Perkins Loan
If you accept the Perkins loan, you will receive an email
from the Perkins Loan Office (ECSI) with instructions for electronically
completing a Master Promissory Note (MPN). For a full and complete
disclosure of your obligations under the Perkins Loan program, view and
print out the rights and responsibilities information below. For further
questions regarding the Perkins Loan, please contact the
Perkins Loan Office at 715-346-3473.
You may consider accepting the Perkins Loan because of its more
desirable features and because more money will be available to you right
away. If you wish to reduce the overall amount of loans, you may borrow
less from the Direct Loan program. If you believe borrowing from
numerous sources is problematic, this concern can often be minimized
through the consolidation of your loan(s) when you are ready to begin
repayment.
| Perkins versus Subsidized Direct Loan Comparison Chart |
|---|
|
PERKINS |
Subsidized Direct Loan |
| Origination fee |
No fee |
1.066% |
| Interest rate during repayment |
Fixed at 5% |
Fixed at 4.45%* |
Grace period
(after graduation or reduce below part-time) |
Interest free with grace period of 9 months |
Interest free on loans disbursed after July 1, 2014; grace period 6 months |
Cancellation benefit
(for teaching special needs children) |
100% canceled |
No cancellation |
Cancellation benefit
(for teaching in low income school) |
100% canceled |
Limited to $5,000-$17,000 |
Cancellation benefit
(for teaching in teacher shortage areas) |
100% canceled |
No cancellation |
* Interest on loan July 1, 2017-June 30, 2018
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