Loans are financial assistance that must be repaid with interest after you are no longer a student. Your financial aid package may include loans in the form of need-based and/or non-need based financial aid.
The Federal Perkins Loan program is a need-based loan administered by UW Oshkosh. The loan requires that the first first-time borrowers undergo Entrance Loan Counseling and fill out the Perkins Master Promissory Note (MPN) (please see below).
The loan has a 5% fixed interest rate and can be repaid in up to 10 years.
Interest does not begin accruing and the Perkins Loan does not go into repayment until nine months after graduate or the student drops below halftime status.
|Annual Loan Limit||$4000||$6000|
|Aggregate Loan Limit||$20,000||$40,000|
To be considered for the Federal Perkins Loan, you must file the FAFSA
Perkins Loan Processing
All Perkins Loan borrowers are required to complete the Perkins Loan Entrance Counseling and a Master Promissory Note (MPN). Students will be prompted to complete the entrance counseling during the MPN process.
The loan will not be disbursed unless both Entrance Loan Counseling and the MPN are completed.
You must have the following information ready prior to completing the process:
- Social Security Number
- Date of Birth (DOB)
- Phone Number
- Information about three personal references (name, address, email and phone number)
Carefully read these instructions prior to clicking on the ECSI link:
- Click on the www.ecsi.net/promr8 link (will open a new window)
- Read through the information provided and click on “Begin the electronic signature process” link
- Enter your Social Security Number, last name and date of birth
- Click on “Authenticate Me” and provide your Last Name, First Name, Date of Birth and Social Security Number
- Complete the Entrance Loan Counseling when prompted
- Carefully read your Rights and Responsibilities
- Supply reference information
- Review and sign the Martial Property Act
- Read the entire Master Promissory Note (MPN)
- Electronically sign your MPN by checking the box and typing your full legal name
- Retrieve and print your MPN for your records
Federal Perkins Loan Disclosure
No additional loans will be available under the Federal Perkins Loan Program after that time.
FEDERAL LOAN INTEREST RATE COMPARISON
|Loan Program||Current Interest Rates by Program Type||Perkins Interest Rate is fixed at 5%
The interest rate for a Direct Loan is determined annually for new
loans that are made between July 1 of one year and June 30 of the
following year. Each loan will have a fixed interest rate for the life of the loan. View the latest interest rate information at
|3.76% fixed Undergraduate|
|5.31% fixed Graduate|
For Parents and
|FEDERAL PERKINS LOAN ELIGIBILITY AVAILABLE AFTER FEDERAL DIRECT LOAN ELIGIBILITY|
|In Order to Qualify for Federal Perkins Loans you must be awarded your Full Annual Loan Eligibility in Subsidized and Unsubsidized Federal Direct Loans. If your eligibility changes your Federal Perkins loan may be cancelled.
To accept the terms of this loan, go to your <<School Name>> account under Accept Decline Awards.
The repayment and forgiveness options for Federal Direct Loans are not available for Federal Perkins Loans.
The benefits of consolidating your Federal Perkins loans with your Federal Direct Loans are:
One monthly payment:
A consolidation loan combines the borrower’s eligible loans into a single loan. To learn how interest rates are calculated on Direct Consolidation Loans, visit StudentAid.gov/consolidation.
More Repayment Options:
Students having difficulty keeping up with student loan payments may choose a different repayment plan. By extending the term of student loan repayment, or selecting an individual payment plan that matches income levels and ability to pay, borrowers who participate in the Consolidation Program sometimes have lower monthly payments on the new loans. It should be noted, however, that extending repayment terms also adds more total interest to the loan, over its entire lifetime.
The drawbacks of consolidating your Federal Perkins loans with your Federal Direct Loans are:
The loss of loan cancellation benefits:
If you are, or will be, a public school teacher, or if you teach math, science or special education subjects, you may qualify for Perkins loan cancellation. When Perkins loans are consolidated alongside other outstanding federal loans, the cancellation benefit is eliminated.