The Perkins Loan provides the most favorable interest rate and repayment options of any federal student loan. Oklahoma Christian University disburses this federal loan and uses a loan servicing company, ECSI, to service the loans. The Perkins Loan is currently a needs-based 5% fixed interest loan. Repayment begins nine months after the student ceases to be enrolled at least half-time. The award amount is based on the family’s need as determined by the government.
Because Oklahoma Christian has a limited amount of Perkins loan to award, it is usually only awarded to freshmen and sophomore students who are not eligible to receive as much Stafford loans as upperclassmen. Furthermore, OC typically awards Perkins to students who demonstrate a high level of financial need.
The maximum Perkins loan is $5500/year. Most OC freshmen are awarded $2000 while sophomores are awarded $1000.
If you are a first-time Oklahoma Christian borrower, you must complete a master promissory note (MPN) and the loan entrance interview before the loan will be disbursed to your student account.