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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
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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