Financial Aid Services

Perkins Loan

Determining Loan Eligibility
Eligibility for most loans is determined by completing the Free Application for Federal Student Aid (FAFSA).  After your FAFSA is received and processed (which takes about 2 to 3 business days), you will receive an email response indicating your Estimated Family Contribution (EFC).  If your EFC is less than 12000, and no other financial aid is awarded, you will generally qualify for a subsidized Stafford loan.  If your EFC is less than 8000, you also qualify for a Perkins loan.  If your EFC is greater than 12000, you can still qualify for loan funding through the unsubsidized Stafford, Parent, or non-federal loan program, however interest accrues on these loans while you are in school. 

If your family is only interested in applying for a Parent PLUS Loan, then you do not need to complete the FAFSA.  You can apply for a Parent Loan today.

Perkins Loan
The maximum federal Perkins Loan at Harding is $2,500 and is awarded to full-time undergraduates during their first two years of undergraduate study.  No interest accrues during periods of enrollment, and monthly payments (at a 5% interest rate) begin nine months after leaving school.  If you have an EFC below 8000, as determined by completing the FAFSA, you can generally qualify for a Perkins Loan. You will be instructed to log in to Pipeline to complete a Federal Perkins Promissory Note or you go to www.ecsi.net/promk6.html.  You will need to have your FAFSA pin number to complete the promissory note.

Loan Forgiveness Programs
Loan forgiveness opportunities are available, depending on the chosen career.  Reference the following Web site for additional information:

• National Heath Service Loan Repayment Program
  
• Nursing Education Loan Repayment Program
• Teaching Service Cancellation/Deferment Options
• MEDSEND - Medical Mission Work
• Interactive Media