Federal Perkins Loans
If you are a Federal Perkins Loan recipient through ACU and would like more information regarding your loan, you can view information at the University Accounting Service website. This is the link to the loan servicer being used by ACU. Through this site, you can update your address and phone number, find benefit forms, make payments, and research loan cancellation eligibility.
If you are a current or prospective student and interested in a Perkins loan, please contact the office of Student Financial Services. Loan funds are limited and awards are based on financial need.
Perkins Loan borrowers are required to complete a Master Promissory Note, Entrance and Exit Counseling. Please see below for more information on these requirements:
Perkins Loan Master Promissory Note and Entrance Counseling: Each student who is approved by Student Financial Services for a Perkins loan for the first time must complete the Perkins Master Promissory Note (MPN). This is a paper process. Entrance Counseling forms will be attached to the MPN packet. Entrance Counseling will explain the use of the MPN that is required to receive a Perkins loan, the seriousness of the repayment obligation, the consequences of default, and the obligation to pay the Perkins loan when it is due for repayment. If a student does not complete the MPN and Entrance Counseling, ACU will not be able to disburse (pay) the loan funds to the student's account. The completed MPN and Entrance Counseling forms must be returned to Student Financial Services.
Perkins Loan Exit Counseling: Each student who received a Perkins loan and ceases to be enrolled at ACU on at least a half-time basis must complete exit counseling. Exit counseling will explain the seriousness of repayment of the loan, consequences of default, available repayment options, possible deferment or forbearance of repayment, or loan cancellation, and will also gather current and expected contact information of the student. ACU will place a transcript hold on each student's account who ceases to be enrolled and will lift the hold when confirmation of completed exit counseling has been received. Click on the following link to complete Perkins Exit Counseling.
Perkins Loan Cancellation: Upon making a properly documented written request to the School, the Perkins loan borrower is entitled to have up to 100 percent of the original principal loan amount of this loan canceled if he/she performs qualifying service in the areas listed in paragraphs A through K in the cancellation document (PDF). Other cancellation percentages apply if qualifying services are performed in the areas listed in paragraphs L and M of the cancellation document (PDF). Qualifying service must be performed after the enrollment period covered by the loan.