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A federal Perkins loan is a loan which MUST BE REPAID.
To determine your eligibility for a federal Perkins Loan, you must first complete your FAFSA.
Student Financial Planning will contact you with the loan amount to accept if eligible.
You must be in good standing (not in default) on any previous federal student loans in your name.
Perkins loans offer a 5% interest rate that is deferred (postponed) while in at least a part-time status.
You will receive a one-time 9 month grace period after graduation, dropping below part-time status, or dropping out of classes completely
You can renew your in-school status if attending another accredited institution at least part-time or by returning to Drake at least part-time.
You must repay your loan within 10 years.
Deferment, forbearance, and cancellation options are available.Visit www.ecsi.net to determine your eligibility.
ECSI and Drake University make all final approval and denials for these requests.
To access your loan information, visit our loan servicer’s (ECSI) website: