ONLINE COHORT PROGRAM
Financial Aid
Financial assistance for students enrolled in the program is available, and exists in the form of a number of student loan packages. Most, if not all of these various loan packages require that students be enrolled in at least 4.5 units per term (cohort program schedules completion of 6 units per semester). Brief descriptions of each of these loan packages are described below.
Annual completion of the Free Application for Federal Student Aid (FAFSA) is required to be considered for most aid. For more information about financial aid available through UW-Whitewater and access to application materials, go to the Financial Aid website.
Division of Vocational Rehabilitation (DVR). DVR assistance may be available to students having some type of disability. Vocational Rehabilitation is a Division of the Wisconsin Department of Workforce Development. Students should contact their local DVR counselor in addition to filing the Free Application for Federal Student Aid (FAFSA).
Federal Perkins Loan. A limited number of Federal Perkins Loans are available to graduate students who are citizens or permanent residents of the United States who have borrowed their maximum amounts in the Federal Direct Loan(s) Programs. Awards are based on availability of funds. Students must be enrolled at least half-time (4.5 units) and demonstrate financial need to be eligible. Students may borrow a total of $40,000 for undergraduate and graduate study combined. Borrowers must sign a note for the loan, which is interest free as long as they are enrolled at least half-time at any eligible institution. Repayment of the principal plus 5% interest per year begins nine months after students leave school or graduate. The repayment period is 10 years.
Federal Direct Stafford Loan (Subsidized). The Federal Direct Stafford Loan enables undergraduate and graduate students enrolled at least half-time to borrow directly from the federal government. To be eligible, students must demonstrate financial need. The school determines financial need based on the information provided on the FAFSA. The federal government pays the interest on these loans while students are in school and during certain periods, such as grace and deferment (a postponement of repayment).
Graduate students are eligible to receive up to $8,500 per year in a subsidized Direct Loan, and $10,000 in a unsubsidized Direct Loan. There is a $65,500 cumulative total for undergraduate and graduate study.
Federal Direct Loans are interest free until six months after graduation or the time the student leaves school or ceases to be enrolled on a half-time basis. An origination fee is assessed at the time the loan is made. Interest rates are variable and are adjusted each year on July 1. The interest rate cannot exceed 8.25%.
Federal Direct Stafford Loan (Unsubsidized). To be eligible, students do NOT need to demonstrate financial need. However, students are obligated to pay all interest even while enrolled, which differs from the subsidized loan. Graduate students are eligible to receive up to $10,000 in this program or up to $18,500 in combination of both programs (subsidized and unsubsidized).
