Often asked: Who Serves As The Lender Of A Perkins Loan?

Unlike other federal loans, your school is the lender for Perkins loans. This means you will work with your school or a company hired by your school to repay these loans.

Who is the lender of student loans?

Most student loan lenders are huge institutions, such as international banks or the government. Outside the government, most student loans are held by the lender, a quasi-governmental agency like Sallie Mae, or a third-party loan servicing company. The federal government fully guarantees almost all student loans.

What type of loan is a Perkins loan?

Loans made through the Federal Perkins Loan Program, often called Perkins Loans, are low-interest federal student loans for undergraduate and graduate students with exceptional financial need. Important: Under federal law, the authority for schools to make new Perkins Loans ended on Sept.

How do I find out who my Perkins loan servicer is?

Identifying Your Servicer To find out who your loan servicer is, visit your account dashboard, find the “My Aid” section, and select “View loan servicer details,” or. call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

Where does the money for Perkins loans come from?

While funding for Perkins loans comes from the government, your school or the school’s loan servicer collects student loan payments and helps you navigate repayment. That may make it easier for you to get help or communicate about your loans since you can call the school’s financial aid office for guidance.

Who is the largest student loan lender?

In reality, the U.S. Department of Education is far and away the largest student lender. In fact, 92% of the country’s $1.6 trillion of student loans today are federal student loans.

Is nelnet a federal loan?

Nelnet is a federal student loan servicer working on behalf of the U.S. Department of Education, the government agency that lends you or your child student loans.

Who owns Federal Perkins Loan?

Contact Your College about Federal Perks Loans If you already know that the Department of Education owns your Federal Perkins Loan, contact the ESCI Federal Perkins Loan Servicer at 1-866-313-3797.

What happened to Perkins loans?

The federal Perkins loan program, which provided low-interest loans to students with exceptional financial need, expired in 2017. 30, 2017, new Perkins loans are no longer available. They featured a fixed 5% interest rate and, at nine months, a longer grace period than other student loans.

Who is eligible to receive a Perkins loan?

To be eligible for a Perkins Loan, applicants must be all of the following: An undergraduate, graduate, or professional student with exceptional financial need. Enrolled full-time or part-time. Attending a school that participates in the Federal Perkins Loan Program.

Who is my lender?

A mortgage lender is a bank or financial company that lends money to borrowers to purchase a home. A mortgage servicer handles the payment processing and is the company that sends the monthly statements to the borrower. A mortgage lender or bank can be both the loan provider and the servicer of the mortgage.

Who administers federal student loans?

Federal Student Aid, a part of the U.S. Department of Education, is the largest provider of student financial aid in the nation. At the office of Federal Student Aid, our more than 1,300 employees help make college education possible for more than 13 million students each year.

How do I find out who is servicing my mortgage?

To find out who your mortgage servicer is, check your loan statement; if applicable, your payment coupon book, or you can check the MERS website, which is a free service set up by the mortgage industry to assist homeowners. Your lender might or might not be the same as your mortgage servicer.

Is a Perkins loan unsubsidized?

Eligibility. Both Stafford and Perkins loans provide low-cost loan options for undergraduate, graduate and professional students. Unsubsidized Stafford loans are available to all students regardless of financial need. Perkins loans are awarded to students exhibiting exceptional financial need.

Who is the Perkins Loan named after?

Named after Carl D. Perkins, this a need-based student loan funded by the U.S. Department of Education and serviced by UW-Madison.

Can you defer Perkins loans?

A borrower may defer repayment on a Perkins Loan for up to three years, regardless of disbursement date and contrary provisions on the promissory note, if the borrower is seeking and unable to find full-time employment. Schools may determine the documents the borrower must provide to apply for this deferment.