Perkins Loan

Graduate students are no longer eligible to participate in this program. Undergraduates offered this loan for the 2017-18 academic year must have a first disbursement before September 30, 2017 in order to receive the second disbursement.  This program is scheduled to be eliminated as of October 1, 2017.

Details:

  • Interest rate is 5%. Interest is deferred until the beginning of the repayment period.
  • Award based on financial need with limited funding available.
  • 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.
  • The master promissory note (MPN) and repayment process of this loan are handled through the Accounts Receivable Office. They are available at 414-229-4914 or in Mitchell Hall room 295 for any questions.

Eligibility:

  • New undergraduate borrowers
    • “New” is defined as having no previous Federal Perkins Loan balance at UW-Milwaukee.
    • Amount is limited to remaining need after federal subsidized and unsubsidized loans are offered.
  • Continuing undergraduate borrowers
    • “Continuing” is defined as having received a Federal Perkins Loan prior to October 1, 2015 at UWM.
    • Amount is limited to remaining need after federal subsidized loans are offered.

Students offered a Federal Perkins Loan need to have an active Loan Counseling session and MPN on file. If you previously received a Perkins Loan for attendance at UWM (within the last 10 years), you do NOT need to complete these items again.