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Federal Perkins Loan Program
The Federal Perkins Loan Office at Western Illinois University is located in Sherman Hall 103. The office is open Monday through Friday, 8am-noon and 1pm-4:30pm. If you have any questions, please contact the Billing and Receivables Office at 309-298-1295 or email billings@wiu.edu.
- Interest
- Grace Period
- Perkins Billing/Payment Methods
- Federal Perkins Loan Calculator
- Deferment
- Forbearance
- Cancellation
- Default
- Frequently Asked Questions
Interest
A Federal Perkins Loan accrues interest from the date the loan first becomes due until it is paid in full. Loans taken out after July 1, 1987, accrue interest at the rate of 5% per annum. Interest accrues against the principal only. Loans taken out prior to July 1, 1987, accrue interest at the rate of 3% per annum.
Grace Period
A grace period is the period of time before the borrower must begin or resume repaying a loan. An initial grace period is one that immediately follows a period of enrollment and immediately precedes the date repayment is required to begin for the first time. A borrower who has been attending at least half-time is entitled to an initial grace period of nine consecutive months after dropping below half-time enrollment. After each deferment, the borrower is entitled to a post-deferment grace period of six consecutive months.
Billing Statements/Payment Methods
The billing statements are generally mailed on the 15th of each month payable on the 1st of the following month. We have several Payment Methods available for your convenience:
Credit Card Payments
Payments may be made by credit card through the Illinois State Treasurer's Electronic Payment Service. You can process your payment through their web site at http://www.illinoisepay.com using Western Illinois University as the entity name or by calling 1-877-ILL-EPAY (1-877-455-3729). There is a convenience fee assessed for the service.
Authorization of Automatic Withdrawal (form)
Borrowers who have Perkins Loans can have their monthly payment electronically withdrawn from their bank accounts. Please contact the Federal Perkins Loan Office at (309) 298-1295 or email billings@wiu.edu to request the appropriate forms.
Mail-In Payments
Send to:
Western Illinois University
Federal Perkins Loan Office
Sherman Hall 103
1 University Circle
Macomb IL 61455-1390
Forbearance (form)
The temporary cessation of payments, allowing an extension of time for making payments or temporarily accepting smaller payments than previously were scheduled. Interest continues to accrue and will be billed during the forbearance. Justification for forbearance includes if the borrower's monthly Title IV loan repayment obligation equals or exceeds 20 percent of the borrower's monthly gross income.
Default
The failure of a borrower to make an installment payment when due or to comply with other terms of the promissory note or written repayment agreement.
