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.
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
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.
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.
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
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.
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.
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