Federal Perkins Loan Program

Electronic Master Promissory Note (MPN) Procedures

The process for completing the Perkins Loan Electronic MPN is simple.  You must have your Department of Education issued PIN to begin the process.  If you do not have a PIN, or have lost your PIN, please visit the official Federal PIN website at www.pin.ed.gov.

A. Log into the ACS student portal at https://www.acs-education.com/CS/Jsp/cpsesign/welcome.jsp 
B. Enter the requested demographic information to access your loan data.
C. Register your Federal PIN.
D. Check box that you would like to electronically sign your Perkins MPN.
E. Read and check box that you agree with the terms of electronic signature.
F. Read the Federal Perkins Terms and Conditions and confirm that you have done so.
G. Check box confirming that you agree to electronically sign the MPN.
H. Submit your signature by clicking “SIGN PROMISSORY NOTE”I. Print a copy of the electronically signed promissory note for your records.

Upon receipt of confirmation that you have completed the Federal Perkins Loan MPN, you loan funds will be credited to your student account.

Your Responsibilities as a Federal Perkins Loan Recipient

Exit Interview:  It is the borrower's responsibility to report to the Office of Student Administrative Services prior to his/her departure/withdrawal from Loyola College for the purpose of an exit interview.

Affiliated Computer Services, Inc.(ACS):  All loan recipients of a Federal Perkins Loan from Loyola College will be billed each month by ACS, 2505 S. Finley Road, Lombard, IL 60148. Please make checks or money orders payable to Loyola College and include your Social Security number preceded by 03411.  Cancellation, postponement, and student deferment forms are provided by ACS upon request and may be sent directly to them for processing.

Change of Name or Address:  It is the borrower's responsibility to promptly notify ACS at 1-630-620-2801 when there is a change in name or address.  Always include your Social Security number, which is your account number.                                                                                  

Interest:  Interest will begin to accrue on your loan at the end of the grace period.  The rate of interest is 5.0% annually calculated on the unpaid principal balance as follows:

Repayment:  Your total loan amount, plus the interest accrued on that amount, is repayable in installments according to the schedule that is provided when you depart from Loyola College.  You will be sent a bill approximately 30 days before each payment is due. You are responsible for making your regularly scheduled payments even if you do not receive a bill.  Should you ever fail to receive a bill, please contact ACS immediately.

Late Charges:  Under the terms of your promissory note, Loyola College will assess late payment charges if you fail to make your payments on time, or if you fail to file the necessary deferment or cancellation forms prior to their scheduled due date.  Loyola College will cooperate with you in any way possible should you have any difficulties in making payments.  However late payments and other types of neglect (such as failure to report changes of address, or failure to submit deferment or cancellation forms on time) could result in late charges being assessed and/or action by a collection agency.  You will also be obligated to pay any collection agency fees.

Default:  If you fail to remit a scheduled installment or to file a cancellation or deferment form on time, the entire unpaid balance of your loan, plus accrued interest and any applicable penalty charges, may become immediately due and payable.  If your loan is in default, Loyola College will not release your academic transcript until the balance is paid in full.

Sample Repayment Plans:  The following tables illustrate repayment plans available to borrowers from the Loyola College Federal Perkins Student Loan Fund.  These illustrations provide an extract of repayment amounts (only the first two and last two payments are shown) broken down into principal and interest.  All loans are subject to a minimum repayment of $40.00 per month.  The total monthly payment due is computed on the basis of the total amount borrowed, since all loans are subject to a maximum ten year total repayment provision.

  SAMPLE I:  $2,000.00 @ 5.000% (minimum $40.00 monthly payment)