STUDENT FINANCIAL SERVICES
Federal Perkins Loans
Formerly the National Direct Student Loan Program (NDSL), a Federal Perkins Loan is available for both undergraduate and graduate students, enrolled at least half time, who demonstrate exceptional need. Florida Atlantic University (FAU) is your lender, and you must repay this loan to FAU. Recipients of this loan must meet all eligibility requirements for Title IV financial aid programs.
- Annual Loan limits are:
- $4,000 for undergraduates
- $6,000 for graduate/professional students
- Aggregate Loan limits are:
- $20,000 for undergraduates
- $40,000 for graduate/professional students (including any Perkins borrowed as an undergraduate).
Interest shall accrue from the beginning of the repayment period and shall be at the annual percentage rate of 5%. This rate is subject to change. The interest rate will be stated on the borrower’s promissory note.
- Grace period:
The grace period is the period of time before the borrower must begin or resume repaying a loan. The grace period begins nine months after the student graduates or ceases to be enrolled at least half-time. No interest accrues during this time.
- Exit Interview:
When the student ceases to be enrolled at least half-time or graduates, the student will be required to attend an Exit Interview session. The Exit Interview will cover pertinent information such as a repayment schedule.
Repayment of the principal and interest must be made over a repayment period beginning nine months after the date a student ceases to be enrolled at least half-time or graduates. The repayment period may not exceed ten years. Loans will be repaid at the minimum rate of $40.00 per month (which includes principal and interest).
Prepayment of all or any part of the principal, plus accrued interest may be made at any time without penalty.
- Payments and Billing:
Campus Partners is a billing server retained by Florida Atlantic University to perform the billing and bookkeeping functions of the student loans.
Campus Partners will send the borrower regular billing statements or annual coupon books. However, you may agree to a direct draft of your bank or savings account. E-Pay is also available.
Payments should be made payable to Florida Atlantic University, and mailed to:
P.O. Box 970004
Boston, MA 02297-0004
Correspondence and/or forms should be mailed to:
P.O. Box 2901
Winston-Salem, NC 27102-2901
If you have any questions regarding your statements from Campus Partners, please contact Campus Partners directly at 1-800-334-8609. Or, you may visit their website at www.mycampusloan.com.
Scheduled payments will be deferred and interest will not accrue if the student is:
a) In attendance at least half-time at an institution of higher education.
b) On full-time active duty in the Armed Forces of the United States (Army, Navy, Air Force, Marine Corps, or Coast Guard), for a maximum period of three years.
Economic hardship and unemployment deferments are available.
- Cancellation of the loan, over a five year period, can be granted for the following reasons:
a) Teaching (in certain areas); b) Early Intervention Services; c) Law Enforcement or Corrections Officer; d) Nurse or Medical Technician; e) Child or Family Service Agency; f) Head Start; g) Military Service; h) Volunteer Services
- Total amount owed on a loan can be cancelled in the event of death or total and permanent disability.
Please visit www.mycampusloan.com for forms.
Florida Atlantic University may declare the loan to be in default and demand immediate repayment of the entire unpaid balance, including principal and interest, if a scheduled payment is not made by the due date. If collection procedures become necessary, attorney’s fees and other reasonable collection costs will be the responsibility of the borrower. Also, holds are placed on the borrower’s student account, preventing release of transcripts, further registration, and financial aid.