FEDERAL PERKINS LOAN REVOLVING FUND DISTRIBUTION OF ASSETS TIMELINE FOR 2020–21 AND REIMBURSEMENT FOR PERKINS LOAN SERVICE CANCELLATIONS

FEDERAL PERKINS LOAN REVOLVING FUND DISTRIBUTION OF ASSETS AND TIMELINES FOR 2018–19

If your school participated in the Federal Perkins Loan Program and continues to service their loans either in house or through a third-party servicer, keep an eye open in December for a notification from ED. The Department will be notifying schools that have cash in their Perkins Fund subject how much to of their federal and institutional shares need to be returned to the Department and how much gets distributed to the institution.  The Department will send a notification to institutions that have cash in their Perkins Fund as reported on the most recent FISAP. Institutions should NOT remove and return any funds to the Department or the institution until the institution has been notified to do so.

The Department will also notify institutions of the amount of partial reimbursement for Perkins Loan service cancellations the institution must remove from the Perkins Fund and return to the institution prior to the deadline. Click here to read the entire Electronic Announcement.

ED also released updated Federal Perkins Loan Data Provider Instructions. Schools participating in the Federal Perkins Loan (Perkins Loan) Program are required to report detailed loan information to NSLDS. This manual explains Perkins Loan reporting requirements and the processes used to add or update Perkins Loans on NSLDS, including how to use the Perkins DataPrep software. The updated manual, dated October 2020, replaces the June 2018 version.