Named after Carl D. Perkins, this a need-based student loan funded by the U.S. Department of Education and serviced by UW-Madison. This loan is only available for undergraduates.
*The Federal Perkins Loan Extension Act of 2015 authorizes institutions of higher education to award new Perkins Loans to eligible students through September 30, 2017.
- Based on financial need
- Interest does not accrue while you, the borrower, are in an in-school, grace, or deferment status
Interest Rate – 5%
Repayment begins 9 months after a student graduates or drops below half-time enrollment.
The loan servicer, UW-Madison, works with Heartland ECSI. They will provide you with a loan repayment schedule that states:
- When your first payment is due
- Number and frequency of payments
- Amount of each payment
Everything you could want to know about repaying your Perkins Loan can be found online – Bursar’s Student Loan Office website.