Federal Direct & Private Loans

 

Federal Direct and Private Loan FAQ

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.

How To Apply | More Information

  • 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.

How To Apply | More Information

  • 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.

How To ApplyMore Information


Private Loans

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).

How To Apply | More Information | Private Loans for Studying Abroad


Student Loan Repayment Help

Click here to learn how to repay your student loans (in 7 Steps).

Contact us to make an appointment for loan repayment counseling: 608/262-3060 or finaid@finaid.wisc.edu

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.

 


Additional Resources

Studentaid.ed.gov

Studentloans.gov

National Student Loan Data System