A Student Loan is a serious obligation.  Therefore, it is extremely important that you understand your rights and responsibilities.  For a full and complete disclosure of your obligations under the Federal Perkins Loan Program, you should become familiar with the specific language of the master promissory note you have signed, or will sign, electronically.  By signing the promissory note, you are agreeing to repay the loan.

1. Report any of the following changes to the Federal Perkins Loan Office, University of Wisconsin-Superior, PO Box 2000, Superior, WI 54880  TELEPHONE:  715-394-8348
    If you drop below half-time
    If local or permanent address changes
    If name should change
2. You are entitled to a nine-month grace period after you are no longer enrolled at least half-time.
3. The minimum payment will be $40.00 per month, but may be more than $40.00 per month if you have borrowed more than $3800 from the Federal Perkins Loan Program.  Calculation of repayment is .010606745 of the original amount of the loan; again, with minimum of $40.00 per month.
4. The principal amount (amount you were loaned) will be sent to you in a disclosure notice.
5. The ANNUAL PERCENTAGE RATE OF 5% will be the FINANCE CHARGE based on the unpaid principal balance computed monthly and that it will begin to accrue at the end of the grace period.
6. Failure to repay the loan as agreed may result in the total loan, plus any finance charges or late charges which have accrued, to become due and payable immediately and legal action could be taken against you, including collection by a collection agency or through income tax refund intercept.
7. Prepayment may be made without penalty and finance charges will be reduced if prepayments are made.  You may also be eligible to have your payments deferred.  The Perkins Loan also provides you with possible cancellation options.  Refer to your promissory note for deferment and cancellation provisions, contact the Perkins Loan office or visit University Accounting Service information for details.
8. If payment cannot be made on time, contact the University of Wisconsin-Superior Federal Perkins Loan Office or University Accounting Service (its billing agency).
9. The Perkins loan will be reported to the National Credit Bureau on a monthly basis.
10. You also have the option to consolidate your student loans, which includes your Perkins Loan.
11. Resources, if needed, are provided through the U.S. Department of Education Ombudsman Office  at 1-877-557-2575; National Student Loan Database (NSLDS) or The Guide to Federal Student Aid.