“It is crucial for Touro and other participating schools to fully understand the many guidelines and regulations necessary to properly manage these loans,” said organizer Myriam S. Elefant, Touro’s executive director of student finances and the bursar. “We were happy to share this opportunity with administrators of other schools so that their students, like ours, will be able to take advantage of this federally-funded program.”

Co-sponsored by ECSI, a student loan management company, and Reliant Capital, a collection agency, the one-day workshop at Touro’s main campus in downtown Manhattan explained several different components of the Perkins Loan Program. Over the course of the day three representatives from ECSI and Reliant Capital gave presentations on topics ranging from the basic requirements of Perkins loans; responsibilities of schools and students; promissory notes and disclosures; compliance issues with the loans; and loan collections.

“At the end of the day it’s difficult for schools to find much information on Perkins Loans,” said Tracy Schumann, ECSI’s executive vice president of sales and one of the presenters. “We had one attendee who’s been in his position for two months and another for 41 years, so it’s important for college administrators to have as much information regarding these loans as possible, no matter where they are in their respective careers.”

Touro is one of approximately 1,700 schools that participate in the Perkins Loan Program, according to the U.S. Department of Education. Students can receive a maximum of $5,500 annually through the program.