| Federal Perkins Loan |
Award based on Financial need.
Funds are limited and awarded first-come, first-served.
Continuing students must have a cumulative gpa of 2.25 to receive consideration.
A gpa is not considered for first-time freshmen. |
- Interest rate is 5%. Interest is
deferred until the beginning of the repayment period.
- A cumulative maximum of $40,000 for combined
undergraduate and graduate education.
Complete Master Promissory Note (MPN)
online from the "online loan processes" link found on our home page. Can't
sign MPN until awarded loan.
- Repayment begins 9 months after the borrower
graduates, leaves school, or drops below half-time status.
- Repayment can be deferred or canceled under
certain conditions. Contact the Bursar's Office (414) 229-4914 with
any questions.
- A minimum repayment of $120 every 3 months with
a maximum repayment period of 10 years. (Low-income students can
apply for an extension of up to 10
years.)
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| Minority Teacher Forgivable
Loan |
Junior and Senior status.
Wisconsin Minority students and can be awarded regardless of need.
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- Interest rate is 5%. Interest is deferred until
the beginning of the repayment period.
- Repayment begins 9 months after the borrower
graduates, leaves school, or drops below half-time
status.
- Repayment must be completed in 48
months.
- If the borrower teaches at an eligible
school, a portion of the loan may be forgiven.
- Contact the College of Education at (414)
229-4725 for further information.
|
| Federal Nursing Student
Loan |
Award based on financial need.
Must complete the verification process for financial aid.
Must be a junior, senior, second degree candidate, or a graduate student.
|
- Interest rate is 5%.
- Interest is deferred while enrolled at least
half-time in the School of Nursing.
- Awards range from $200-$4,000 per academic
year.
- Sign Master Promissory Note
(MPN) online from the "online loan processes" link found on our
home page. Can't sign MPN until awarded loan.
- Repayment begins 9 months after the borrower
graduates, leaves the School of Nursing, or drops below half-time
status. A minimum quarterly repayment of $120 with a maximum
repayment period of 10 years.
- The Federal Nursing Student Loan
Program does not allow loan cancellation for nursing
employment after graduation.
- However, the borrower may enter into an
agreement with the Secretary of Health and Human Services (HHS) to
serve as a registered nurse in a nursing-shortage area. In
such cases, the government will repay part of the outstanding
debt.
|
| FFEL Subsidized Stafford Loan |
Award is based on financial need. |
- Loans disbursed between July 1, 2006 and June 30, 2008 have a fixed interest rate of 6.8%
- Loans disbursed between July 1, 2008 and June 30, 2009 have a
fixed interest rate of 6.0%.
- Loans disbursed prior to July 1, 2006, will
continue to have a variable interest rate capped at 8.25%.
- No interest charged as long as borrower is enrolled at least halftime.
First-time borrowers that have been offered a FFEL Stafford Loan should complete a
master promissory note (MPN) online from the "online loan processes" link found on our home page.
- In addition to completing a MPN, first-time Stafford loan
recipients must also complete entrance loan counseling before any
loan proceeds can be disbursed. This is comprised of an online
tutorial and quiz. Borrowers needing to complete entrance loan
counseling will be directed to an online site after they have
begun completing their MPN. Once they have successfully passed the
quiz, they will be allowed to complete their MPN.
- The maximum awards differ by grade level, dependency status, and length of
academic program.
- Repayment begins 6 months after the borrower graduates, leaves school, or
drops below half-time status.
- Repayment may be deferred or modified under certain conditions. There are
three repayment plans available.
|
| FFEL Unsubsidized Stafford Loan |
Not a need-based loan. |
- Loans disbursed on or after July 1, 2006 have a fixed interest rate of 6.8%.
- Loans disbursed prior to July 1, 2006, will continue to have a variable interest rate capped at
8.25%.
- The loan plus need-based aid may not exceed the total cost of attendance.
- Interest is charged from the date of the first disbursement.
Interest may be paid while in school or paid later.
- First-time borrowers that have been offered a FFEL Unsubsidized Stafford
Loan should complete a master promissory note (MPN) online from "online loan processes" link found on our home page.
- In addition to completing a MPN, first-time Stafford loan
recipients must also complete entrance loan counseling before any
loan proceeds can be disbursed. This is comprised of an online
tutorial and quiz. Borrowers needing to complete entrance loan
counseling will be directed to an online site after they have
begun completing their MPN. Once they have successfully passed the
quiz, they will be allowed to complete their MPN.
- The maximum awards differ by grade level, dependency status, and length of
academic program.
- Repayment begins 6 months after the borrower graduates, leaves school, or
drops below half-time status.
- Repayment may be deferred or modified under certain conditions. There
are three repayment plans available.
|
| FFEL Grad PLUS |
Loans available to students pursuing a graduate degree.
Requires FAFSA be filed.
Awarded regardless of need. |
- Loans have a fixed interest rate of 8.5%.
- Graduate student must reapply for the Grad PLUS loan annually, but a new FFEL PLUS Master Promissary Note (MPN) is not
required.
- Entrance Counseling is required for first time Grad PLUS borrowers with loans disbursing
after July 1st, 2008.
- For details on how to apply for the FFEL Grad PLUS, see the "online loan processes" link found on our homepage.
- The borrower or cosigner must be credit worthy.
- Annual maximum limited to student's cost of attendance minus any other financial aid.
- In-school deferment is available.
|
| FFEL Parent PLUS |
Loans available to parents of dependent,
undergraduate students.
Awarded regardless of need.
Effective with the 2008-09 academic year, requires the filing of a FAFSA |
- Loans disbursed on or after July 1, 2006 have a fixed interest rate of 8.5%. Loans disbursed
prior to July 1, 2006, will continue to have a variable interest rate capped at 9%.
- Parent must reapply for the PLUS loan annually, but a new FFEL PLUS Master Promissory Note (MPN) is not
required.
- A FAFSA must be submitted before a PLUS loan will be processed
- For details on how to apply for the FFEL PLUS, see the "online loan processes" link
found on our homepage. Parents wishing to apply for a PLUS for enrollment beginning after Spring 2008 are asked to wait
until after April 1, 2008 to complete the application.
- The parent borrower or cosigner must be credit worthy. If parent is denied
PLUS, student may be eligible for unsubsidized loans.
- Annual maximum limited to student's cost of attendance minus any other
financial aid.
- Repayment begins 30 days after the loan is fully disbursed.
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| Alternative Loans |
Requires enrollment at an eligible post
secondary institution.
Although a FAFSA is not required to borrow this type of loan, students are strongly encouraged to submit a FAFSA so they may be considered for more favorable financing options prior to borrowing this loan.
Consider only after all other financing options have been exhausted. |
- Numerous lending institutions throughout the
country offer students a variety of alternative loan
programs.
- These are not subsidized by the
government.
- Students may use these loans to cover expenses
not covered by financial aid.
- Annual maximum limited to student's cost of
attendance minus any other financial aid.
- These are considered consumer loans and are not
offered by UWM.
- Many allow for deferred payment.
- For a list of potential lenders, contact
the Financial Aid Office in Mellencamp 162, or click on this link: Alternative Loans.
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