Federal Perkins Loan Promissory Notes Now on the Web
by Randy J. Ulses, Associate Director
Student Financial Aid Office
The newest web application to improve student service is now live and ready for student use. No longer is it necessary for students to come to an office to stand in line to sign their Federal Perkins Loan promissory notes. Now students can go to the web to complete and even sign their loans. In the first week of its operation, the site received 802 students who completed loan information and agreement processes, there. Of these, 760 (95%) of students signed their notes electronically and 42 (5%) printed, signed, and submitted paper copies of their notes.
A combined work of UCit, Student Financial Aid, Student Accounts, and Collections, the new ePerkins site is the single means students need to complete their Federal Perkins Loan promissory notes.
In the near future, we plan to incorporate the ePerkins process into the online financial aid award offer and status check, encouraging students to complete the required notes when accepting their aid. Financier is automatically updated and disburses the loan to UniverSIS for application to the student's bill. Finally, the ePerkins administrator site will allow Collections staff review notes and student reference information, significantly reducing the need for paper files or annual scans for electronic storage.
When students log in, they are asked to provide basic demographic and reference data. After a review of the loan terms, they can sign their loans electronically or print paper copies for signatures and submission.
The electronic signature feature utilizes the US Department of Education (ED)-issued PIN number, the same ED PIN a student uses when completing the Free Application for Federal Student Aid (FAFSA) and other loan processes online. The electronic signature is available due to the incorporation of the Student Authentication Network (STAN), an ED contract agent that serves to authenticate and validate electronic signatures. ePerkins users are also able to revisit the site, at any time, if they wish to review or reprint their previously signed promissory notes.
Having the Perkins process online brings it in alignment with other online aid processes, including the FAFSA, checking the UC aid status, the UC award offer, and the Federal Stafford Loan process. Ultimately, a student can fully complete the financial aid process, including providing required signatures on federal application and loan documents, without leaving his or her computer. When combined with web services from related UC offices, students continue to see less of a need to stand in line - when they can go online.
The ePerkins features are relatively new in the nation and UC appears to be the first school in Ohio to offer an ePerkins process. Penn State University worked closely with the US Department of Education to pilot the program for the past two years. Our version, based on knowledge gained by Penn State, was entirely programmed by UC. Designed and programmed in a little over a month's time, the UC site incorporates the newly offered Master Promissory Note. This newly-released option allows a student to sign a one-time legal loan agreement for Perkins Loans awarded over the next 10 years.
Connie Williams, director of Student Financial Aid, served as project leader. Programming for the web site was completed by Gary Grafe, Brock Sattler, and Mark Holmes, applications analysts, Sherry Ulm, UCit co-op student, and Randy Ulses, associate director of Student Financial Aid. Dana Pawlowicz, computer systems analyst, did Financier/UniverSIS programming. Barb Combess, UCit technology manager, Pat Krekeler, UCit management specialist, Deb Jones, director of Collections, and Cynthia Morehouse, director of Student Accounts, provided additional assistance.
Thanks to these staff and many others who tested or otherwise assisted in the development process. This site will serve students and staff for many years to come.
You may send email to the author at Randy.Ulses@UC.Edu.
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