Federal Educational Loans
Several loan programs are available to UW-Stevens Point students. In some cases, eligibility is based on financial need, while other loans are available to students regardless on need. Educational loans must be repaid. Repayment of Direct and Perkins educational loans begins six to nine months (the grace period) after you graduate or fall below half-time enrollment (less than six credits per semester for undergraduate students). Payments may be deferred for additional schooling, Peace Corps, VISTA, military service, disability, or for full-time teaching in a teacher shortage area. If approaching repayment, contact your servicer for additional information. See more information on
Federal Loan Programs
Perkins Loan [This loan program has ended and is no longer available]
Subsidized Direct Loan
Subsidized Direct Loans
are for students with demonstrated financial need, as determined by federal regulations. No interest is charged while the student is in school at least half-time. The interest rate for the undergraduate Subsidized Direct Loan is 5.045% for loans disbursed between July 1, 2018 and June 30, 2019. Currently, an origination fee of 1.062% is charged at each disbursement. All first-time loan borrowers are required to complete the Entrance Loan Counseling and the Direct Loan Master Promissory Note. These requirements can be completed online at
A new borrower on or after July 1, 2013 becomes ineligible to receive additional Direct Subsidized Loans if the period during which the borrower has received such loans exceeds 150 percent of the published length of the borrower's education program.
for detailed information.
Unsubsidized Direct Loan
Unsubsidized Direct Loans
are based on cost minus other financial aid and resources. Interest is charged during all periods. The interest rate for the undergraduate Unsubsidized Direct Loan is 5.045% for loans disbursed between July 1, 2018 and June 30, 2019. The interest rate for this loan for graduate students is 6.595%. An origination fee of 1.062% is charged at each disbursement. All first-time loan borrowers are required to complete the Entrance Loan Counseling and the Direct Loan Master Promissory Note. These requirements can be completed online at
PLUS Direct Loan
Parents of dependent students may apply for loans from a non-need-based program called PLUS Direct Loan. The parent may borrow an amount up to the cost of attendance minus other financial aid. The interest rate is fixed at 7.595% where interest begins to accumulate on the date of the first loan disbursement. The Direct PLUS Loan has a 4.248% origination fee. Parents may choose to defer payments on the PLUS loan as long as the student is enrolled at least half-time by contacting their Direct Loan Servicer.
Parents can apply for the PLUS Direct Loan by filing an application and completing a Master Promissory Note (MPN) at
* If the parent is denied the Parent PLUS loan, the student is eligible for a special additional Unsubsidized Loan. The amount depends on the student's grade level and cannot exceed the total amount certifiable in a PLUS loan (in other words, we cannot authorize more than the cost of education). The school will be notified if the parent is denied the PLUS loan. Written confirmation from the student is needed to authorize the additional Unsubsidized loan.
Graduate PLUS Direct LOAN
Graduate students may apply for loans from a non-need-based program called PLUS Direct Loan. The graduate student may borrow an amount up to the cost of attendance minus other financial aid. The interest rate is fixed at 7.595% where interest begins to accumulate on the date of the first loan disbursement. The PLUS Direct Loan has a 4.248% origination fee. Graduate students may apply for the Graduate PLUS Direct Loan at
and are required to complete a separate Entrance Loan Counseling for this loan.
Review your options,
between Federal PLUS and Private Educational Loans.
For more information on the Direct Loan interest rates and other loan features, please see the Department of Education's Federal Student Aid
Non-Government Private Educational Loans
Private Educational Loans
Some lending institutions offer competitive private loan programs to assist students with paying for their college education. It is extremely important from a personal finance standpoint that you first exhaust ALL other financing options such as grants, scholarships, and federal Direct Loan eligibility prior to considering a federal Parent PLUS, Grad PLUS, or private loan. We advise you to only borrow what is truly needed to pay for qualified educational expenses. When borrowing to finance your education, you should give serious consideration to the loan amounts needed throughout your entire education. You will want to make sure you can comfortably afford your student loan indebtedness based on your expected income after graduating.
Steps for Applying for a Private Educational Loan:
- Have a completed FAFSA (aid application) on file to be considered for the best types of assistance possible prior to taking out an alternative loan. Go to the
FAFSA website to complete an application if you haven't already done so.
- You may
private educational loans on
FASTChoice, an online comparison tool, or go directly to your chosen lender website. Before FASTChoice offers the list of various lenders, a brief informational tutorial on private loans is presented. Complete the private educational loan application, the master promissory note, and the self-certification form and submit all information directly to the lender, NOT to the Financial Aid office. Most lenders require co-signer information. Should the lender approve your application, the school will then receive notification requesting certification of this alternative loan.
- A Private Education Loan Applicant Self-Certification form is required. Section 2 of that form asks for "Cost of Attendance" and "Estimated Financial Assistance". This information is calculated from your processed FAFSA and financial aid award notification. To obtain those figures, login to accesSPoint Self Certification. If the information is unavailable, please contact our office.
- Make sure you have accepted your aid offer as the private educational loan will not disburse without this first being satisfied. All other financial assistance, including scholarships, are subtracted from your cost of attendance to determine unmet need. If there is unmet need, the private educational loan will be electronically certified through a weekly process. The student applicant will receive a revised award email notification identifying the private educational loan on their award along with other aid.
Please be aware, regulations require a delay in the disbursements of private educational loans. The lender is required to hold the disbursement for at least 6 business days prior to the date of the first disbursement. Dropping credits, withdrawing from school, etc. will change the cost of education. When the cost is reduced, the student may be billed and expected to return part or all of the entire loan immediately.
Private educational loans will be certified for the lower amount of either the unmet need or the amount of the credit approval. For example, if credit is approved for $2000 and there is only need of $1000, the loan will be certified by the school for $1000. If credit is approved for $2000 and the need is $3000, the loan will be approved for $2000.