Loans Available
Below is a list of loans that are available to UW-Whitewater students. A loan is a form of financial assistance which must be repaid and should only be accepted with full realization of that responsibility. Access your total outstanding loan balance via the NSLDS web site http://www.nslds.ed.gov/. Click on any of the loans below to learn more about them:
- Federal Perkins Loan Program
- Federal Direct Stafford Loan (Subsidized)
- Federal Direct Stafford Loan (Unsubsidized)
- Federal Direct PLUS Loan
- Alternative Loans
Perkins Loan Program
This is a need-based loan that is contingent on the availability of funds at the time of awarding. It is interest-free as long as the student is enrolled at least half time at any eligible institution. Repayment of the principal plus 5% begins 9 months after graduation or leaving the university.
William D. Ford Federal Direct Loan Program - Stafford Loan Program
The Federal Stafford Loan Program enables both undergraduate and graduate students to borrow directly from the government. The maximum amount that can be borrowed is:
- Freshmen (Under 24 Credits) - $3500
- Sophomores (24 to 59.5 Credits) - $4500
- Juniors and Seniors (60+ credits) - $5500
- Graduate Students - $8500
No Payments are required until 6 months after the student graduates or leaves school. An origination fee is assessed at the time each loan is made. The borrower will receive a disclosure statement from the Direct Loan Servicing Center regarding the amount of his/her loan and the anticipated disbursement dates.
Interest rates are set on July 1 each year. The current rate is 6.8%. Independent students may be eligible for higher limits. Contact the Financial Aid Office for more information.
Federal Direct Stafford Loan (Subsidized)
Students must demonstrate a financial need determined by the information submitted on the FAFSA and the University's estimated cost of attendance. The federal government pays the interest on these loans in the following situations:
- While the student is enrolled at least half time
- During the 6-month grace period after graduation or leaving the university
- During periods of deferment (a postponement of repayment)
Federal Direct Stafford Loan (Unsubsidized)
If the student demonstrates no need he/she is still eligible for the Unsubsidized Direct Stafford Loan. The interest is not paid by the government at any time during the life of the loan. The student is responsible for all interest for this loan.
Federal Direct PLUS Loan
The Parent Loan for Undergraduate Students (PLUS) enables credit-worthy parents of undergraduate dependent students to borrow. Graduate students are also eligible to borrow through the PLUS program. The PLUS Loan may not exceed the student's estimated cost of attendance minus any estimated financial assistance the student has been or will be awarded during the period of enrollment. This includes the no-need Federal Direct Unsubsidized Stafford Loan. Funds are borrowed directly from the federal government. An origination fee is assessed at the time the loan is made. Here are some common question and answers about the Direct PLUS Loans for Graduate Students. Grad Plus Q&A's
The interest rate on all loans disbursed after July 1, 2006 is 7.9%. The application can be downloaded from the web at the Online Financial Aid Forms page, mailed, faxed, or obtained from the Financial Aid Office.