Federal Perkins Loan
Available to undergraduate and graduate students. The loan is interest free as long as student is enrolled at least half time at an eligible institution. Repayment of the principal plus 5% interest per year begins nine months after the student leaves school or graduates. Loan eligibility is based on need.
Federal Stafford Loan
Available to undergraduate and graduate students. To be eligible, students must complete the Free Application for Federal Student Aid (FAFSA) and show financial need. The loan is interest free as long as student is enrolled at least half time. Repayment at a fixed interest rate of 6.0% for loans disbursed after July 1, 2008 begins six months after a student leaves school or graduates. The maximum amount students may borrow is:
Unsubsidized Federal Stafford Loan
Available to undergraduate and graduate students. This loan is not based on need. However, the student must complete the FAFSA. Effective July 1, 2008 the interest on this loan is 6.8% and the student is responsible for the interest while in school.
A 1% default fee and 1% origination fee is charged on both types of loan. Annual loan amounts are based on the student’s academic level at UWP. Actual amounts the student receives may be less based on other financial aid /resources available and cost of attendance.

Dependent Students - the academic year borrowing limits are effective July 1, 2008:

Time frame Subsidized Amount Limit Additional Unsubidized Amount Total Annual Maximum subsidized + unsubsidized
First year (1 - 29 credits) $3,500 $2,000 $5,500
Second year (30 - 59 credits) $4,500 $2,000 $6,500
Third year and beyond (60 or more credits) $5,500 $2,000 $7,500
Aggregate Borrowing Limit $31,000 (no more than $23,000 can be subsidized)

Independent Students - the academic year borrowing limits are effective July 1, 2008:

Time Frame Subsidized Amount Limit Total Annual Maximum: subsidized + unsubsidized
First year (1 - 29 credits) $3,500 $9,500
Second year (30 - 59 credits) $4,500 $10,500
Third year and beyond (60 or more credits) $5,500 $12,500
Aggregate Borrowing Limit $57,500 (no more than $23,000 can be subsidized)

Graduate Students - the academic year borrowing limits are:

Time Frame Subsidized Amount Limit Total Annual Maximum: subsidized + unsubsidized
Every Year $8,500 $20,500
Aggregate Borrowing Limit $138,500 (no more than $65,500 can be subsidized)

Federal Plus Loan
This loan is available to parents of dependent undergraduate students. Eligibility is not based on need. Repayment is at a fixed interest rate (at 8.5%) and begins within 60 days of disbursement. For each student in college, parents may annually borrow up to the cost of education minus other financial aid awarded.
Alternative Loan Program
Alternative loans are offered through private lending agencies. This loan should only be pursued when the student and/or parents have exhausted all other avenues of financial help. Students should complete the Free Application for Federal Student Aid to determine eligibility for federal and state aid before applying for an Alternative loan. The Wisconsin Association of Student Financial Aid Administrators(WASFAA) has developed an Alternative loan comparison.