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Financial Aid Office

Federal Perkins Loans

IMPORTANT: Under federal law, the authority for schools to make new Perkins Loans ended on September 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans.

Who is the lender?
Minot State University is the lender and the loan is made with government funds.  Perkins Loans processed by Minot State University are submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.

What is the interest rate?
The interest rate is fixed at 5%.

How and when do I pay this loan back?
You have nine months after you graduate, leave school, or drop below half-time (six credits) before you must begin repayment. Perkins Loans offered by MSU are serviced by the Student Loan Service Center (SLSC) in Fargo, ND.  The SLSC has contracted with Educational Computer Systems (ECSI) for additional services such as billing, payments, deferments and cancellations for the Perkins Loan.

Are there cancellation provisions for the Perkins Loan?
Yes.  Borrowers who undertake certain public, military, medical, or teaching service employment may be eligible to have all or a part of their loans canceled.  Contact the Student Loan Service Center for information on cancellation provisions.