UWSP | Perkins Loan - consolidation
A Consolidation Loan is designed to help borrowers simplify loan repayment by
allowing the borrower to consolidate several types of federal loans with various
repayment schedules into one loan. The interest for Consolidation Loans is fixed
for the entire time you are repaying the loan at the weighted average of the
interest rates on the loans being consolidated, rounded up to the nearest
one-eighth of a percent. Consolidation Loans can be obtained through
participating lenders, guarantee agencies, and, under certain conditions,
through the federal government.
Who should not consolidate their Perkins Loan?
If you are eligible to cancel your Perkins loan, you should not consolidate your loan. Areas eligible for
cancellation are: elementary/secondary/headstart teachers, military personnel,
peace corps/visa personnel, law enforcement/correctional officers, qualified
professional providers of early intervention, employees of child or family
service agencies, nurses, or medical technicians. For further information on
cancellations, click here.