers license number must be made to the Student Loan Collections Office, Campus Box 026, Milledgeville, Ga.
How can I learn more about the Federal Perkins Loan program? The Department of Education has a web site located at: http://www.ed.gov/programs/fpl/index.html
Ms. Becky McKnight
Campus Box 026
Milledgeville, GA 31061