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Federal Perkins LoansThis is a loan that is offered through MHCC. It has a 5% interest rate and a nine-month grace period once you graduate from MHCC or stop attending at least six credits. To apply for the Perkins Loan you just complete the FAFSA (Free Application for Federal Student Aid). This loan is automatically included in your offer of financial aid if you have indicated on your FAFSA that you are interested in loans, you have the financial need, and if we have the funds available. Once you are offered this loan, you must complete the Federal Perkins Loan Master Promissory Note (MPN). The Perkins MPN you sign at MHCC will remain in effect for ten years. This means you will not be required to sign a new promissory note at MHCC each year, provided you received a disbursement within the first 12 months of signing the MPN. You must also complete Perkins Loan Entrance Counseling. This is a requirement you need to complete each year you want to take out a Federal Perkins Loan at MHCC, even if you borrowed a student loan in the past at MHCC or another school. You may cancel all or a portion of your loan if it has not been disbursed or mailed to you by contacting the Financial Aid Office. To view your total Perkins loan amounts you may visit ACS, the servicer of the MHCC Perkins loan. You will need a User Name and Password to login. To see your total loan history (Stafford and Perkins), you may visit NSLDS. You will need your federal Personal Identification Number (PIN) to login. Once you have either graduated from MHCC or are no longer attending MHCC for at least six credits, you must complete a Perkins Loan Exit Interview. |
