Federal Perkins Loan Program
The Federal Perkins Loan Office at Western Illinois University is located in Sherman Hall 106. The office is open Monday through Friday, 8am-4:30pm. If you have any questions, please contact the Billing and Receivables Office at 309-298-1295 or email email@example.com.
- Grace Period
- Billing Statement
- Payment Methods
- Federal Perkins Loan Calculator
- Frequently Asked Questions
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.
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.
The monthly 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:
Make payments directly from your bank account via STARS B/R Perkins Payment Online. Forgot your pin? Call the Help Desk at 309-298-2704.
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Borrowers who have Perkins Loans can have their monthly payment electronically withdrawn from their bank accounts.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 firstname.lastname@example.org to request the appropriate forms.
Western Illinois University
Federal Perkins Loan Office
Sherman Hall 106
1 University Circle
Macomb IL 61455-1390
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.
The Federal Perkins Loan program provides for deferment of payment under certain circumstances. During deferment, the borrower is not required to pay loan principal and interest does not accrue. See the Deferment page for more information.
Forbearance is 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.
A borrower may have all or part of his or her loan cancelled for engaging in teaching, public service, service in the Peace Corps or ACTION or service in the military. See the Cancellation page for more information.
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. The consequences of a defaulted loan are very serious. Defaulted loans are not eligible for deferment and forbearance. They are reported to a credit bureau and placed with a collection agency. To discuss options once your loan has defaulted, contact Billing and Receivables at 309-298-1295.
Billing and Receivables
1 University Circle
Sherman Hall 106
Macomb IL 61455
Hours: M-F 8:00 AM - 4:30 PM
Phone: (309) 298-1831
Fax: (309) 298-2032
- Tuition & Fees
- Cost Estimator
- Direct Deposit of Refunds
- Education Credits
- College Illinois!
- University Refund/Credit Policy
- Financial Agreement
- Billing Statement Terminology
- Federal Perkins Loan Program