Federal Perkins Loan
ATTENTION 2015-2016 FEDERAL PERKINS LOAN BORROWERS:
Unless there is an extension from Congress, the Federal Perkins Loan program is set to expire on October 1, 2015. This means that anyone offered a Federal Perkins Loan for the 2015-2016 school year must have the fall portion disburse before October 1. All necessary information should be completed well ahead of this date so that the loan can disburse on time. Promissory notes for new borrowers should be available to complete after May 1, 2015. Students who do not have the fall portion of their loan disburse before October 1 will lose the entire loan. There will be no way to retrieve the funds. Students who meet the fall deadline will be able to receive the spring portion of the loan.
- Award based on financial need.
- Funds are limited.
- Continuing students must have a cumulative GPA of 2.25 to receive consideration.
- A GPA is not considered for first-time freshmen.
- Interest rate is 5%. Interest is deferred until the beginning of the repayment period.
- A cumulative maximum of $60,000 for combined undergraduate and graduate education.
- Repayment begins 9 months after the borrower graduates, leaves school, or drops below half-time status.
- Repayment can be deferred or canceled under certain conditions. Contact the Bursar's Office (414) 229-4914 with any questions.
- A minimum repayment of $120 every 3 months with a maximum repayment period of 10 years. (Low-income students can apply for an extension of up to 10 years.)
Students offered a Federal Perkins Loan need to have an active master promissory note on file. If you received a Perkins loan for attendance at UWM during the previous year, you do NOT need to complete a new MPN. New borrowers will not be able to complete the promissory note until after the school has notified the servicer that the student is eligible. In order for that to occur, the student must first accept the award via their PAWS account. Within 1 day after accepting the award, the student will see a "TO DO" item indicating the need to complete the MPN. (Promissory notes for the 2015-2016 academic year will not be available to complete until after May 1st, 2015.)