Student Loan Processes
Federal Student Loan Processes
UWM participates in the Federal Family Education Loan (FFEL) Program. In order to borrow loan funds through the FFEL Program, all borrowers will need to have an active FFEL Master Promissory Note (MPN). We also suggest that you have your lender code available to complete the online process. If you only know your lender's name, here is a list of lender codes that you can print out for reference that UW-Milwaukee's Financial Aid department has worked with in the past. If your lender's code is not listed, you will need to contact your lender for their specific code.
Stafford Loan Borrowers - In addition to completing a FFEL MPN, a first-time Federal Stafford loan borrower is required to complete entrance loan counseling before any Stafford Loan funds can be disbursed. Selecting this link will direct you to the MPN site and then redirect you to to the online Entrance Loan Counseling site if there is no record that this requirement has yet been completed. Once you have completed entrance loan counseling, you will be returned to your online FFEL MPN. Please complete the FFEL MPN using your social security number. If you have not already completed a FAFSA for the appropriate year, please do so as soon as possible at http://www.fafsa.ed.gov.
The 2007/2008 FAFSA is required to borrow Stafford Loan funds for fall 2007, spring 2008, and summer 2008.
Perkins/Nursing - Students that have been offered either a Federal Perkins or Federal Nursing Loan need to have an active master promissory note. If you received Perkins or Nursing loan funds for attendance at UWM during the 2007/2008 academic year, you do NOT need to complete a new MPN. New borrowers will not be able to complete the promissory note until after the school has notified the servicer that the student is eligible to participate in one of these loan programs. After clicking the link given here, select the login link for STUDENTS. Then click on the link to esign a Master Promissory Note.
Federal Parent PLUS, Federal Graduate PLUS and Alternative Loan Processes
Federal Parent PLUS Loans - Federal loan available to parents of dependent, undergraduate students to help them pay for their child's college education. You will select this link to be directed to the online FFEL PLUS Application/Credit Pre-approval and the MPN site. Although a FAFSA does not have to be submitted to receive this loan, it is recommended that your child file a FAFSA, as they may be eligible for other financial aid funding. The FAFSA can be filed at http://www.fafsa.ed.gov
Federal Grad PLUS - Federal loan available to Graduate students as of July 1, 2006. The Grad PLUS loan is a government-sponsored loan with a fixed interest rate of 8.5%. The loan begins accruing interest when it is fully disbursed. The Graduate student is both the borrower and the student and must be credit worthy as determined by the lender. Student borrower must also be a U.S. citizen or eligible non-citizen, be enrolled at least half-time in a graduate level program and not be in default on any other federal loan. Students can borrow up to the cost of attendance less any other financial aid, which means a FAFSA must be on file. Graduate students are encouraged to consider this loan in lieu of the Alternative Loan options.
Alternative Loans - Numerous lending institutions throughout the country offer students a variety of alternative loan programs. These loans are not subsidized by the government and may be used to cover educational expenses not covered by financial aid. Although a FAFSA is not required, students are strongly encouraged to submit a FAFSA as most will qualify for a Federal Stafford Loan which is a better program; alternative loans should be considered as a last resort after exhausting all other options. The link here will take you to a tutorial that will provide you with some important information regarding alternative loans. A small sampling of terms and borrower benefits for some alternative loans is also included. You may elect to apply for one of these loans, or you may simply use the information provided when comparing to other alternative loans. If you wish to borrow from a different lender, please check with them to see if they offer an online application.
