Federal Direct & Private Loans
Federal Direct Loans
Federal Direct Loans are loans through the Department of Education and they require the student to complete a Free Application For Federal Student Aid (FAFSA).
- Federal Direct Subsidized and Unsubsidized Loans
Federal Direct Subsidized loans are only offered to undergraduate students. Federal Direct Unsubsidized loans are fixed interest rate loans offered to undergraduate, graduate, and professional students enrolled half-time or higher.
Federal Direct Graduate PLUS Loan
This fixed interest rate, credit-based loan can be applied for by graduate and professional students enrolled half-time or more. A separate promissory note and entrance counseling are required for the GradPLUS.
Federal Direct Parent PLUS Loan
This fixed interest rate, credit-based loan can be applied for by parents of dependent undergraduate students enrolled half-time or more.
Private student loans are meant to provide additional funds only after you have applied for federal financial aid. These loans are offered through commercial banks and most offer fixed or variable interest rates. All private loans require credit checks and most loans will require a cosigner if the borrower has little or no credit history. Be aware that disbursement of all private loans is delayed by 2-3 weeks to comply with federal regulations (Truth in Lending Act).
Student Loan Repayment
Review your federal student loan debt, and estimate your monthly payments based on different repayment plans:
1. Sign into www.studentloans.gov
2. Click on "Repayment Estimator" under "Managing Repayment"
Student Loan Help
Make an appointment for loan repayment counseling with one of our staff by calling 608/262-3060.
If you have been unable to solve a problem with your federal student loan contact the Student Aid Ombudsman Group for help.
If you need help creating a monthly budget or handling your college finances, the Federal Student Aid Budgeting webpage has many resources to assist you.