Perkins

Accept & Receive Perkins

Once students receive a notification email regarding their finalized financial aid award, students offered a Federal Perkins Loan in their annual financial aid award can accept or reject the loan via WebAdvisor.

Students may also choose to accept or reject the Perkins loan through the Financial Aid Office by mail, email, fax, or by written consent in person.

Entrance & Exit Counseling

All students receiving Federal Perkins loans are required to complete online Entrance Counseling for each corresponding year they borrow a Federal Perkins loan.

When a student does one or more of the following, the student is also required to complete online Exit Counseling

  • drops below half-time enrollment
  • takes a leave of absence
  • withdraws from their program
  • graduates

Master Promissory Note

Once a student has accepted their Federal Perkins loan via WebAdvisor, a hard copy Master Promissory Note (MPN) must be completed with the CCA Student Accounts Office before a student’s Perkins loan will disburse to their student account.

Decrease or Cancel Perkins

Students must contact the CCA Financial Aid Office in order to decrease or cancel a Federal Perkins loan.

After a Perkins loan is disbursed to a student’s account, a student may cancel all or part of the loan within the time period established by the Master Promissory Note and Financial Aid Office.

Contact the Financial Aid Office regarding the procedures for cancelling all or a partial amount of the loan.

Repayment

Once a student does one or more of the following, the student enters a nine-month grace period before repayment on the Perkins loan begins

  • drops below half-time enrollment

  • takes a leave of absence

  • withdraws from their program

  • graduates

All Federal Perkins loans at CCA are serviced through ACS, so borrowers must coordinate repayment options with ACS.

If a borrower is facing financial hardship or other extenuating circumstances after the nine-month grace period on the loan has ended, the borrower may be eligible to postpone repayment by pursuing deferment or forbearance through ACS.

Understand Default

Failure to make monthly loan payments will result in a student becoming delinquent on their student loan, and places a student at risk of defaulting on the loan.

Students that received Federal Perkins loans at CCA should contact ACS immediately in the event they are having difficulty repaying their loan or consistently making late payments.