Repayment begins nine months after the student ends his or her studies. The interest rate is 5% per year, and repayment may extend over a ten-year period. Carleton’s Perkins loan program is serviced by Heartland ECSI.

Perkins Loan Contact:

Student Accounting Manager
Candace Koen
(507) 222-4165

Perkins Loan Repayment

Where Do I View My Perkins Loan?

Please visit the ECSI website and register for a User Name and Password. The process is fast and easy and gives you 24/7 access to: make a payment, view loan details, sign up for e-billing, change your address and phone number, apply for deferment or forbearance, etc.

What Are the Terms of the Loan?

The Federal Perkins Loan does not accrue interest during in-school deferment or grace periods. Once you enter repayment, the annual interest rate is 5%.

When Do I Begin Repayment?

Perkins loans have a nine month grace period and payment is monthly.  First payment is due 9 months after graduation.

What If I’m Still in School?

If you enroll at another school as an “at least a half-time” basis, your loan is eligible for deferment. ECSI, Carleton’s loan service agency, checks with the National Student Loan database at the beginning of each semester and will notify you if a deferment has been processed on your loan account. 

Note: If you do not receive notification, or if you receive notice that your loan payment is due, please contact Carleton’s Student Accounting Manager or ECSI for a “Request for Deferment” form. The deferment form must be completed by the Registrar’s Office of the school you are currently attending. Please forward the completed form to Carleton’s Student Accounting Manager.

Are There Any Special Provisions Regarding Cancellation of the Perkins Loan?

Yes! Depending on your career plans; you may qualify for full or partial cancellation of your Perkins Loan. A Perkins Loan can be cancelled for certain types of elementary or secondary school teaching, military service in a hostile area, service in the Peace Corps, etc. It may also be cancelled if you are a law-enforcement or corrections officer, a qualified professional providing early intervention services, a full-time nurse or medical technician, or a full-time employee providing services to high-risk children from low-income communities. Contact Carleton’s Student Accounting Manager for additional information.

Perkins Loan Cancellation Information

What if I Can’t Afford to Repay My Loan?

If you anticipate that you will be unable to afford your Perkins Loan payment, please do not ignore it! There are options available such as a deferment or forbearance, which means that you may be allowed to temporarily postpone your payments without damaging your credit rating.  Perkins loans are eligible for consolidation. If you have Stafford loans, contact your lender to ask about consolidation and refinancing options, which can lower your total student loan monthly payment. If your loans enter default, the consequences can be serious; damage to your credit rating, the federal government can take your income tax refunds, etc. In order to avoid default, which can adversely affect Carleton College and future Perkins Loan borrowers, please contact the Carleton College Student Accounting Manager for assistance.