Perkins Loan FAQ

You do not make an actual application for this loan. Perkins Loans are based on need, like some other financial aid that is offered. The Financial Aid Office uses the information you provide in your FAFSA to decide what your need is for that year. Based on that information, Financial Aid decides whether or not you are eligible for a Perkins Loan that year. Once need is established, the Perkins fund is awarded on a first come, first served basis. Keep in mind the fund has a limited amount to lend each year and once the money has been awarded for a particular year, no more can be awarded until it has either been turned down by a prospective borrower or a prospective borrower is not eligible for the loan. The Financial Aid Office makes the awarding decisions. This office handles your loan once you have accepted it.

The interest rate is 5% and is a fixed rate – it will not change over the life of your loan like a variable rate does.

After Financial Aid has awarded your loan, you will go out to Student Center to accept it.  On that page is a link to sign your Perkins Master Promissory Note.   To complete your promissory note, be prepared to provide the following: your Social Security Number (sometimes referred to as your National ID), name/address/phone numbers of your parents, any adult siblings who are living on their own, and two other relatives or friends that you plan to stay in touch with after leaving UNI. These references do not have any responsibility for the repayment of your loan. Your references will only be contacted in the event we are unable to reach you regarding your Perkins Loan.

Please contact our office with any questions.

Once you have applied for graduation, you will be invited to attend a group exit interview session where you will complete the paperwork we are required to gather from you at graduation. During this session we will go over pertinent information as it relates to the repayment of your loan; explain your benefits and rights, as well as your responsibilities.

If you fail to attend an exit interview, or you do not graduate from UNI, you will be sent a letter telling you how to complete your exit interview on-line at http://www.myloancounseling.com/.

No payments are due while you remain in school. Your nine-month grace period begins when you graduate, drop below half time status, or leave UNI for any other reason.

During your grace period, no interest accrues and no payments are due. Interest will start to accrue the first day of the ninth month with your first payment due the first day of the tenth month.

All payments can be made electronically online at www.uasconnect.com or mailed to:

University Accounting Service
PO Box 5865
Carol Stream, IL 60197

All correspondence including address/phone changes, forms, etc should be sent to this address:

University Accounting Service
PO Box 918
Brookfield, WI 53008
Website: www.uasconnect.com
Phone: 1-844-870-8701

Be sure to include your Loan Account number on all payments and correspondence.

Deferments delay your payments, and in all but one case, stop interest from accruing. The most common deferment is a student deferment. As long as you are at least a half-time student, and our office is informed of your attendance, you can defer the repayment of your loan until you are out of school. We belong to a national database called NSLC that automatically notifies us when our borrowers are attending school at least half time. However, not all schools participate. If the school you are attending does not participate, you will need to provide us with enrollment verification from the Registrar at your new school verifying you are there at least half time.

Financial hardship deferments are available for those borrowers who are either unemployed or working only part time but who are actively looking for full-time work, or who are working full time but are unable to make their payment, receiving some kind of state or federal aid like food stamps or WIC. They all have a six-month grace period following the deferment. There is a three-year limit on these deferments.

If you are unable to make your payment but you don't meet the requirements for the deferments above, we have a forbearance we can apply to your account. There is no grace period following this kind of deferment. Interest continues to accrue during the deferment and must be repaid before a new deferment will be applied.

Contact this office before the due date if possible. The worst thing you can do is ignore notices, billings, and phone calls from this office. We have many options available to us to assist you but we cannot help you if we don't know what you need. There are hardship deferment options we have available, we can make arrangements for a temporarily smaller monthly payment or, after discussing your situation, we may come up with some other option. We are very willing to work with you in any way we can to keep your account current.