Perkins Loan Rights and Responsibilities

Student Loans are 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.

Student Loan Rights and Responsibilities

Borrower’s Rights

You have the right to:

  • Written information on your loan obligations and information on your rights and responsibilities as a borrower.
  • A grace period and an explanation of what this means.
  • A disclosure statement before you begin to repay your loan, which includes information about interest rates, fees, the balance you owe, and the number of payments.
  • A deferment of payments for certain defined periods, if you qualify and if you request it.
  • A loan forbearance if you qualify and if you request it.
  • Prepay your loan in whole or in part at any time without an early-repayment penalty.
  • A copy of your promissory note either before or at the time your loan is made.
  • Notify lender if your eligibility for an existing deferment alters.

Borrower’s Responsibilities

You are responsible for:

  • Complete exit counseling before you leave school or drop below half-time enrollment.
  • Repaying your loan even if you don’t complete your academic program, or are dissatisfied with the education you received, or are unable to find employment after you graduate.
  • Notifying your lender(s) if you:
    • Move/change your address
    • Change your name
    • Change your telephone number
    • Change or correct your Social Security number
    • Withdraw from school, or drop below half-time enrollment
    • Transfer to another school
    • Fail to enroll or re-enroll in school for the period for which the loan was intended
    • Change your expected date of graduation
    • Graduate
  • Making payments on your loan(s) after you leave school, unless you have a deferment or forbearance.
  • Notifying your lender(s) of anything that might alter your eligibility for an existing deferment.
  • Notifying your lender(s) in a timely manner before the due date of any payment you cannot make.
  • Filing deferment forms on time.

If payment cannot be made on time, contact the University of Wisconsin-Superior Federal Perkins Loan Office 715-394-8348 or Heartland Campus Solutions-ECSI its billing agency. 1-888-549-3274

The Perkins Loan will be reported to the National Credit Bureau on a monthly basis.

You also have the option to consolidate your student loans, which includes your Perkins Loan.

Resources are provided through: