How much is awarded?
At UW- Stevens Point, the typical Perkins Loan is $1500 (or less) for an academic year. The federal program limits are $5,500 per year for undergraduate students and $8,000 per year for graduate students, with cumulative limits of $27,500 for undergraduate loans and $60,000 for undergraduate and graduate loans combined. However, many schools do not have sufficient funds to award the Perkins Loan at the annual maximums.
The Perkins Loan is interest-free as long as the student is enrolled at least half time at any eligible institution. Repayment of the principal plus 5% interest begins 9 months after graduation or when you leave the university.
The billing of the Federal Perkins Loans is handled by Educational Computer Systems, Inc. (ECSI). ECSI is a Perkins billing service for the university.
How to Apply
Contact the Financial Aid Office for information on how to apply.
Institutions that enter into an agreement with a potential student or student, regarding a Title IV, HEA loan are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.