The End of the Federal Perkins Loan

Are you a student that receives the Federal Perkins Loan?  If yes, read carefully!

The Federal Perkins Loan program is scheduled to end on September 30, 2017 and all fall disbursements must happen prior to this date or your 2017-18 Federal Perkins Loan will be cancelled and cannot be reinstated.

NOTE: As long your fall Federal Perkins Loan disburses successfully by September 30, you will receive your spring disbursement in January.

In order to receive this loan, a student that has been offered this loan must, no later than Friday, September 22, 2017 – 

  • Accept it through your MyUW Student Center.
  • Sign the promissory note as soon as possible.  You will receive an email with specific instructions from ECSI within 2 business days of accepting the loan.
    • IMPORTANT: Validation of your identity will be completed at this time.  If we are not able to validate your identity, you will not be able complete or to electronically sign the Promissory Note online. You will need to print, fully complete, and deliver the original paper forms in person to the Bursar’s Office or mail to UW Madison, Attn:  Student Loans, 333 East Campus Mall #10501, Madison, WI  53715-1383.

If you do not want/need the Perkins Loan, please decline the offer in your Student Center.

Students that are missing either of the requirements above were sent an email notice on August 14, 2017.  If the requirements are still not complete by the week of September 11th – our office will begin calling students as a last chance opportunity to receive these funds.

If you have any questions about your Federal Perkins Loan, please contact our office.

Why is the Perkins Loan program ending?

Technically, the program is not ending – but as of October 1, 2017 schools that participate in the Perkins Loan program lose the authority to award and disburse new loans. UW-Madison will remain the servicer and collection agent until all borrowed funds have been repaid.

The program was originally scheduled to expire back in 2014, but it received an automatic one-year extension until October 1, 2015. In 2015, the program was given a two year extension with the hope that in those two years, Congress with reauthorize the Higher Education Act and address all types of federal student loans, including the Federal Perkins Loan. Legislation has been introduced to allow for further extension of the program, but as no immediate action has been taken – we must assume the program will end.