Student Loans
Federal Perkins Loan
Federal Perkins Loans are low interest loans for both undergraduate and graduate students with exceptional financial need. Although this loan is made with government funds, UWEC is the lender. The Financial Aid Office determines your eligibility for a Perkins Loan based on when you apply, your level of need and the funds available. In addition, Perkins Loan is only awarded to students who have used all of their subsidized Ford Loan eligibility. If you are offered both a subsidized Ford Loan and a Perkins Loan and you do not complete all of the necessary steps in order to receive the Ford Loan, the Perkins Loan will be cancelled.
The Perkins Loan maximums are:
Maximum Annual Loan Limits
$4000 per year as an undergraduate
The undergraduate cumulative limit is $20,000.
$6000 per year as a graduate
The undergraduate and graduate cumulative limit is $40,000.
The interest rate on a Perkins loan is fixed at 5%. You are not charged interest as long as you are enrolled on at least a half time basis. Once you graduate, leave school or drop below half-time status, you have a nine month grace period . At the end of your grace period, you must begin repaying your loan.
