Federal Perkins Loan Information

Criteria: exceptional financial need; enrolled at least half time.
Amount: up to $4,000 per year for undergraduate study; up to $6,000 per year for graduate study; no minimum award amount
Interest: 5 percent; does not accumulate until repayment period begins. Nine month grace period; up to ten years to repay. No interest or repayment as long as the borrower is enrolled in at least half time study. Deferment or cancellation is permitted for certain kinds of employment  or service.

Eligibility and Awarding

Federal Perkins loan eligibility and awarding is done through the Financial Aid Office. Once Michigan Tech receives your FAFSA information you will be notified of your Perkins loan eligibility by the Financial Aid Office.

Master Promissory Note

If awarded a Federal Perkins loan you will receive an email from SignMyLoan@outsourcing.com with instructions on how to sign your electronic master promissory note. SignMyLoan is a web site that is made available through University Accounting Service (UAS),  our Perkins loan servicer. In order for your loan to be applied to your Michigan Tech student account you will need to complete the electronic master promissory note through the SignMyLoan web site.

The Perkins loan program requires that you sign one master promissory note that will cover all advances on your Perkins loan while you are enrolled at Michigan Tech. However, each year after you will be required to go on-line to the SignMyLoan website, https://www.signmyloan.com/, to accept the new year’s award.

Exit Interview

All students who have a Perkins loan and either graduate from Michigan Tech or drop below half time enrollment are required to complete an exit interview through our loan servicer, University Accounting Service, at https://www.uasexit.com/.

Future correspondence concerning your Perkins loan, including emails and billing statements, will come from University Accounting Service (UAS) and not Michigan Tech. It is important that you read all emails and mailings from UAS to keep your loan current. It is also your responsibility to keep your mailing address and email address updated with UAS so that you continue to receive updates on your loan status. You can either change your address with UAS on-line at https://www.uaservice.com/ or contact them toll free at 800-999-6227.

Within a couple weeks of your graduation or drop in enrollment you will receive an email from University Accounting Service with the information you will need to complete your exit interview on-line. If you do not complete the on-line exit interview you will be mailed a paper version. Please complete your exit interview as soon as possible as there will be a hold on your Michigan Tech account preventing you from receiving grades, transcripts or your diploma until it has been completed. You may also be required to complete an exit interview for loans other than the Perkins loan that you have taken out during your time at Michigan Tech so please be sure you complete all exit interviews that are required of you.

Grace Period

Perkins loans have an interest-free 9 month grace period that begins at the time you graduate or cease to be enrolled at least half time. UAS will notify you at various times during your grace period to let you know how much longer you have left before your loan goes into repayment status.

Repayment

Once your grace period has ended UAS will send out your first billing statement which will be due one month later. To avoid late charges please make your payments by the indicated due date and mail your payments directly to UAS and not Michigan Tech. You will continue to receive quarterly billing statements from UAS until your loan is paid in full. You can sign up for electronic receiving and paying of your loan bills through the UAS web site at https://www.uaservice.com/.

Deferment and Cancellation Eligibility

Once you leave Michigan Tech, you may be eligible for periods of deferment, during which interest may or may not accrue and payments do not have to be made. The Perkins loan program also provides you with the opportunity to cancel all or part of your loan for certain types of employment or service. To review the deferment and cancellation eligibility and obtain the necessary forms to apply please visit the UAS web site at https://www.uaservice.com/. You can also call UAS at 800-999-6227 to request this information in person.

If you are granted a deferment UAS will send you notifications during the deferment period to inform you of when your loan will go into repayment again. After your deferment has ended UAS will begin to send you billing statements.

Please note that if you are applying for an in-school deferment you will need to do so for every semester that you are enrolled or your loan will go into repayment status.

Loan Default

It is important you make your payments by the due date listed on your billing statement. If you default on your loan payments, your loan repayment will be accelerated and may be referred to an outside collection agency. At this time the loan will be due in full and you will be responsible for the entire unpaid balance of the loan, including principal, interest, late charges and collection costs. You will not be eligible for any further federal student financial assistance and the default will be disclosed to credit bureau organizations and the NSLDS. You will also lose your right to receive cancellation benefits for service that is performed after the date of acceleration.

Loan Consolidation

Information about loan consolidation can be found at http://www.loanconsolidation.ed.gov.

Address Changes

It is also your responsibility to keep your contact information including your mailing address, telephone number and email address updated with UAS so that you continue to receive updates on your loan status. You can either change your address with UAS on-line or contact them toll free at 800-999-6227.

Frequently Asked Questions

If you have questions on financial aid awarding, including the Federal Perkins loan, please contact the Financial Aid Office.

Currently enrolled students who have been awarded a Perkins loan can contact the Accounts Receivable Office at 906-487-2243 or student-billing@mtu.edu with questions.

If you are no longer enrolled at Michigan Tech and have questions on the information stated above or on something that is not covered here please visit the University Accounting Service FAQ web site. Along with a list of frequently asked questions you will find detailed information on changing your address, loan deferment and cancellations, benefit forms, exit interviews, and on-line payments. You can also call the UAS borrower toll free number at 800-999-6227 to speak to a Customer Service Representative.

For additional information on the Federal Perkins loan, please visit The Student Guide from the U.S. Department of Education.