INSTRUCTIONS AND INFORMATION FOR COMPLETING THE FEDERAL PERKINS MASTER PROMISSORY NOTE AND REQUIRED ENTRANCE AND EXIT COUNSELING

Once the Office of Financial Aid awards you a Federal Perkins Loan, signed Promissory Notes are required for the disbursement of your loan by the Bursar Office.

THE FEDERAL PERKINS LOAN

Loan paperwork is available on the Bursar’s web site (http://www.sc.edu/bursar/forms.shtml) in the PDF format. In order to view and print them, you need to use a free product called Adobe Acrobat Reader. It is available for download at http://www.adobe.com/products/acrobat/readstep.html. We suggest using the current version. Once you have completed the paperwork, you must bring or mail it to the Bursar’s Office in order to receive your loan funds. The promissory note will also be mailed, as some students may not have computer equipment available.

For information on how to obtain a Federal Perkins Loan, please visit the Office of Financial Aid web site http://www.sc.edu/financialaid/.

PERKINS PAPERWORK:

The paperwork you need to complete is:

1. The Perkins Master Promissory Note (Perkins Note) (PDF)

Steps to Completing the Perkins Paperwork

1. All items must be completed legibly in ink or typed
2. Make sure you include which state issued your driver’s license in item 5.
3. If you leave any part of the Perkins Note blank, your Perkins loan funds will not be processed until it is complete.
4. The document must be signed and dated in ink.
5. Items 1-5 must be completed.
6. The Lender Copy and File Copy (both are marked page 1 of 4) must be returned to:
             University of South Carolina
             Office of the Bursar
             Student Loan Repayment
             Petigru College Room 110
             1521 Greene Street
             Columbia, SC 29208
7. Please retain the copy of the Promissory Note marked "Borrower" and the "Terms and Conditions".

ADDITIONAL INFORMATION

You will note there is no place to enter an amount. This note is a Master Promissory Note that means you only need to sign it each academic year. You will be notified each time a loan is posted to your account.

HOW THE MONEY IS DIVIDED

For the Fall semester, you will only be receiving one half of the annual amount listed on your award letter. The second disbursement will be at the start of the Spring semester. The terms and conditions of the promissory note obligate you only for funds disbursed.

TURNING IN YOUR PAPERWORK

You do not need an appointment to turn in your paperwork and, assuming you filled out everything correctly, there should be no other documents to sign. After this is done, your loan file must be reviewed and the funds will then be credited to your student account. You must be registered, attending classes, and each academic year complete the entrance interview requirement (http://www.sc.edu/bursar/students.html) and click on "ONLINE STUDENT LOAN COUNSELING FOR FEDERAL STAFFORD (ENTRANCE AND EXIT) AND PERKINS LOANS (ENTRANCE AND EXIT)" before funds can be transferred. Be sure to select the Perkins Entrance Loan Counseling. Once you have completed the on-line counseling, print the confirmation page and return this page with the required copies of the PERKINS LOAN PROMISSORY NOTE. Please keep a copy of the confirmation page for your records.

Once the funds are credited to your student account, we will process any overage that is due to you. It generally takes up to three business days for the overage check to be mailed or deposited at your bank. Overage checks are not available for personal pickup. If you wish to sign up to have your overage checks to go directly to your personal bank account, go to (http://www.sc.edu/bursar/forms.html), print, complete and mail form to the Bursar’s Office as instructed on the form.

If you have any questions or believe an error has been made, please ask before you sign the Perkins Promissory Note. We can be reached at (803) 777-3558, Fax (803) 777-8163, or by email (http://www.sc.edu/bursar/contact.shtml).

REPAYMENT INFORMATION

The Bursar’s office facilitates the repayment of the Federal Perkins Loan, Nursing Student Loans (NSL) and Health Professions Student Loans (HPLP) programs.

Once you graduate, leave school or drop below half time, you will need to contact the Bursar’s Office for an exit interview (http://www.sc.edu/bursar/students.shtml) and click on "ONLINE STUDENT LOAN COUNSELING FOR FEDERAL STAFFORD (entrance and exit) AND PERKINS LOANS (entrance and exit)"