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Federal Perkins Loans

The Federal Perkins Loan program is a Federal Campus-Based program and as such has limited funding. This program is administered at the University level and funds borrowed under this program are repaid through our Perkins Loan servicer Heartland/ECSI.

Student eligibility for the Federal Perkins Loan is based on estimated financial need as determined by the results or your Free Application for Federal Student Aid (FAFSA). Priority is given to students who have significant financial need. The maximum annual amount is $5,500.

Along with completing the FAFSA application, students must also be admitted as a degree seeking undergraduate students and be meeting all aspects of Satisfactory Academic Progress (SAP).

Students who have been awarded and accepted a Federal Perkins Loan through myNMSU are required to complete and sign a Federal Perkins Promissory Note and Disclosures. Students will be sent an email to their NMSU email account from Heartland/ECSI instructing them how to complete the on-line process. Perkins Loan funds cannot be disbursed until all the requested electronic documents are accurately completed.

Undergraduate students are limited by federal regulations to a cumulative $11,000 in Federal Perkins Loans until 60 semester hours have been earned and then are limited to a $27,500 cumulative loan limit. Graduate students are not eligible for Perkins Loans funds.

Learn more about Perkins LoansRepayment | Perkins Loan Repayment Chart | Forbearance and Deferment | Perkins Loan Forgiveness

Exit Counseling

Students who plan to stop attending NMSU at least half time in an eligible program (whether due to graduating or a change in your enrollment status), will be sent an email to their NMSU email account from Heartland/ECSI instructing them on how to complete the Exit Counseling process. Exit Counseling will help you learn about your repayment options and what you can expect once you enter repayment.

Exit Counseling is a requirement for students at NMSU who took out any student loan(s).  You must complete Exit Counseling before you can receive your diploma and final official transcript.

Repayment

Federal Perkins Loan repayment begins nine months after you graduate, leave NMSU, or drop below half-time attendance. There is no interest charged until the student enters repayment, then interest accrues at 5% per year during repayment.

If you don’t make your loan payments, you risk going into default. Defaulting on your loan has serious consequences. Your loan becomes delinquent the first day after you miss a payment. The delinquency will continue until all payments are made to bring your loan current. All loans in delinquent status are reported to the three major credit bureaus. Once a Perkins Loan has reached 4 months delinquent, Heartland/ECSI will send the loan to a Collection Agency for collections, which will result in additional fees owed by the student.

A negative credit rating may make it difficult for you to borrow money – i.e. for a car or home – or sometimes may make it impossible. If you can’t make the payments, contact Heartland/ECSI to discuss other ways to get your monthly payments reduced.

Perkins Loan Repayment Chart

Use this chart to estimate your monthly student loan payment based on the Standard Repayment Plan. Figures have been rounded to the nearest whole dollar and represent minimum payments at a 5% interest rate over a maximum of 10 years, and do not include interest that may accumulate during periods of deferment or forbearance. This chart is for estimating purposes only. 

Total Debt at Repayment* Monthly Payment Amount Total Amount Paid Total Interest Paid
$1,000 $11 $1,273 $273
$2,000 $21 $2,546 $546
$3,000 $32 $3,818 $818
$4,000 $42 $5,091 $1,091
$5,000 $53 $6,364 $1,364
$7,500 $80 $9,546 $2,046
$10,000 $106 $12,728 $2,728
*Payment calculated using a fixed interest rate of 5% over a 10 year period.

Forbearance and Deferment

If you are unable to make your scheduled monthly loan payments, ECSI may be able to grant a forbearance or deferment for up to one year at a time and a maximum of three years. Forbearance and deferment allows you to stop making payments or reduce your monthly payments temporarily.

Forbearance

You may request Forbearance if you fall into one of the situations below. To request Forbearance, complete the applicable form found at ECSI.

  • Your monthly student loan payment is equal to or more than 20% of your total monthly gross income
  • Poor Health

Deferment

You may request Deferment for any of the situations below. To request Deferment, complete the applicable form found at ECSI.

  • Unemployment: if you are temporarily unable to make student loan payments because you are unable to find work.
  • Graduate Fellowship
  • Economic Hardship: willing but unable to make student loan payments for economic reasons.
  • In School: continuing your education or participating in a qualifying rehabilitation program while enrolled at least half time.
  • Military: members of the Armed Forces and serving on active duty during a way, military operation, or national emergency. Post-active students deferments are also available.

Perkins Loan Forgiveness

If you work in one of the below fields, you may be eligible to have a portion, or all, of your Perkins Loan forgiven. If you are currently in repayment and are interested in Perkins Loan Forgiveness, contact ECSI for more information.

  • Full-time Firefighter
  • Full-time Law Enforcement or Corrections Office
  • Full-time Nurse or Medical Technician
  • VISTA or Peace Corps Volunteer
  • Librarian with a master’s degree working in a Title I eligible elementary or secondary school or Public Library serving Title I eligible schools
  • Full-time attorney employed in a federal, public, or community defender organization
  • Full-time employee of a public or nonprofit child- or family-services agency providing services to high-risk children and their families form low-income communities
  • Full-time staff member in the education component of a Head Start Program
  • Full-time staff member in a pre-kindergarten or child care program that is licensed or regulated by a state
  • Full-time qualified professional provider of early intervention services for the disabled
  • Full-time speech pathologist with a master’s degree working in a Title I eligible elementary or secondary school
  • Full-time special education teacher of children with disabilities in a public or other nonprofit elementary or secondary school
  • Full-time teacher of math, science, foreign languages, bilingual educator, or other fields designated as teacher shortage area
  • Full-time special education teacher of children with disabilities in an educational service agency
  • Full-time teacher in a designated educational service agency serving students from low-income families
  • Full-time faculty member at a tribal college or university