Perkins | Michigan State University

IMPORTANT: PLEASE READ CAREFULLY

INSTRUCTIONS FOR DISBURSEMENT OF FEDERAL PERKINS OR HEALTH PROFESSIONS LOANS

To complete your Perkins and/or Health Professions Loan promissory note on-line, sign into http://stuinfo.msu.edu/ and select the appropriate loan (Perkins, Health Professions) under the "University Loans" heading.

GENERAL PERKINS LOAN NOTE INFORMATION

Having your Perkins Loan Note Mailed For Signature

If you have elected to manually sign a paper MPN, your Perkins loan note(s) and associated forms need to be completely filled out and returned to Michigan State University so your Federal Perkins proceeds can be applied to your student account. Upon receipt, MSU will finalize your Perkins disbursement (converting your pending aid to real aid). Incomplete forms having to be returned may potentially delay the disbursement of your Perkins loan.

Please read the loan note mailed to you in its entirety, retaining one copy for your records.

Master Promissory Note For Perkins Loans

You must complete or correct all missing information in Section A. In addition, the Rights and Responsibility Statement and Personal and Confidential Information statement discussed below must be completed and returned.

Your Perkins Master Promissory Note (MPN) will remain open until one of the following occurs:

Ten years have expired since the date you signed the MPN.
Twelve months have expired since the date you signed the MPN and you have not received any disbursements under the MPN.
After signing, you may voluntarily choose to expire the note. If you decide to voluntarily expire your note, please go to http://stuinfo.msu.edu/, select Electronic Promissory Notes and select the link marked expire note. Please note that if you decide to expire the Perkins MPN no further Perkins awards will be disbursed to you unless you sign another MPN.

You also have the option of declining an individual disbursement. If you wish to decline an individual disbursement there is no need to expire the entire note. To decline a disbursement please go to StuInfo and select Financial Aid (check your aid) and under Option 4. Loan actions select Perkins Loans and follow the instructions on how to decline a disbursement.

You must be registered as a FULL TIME student to be eligible to have your Perkins loan disbursed (exceptions to this rule may apply during certain summer semesters, depending on the availability of funds). If you are not registered as a full time student your Perkins loan will not be disbursed. If you add enough credits to become full time before the fifth day of the semester and you have returned all required documents to the Federal Loans office, your Perkins loan will automatically be disbursed. After that date, your Perkins loan award may be canceled.

HEALTH PROFESSIONS LOAN NOTE INFORMATION

Master Promissory Note

All Health Professions Loans now have master promissory loan notes. Please read your note(s) carefully. You must sign and date the back of the loan note and indicate where appropriate the acceptance of the note as a master promissory note and initial. Also, please complete the information requested regarding school entrance and exits dates. This information must be completed in order for your loan(s) to be disbursed.

After signing, you may voluntarily choose to expire the note. If you wish to expire your loan note, you may do so by writing the Loans Receivable Office at the address listed below.

GENERAL PROVISIONS FOR ALL LOANS

Rights And Responsibilities Statement (required for each Perkins and/or Health Professions loan)

After reviewing your Rights and Responsibilities under the federal loan program in which you are borrowing, print name, sign in ink, date and provide your PID number at the bottom of the form. Please return one copy and retain one copy for your records. A separate Rights and Responsibilities statement must be completed and returned for each loan note you return.

Personal And Confidential Information - Form B (required for each Perkins and/or Health Professions loan)

CAUTION: Your loan cannot be disbursed without this form. It is important that this form be filled out completely. Incomplete forms will be returned and will result in a delay of disbursement of your funds. Some of the common omissions are: failure to provide driver's license numbers and to provide three (3) references with complete addresses (including City, State and Telephone Number).

Completed Forms

As soon as possible, return all required forms to the address shown below:

Michigan State University
Student Account Services
Hannah Administration Building
426 Auditorium Road Rm 140
East Lansing, Michigan 48824-1046
5l7-355-3340

Upon receipt, documents will be reviewed for completeness (be sure to include your signed loan note [two pages front and back], Rights and Responsibilities form and completed Form B). If complete, your loan will be converted from "Pending Aid" to an actual credit on your student account. After being applied against outstanding charges on your student account, any excess funds will result in a refund.

Right To Decline Perkins/Health Professions Loan/Disbursement

You have the right to cancel all or a portion of your Perkins or Health Professions Loan, even after the loan funds have been disbursed to your MSU account. If you wish to cancel an already disbursed loan, you must notify the Office of Financial Aid within fourteen calendar days of the billing statement notifying you that the funds have been applied to your account.