Perkins Loan

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%

NO Fees.

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.