General
Information
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 directly across from the
Old Governor's Mansion in the Wooten-Garner
House.
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:
www.ed.gov/prog_info
Contact Information
Ms. Becky McKnight
Wooten-Garner House
Campus Box 026
Milledgeville, GA 31061
(478) 445-4881
becky.mcknight@gcsu.edu
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