FAQ: Federal Perkins Student Loan

When will the Perkins loan funds be available?
After the term charges are deducted, net checks are mailed the first Wednesday after the final add/drop date each term. Students may sign up for direct deposit through the LBCC Student Information System (SIS).

Where do I pick up my check?
Net checks are mailed the first Wednesday after the final add/drop date each term. If you are signed up for direct deposit your funds will be deposited into your bank account.

How much interest will I pay on my loan?
The annual interest rate on the Federal Perkins Student Loan is 5 percent.

Where do I send my payments if I do not receive a bill?
Send your payments to: ACS, Inc. - Education Services, Campus Products and Services, Post Office Box 7061, Utica New York, 13504-7061.
Phone number: (800)826-4470 Remember to put your account number on your check or money order.

How much will my monthly payments be?
The minimum monthly payment is based upon the total amount you borrow from the Federal Perkins Loan program at Linn-Benton Community College. You may contact the LBCC Student Loan Specialist in the Business Office for more information.

When will I begin paying my loan?
Your first payment will be due 9 months after you leave Linn-Benton Community College.

What is a grace period?
There are two types of grace periods; an initial grace period (9 months) and a post-deferment grace period (6 months). During these grace periods, principal and interest does not accrue.

What is an EXIT information session?
All students are required to attend an EXIT information session before leaving Linn-Benton Community College (for any reason). Your responsibilities and rights concerning your Federal Perkins Loan will be explained to you at that time. You will be given a repayment schedule, copy of your promissory note, and information concerning deferments and cancellations.

What will happen if my payments are late?
All payments are due on or before the first day of each month. A late fee of 20% of each late or missed monthly payment will be charged.

What is the difference between a Perkins and a Stafford Student Loan?
A Perkins Student Loan is a campus based student loan. Linn-Benton Community College is your lending institution. Your account will remain with LBCC until the loan is paid in full. A Stafford Student Loan is borrowed from an off-campus agency such as a bank or a secondary market. LBCC does not service Stafford Student Loans.

What is ACS?
ACS is the billing agency for your LBCC Federal Perkins Student Loan. You will be contacted by ACS after you cease to be registered at least half-time at LBCC.

Will my loan transfer to another college?
No. Student Loans are not transferrable to other schools. You must reapply at that school.

Who do I inform if my name, address, SSN, or phone number changes?
You must notify ACS at (800) 826-4470 or the LBCC Student Loan Specialist in the Business Office immediately.

What do I do if I drop below 6 credits or transfer to another school?
You must notify the LBCC Student Loan Specialist in the Business Office immediatly and complete your required EXIT Information Session.

What happens to my financial aid at LBCC if I am in the Degree Partnership program?
You must contact the Financial Aid Office at LBCC.

If I am participating in the Degree Partnership program, do I need to submit a student deferment request?
It depends on how many credits you are taking at each school. If you are enrolled at least half time at LBCC you will not need to request a student deferment. Contact the LBCC Loan Specialist to discuss your individual circumstance.

Am I required to attend an EXIT Information Session if I am participating in the Degree Partnership program?
You must attend an EXIT Information Session if you are enrolled at LBCC for less than 6 credits.