Financial Aid

Financial Aid Handbook & Policies

Federal Perkins Loan

Perkins Loan will be included on your award letter if you are eligible and funds are available. Perkins Loans are available through WIU. The current interest rate is 5%. Eligibility is based on demonstration of exceptional need. The following example illustrates typical monthly repayments after graduation over a 10 year period:

Total Perkins Dept Number of Payments Monthly Payment Interest Charges Total Repaid
$5,000
115
$55
$1,297.33
$6,297.33
$10,000
115
$110
$2,594.85
$12,594.85
$15,000
120
$160
$4,060.07
$19,060.07

Promissory notes and other materials will be mailed at a later date to students who are awarded Perkins. Remember, Perkins is a loan which must be repaid upon graduation or when enrollment drops below half-time status.