Loans are financial assistance that must be repaid through the federal government and private lenders. Each loan program has specific eligibility criteria, repayment plans, cancellation, and deferment conditions. The Free Application for Federal Student Aid (FAFSA) must be completed to be considered for all federal education loans.

Types of Loans Available

Federal Subsidized Direct Loan

Available to undergraduate 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 the student is enrolled at least half time at a fixed interest rate of 2.75%  disbursed after July 1, 2020. A 1.059% Origination Fee will be deducted from each semester's loan amount.

The repayment period begins 6 months after the student is no longer enrolled at least half-time.  Depending on when the loan was disbursed, interest may accrue during those 6 months of grace period, and will be payable by the borrower rather than subsidized by the federal government.

The maximum amount that can be borrowed per year:

  • Freshman (0-29 credits) - $3,500
  • Sophomore (30-59 credits) - $4,500
  • Junior/Senior (60+ credits) - $5,500

Federal Unsubsidized Direct Loan

Available to undergraduate and graduate students. This loan is not based on need. However, the student must complete the FAFSA. Effective July 1, 2020 the interest on this loan is 2.75% for undergraduate students and 4.30% for graduate students.  The student is responsible for the interest while in school. A 1.059% Origination Fee will be deducted from each semester's loan amount.

Academic Year Borrowing Limits

Dependent Students
Time Frame Subsidized Amount Limit Additional Unsubsidized Total Annual Maximum
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior/Senior $5,500 $2,000 $7,500
Aggregate Borrowing Limit     $31,000 (no more than $23,000 can be subsidized)
Independent Students
Time Frame Subsidized Amount Limit Additional Unsubsidized Total Annual Maximum
Freshman $3,500 $6,000 $9,500
Sophomore $4,500 $6,000 $10,500
Junior/Senior $5,500 $6,000 $12,500
Aggregate Borrowing Limit     $57,500 (no more than $23,000 can be subsidized)
Graduate Students
Time Frame Total Annual Maximum (subsidized and unsubsidized)
Every Year $20,500
Aggregate Borrowing Limit $138,500 (no more than $65,000 can be subsidized)

Federal Parent Plus Direct Loan

Parent Plus loans are unsubsidized loans for the parents of a dependent student. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. Effective July 1, 2020 the interest rate is 5.30%.

Requirements to receive a Parent PLUS Loan:
  • You must be the student's biological or adoptive parent or the student's stepparent, if the biological or adoptive parent has remarried at the time of application.
  • Your child must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program.
  • Parent PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).
  • Parents and their dependent child must be U.S. citizens or eligible non-citizens,
  • Must not be in default on any federal education loans or owe an over-payment on a federal education grant.
Steps to Apply for a Federal PLUS Direct Loan:
In order to apply for a Federal Plus Direct Loan:
  1. A current FAFSA must be on file for the student
  2. The parent must go to log in with their FSA ID and Password, and choose ‘Apply for a Direct Plus Loan.’ Then choose ‘Direct Plus Application for Parents.”
    • Your credit will be approved or denied instantly. The results of the Plus Loan request will be transmitted to UW-Platteville from the processing center within 48 hours.
  3. Once you have your credit decision, complete the Plus Loan Request Form. The form must be initiated by the student and then the parent will be sent an email to complete his/her portion of the form. Once UW-Platteville received the completed form it will be processed within 48 hours. The loan will not be processed without having a completed and signed form.
  4. If the Plus loan in approved, the parent who requested the loan, will need to complete a Master Promissory Note (MPN) under parent borrows at (this is listed as Complete Loan Agreement for a PLUS Loan (MPN). If MPN is not completed by the parent, the loan will not disburse.

Note: Prior to applying for a Federal Plus Direct Loan, confirm you have accepted or declined your federal loans through your PASS account.

Note: The Plus Loan Request Form is by aid year, therefore the link will need to updated on a yearly basis.

Please read PLUS Loan Q&A to answer more questions concerning a PLUS Loan. 

Calculate the Amount of PLUS

Use this information to determine the amount of the Parent Plus Direct Loan you want to borrow. The maximum amount a parent may borrow is the cost of attendance minus the student’s financial aid and other resources such as scholarships. Cost of attendance includes tuition, fees, room, board, transportation, and personal expenses. The cost of attendance is used for financial aid purposes and it does not reflect the amount the student will be billed.

Wisconsin Resident
Wisconsin resident living on campus $19,010
Wisconsin resident living off campus $18,834
Wisconsin resident living with parent/guardian $13,684
Minnesota Resident
Minnesota resident living on campus $19,630
Minnesota resident living off campus $19,454
Minnesota resident living with parent/guardian $14,304
Tri-State Initiative (Illinois or Iowa) Resident
Tri-State Initiative resident living on campus $23,710
Tri-State Initiative resident living off campus $23,534
Tri-State Initiative resident living with parent/guardian $18,384
Non-resident living on campus $26,860
Non-resident living off campus $26,684
Non-resident living with parent/guardian $21,534

Calculate your balance of how much you can borrow through the PLUS loan using the formula below.

Cost of attendance - financial aid (listed on award letter) - other funds received (scholarships) = maximum you could borrow in PLUS

Alternative Loan Program

Alternative loans are private loans through lending institutions and are not part of the federal student loan programs. Alternative loans are more expensive than the federal student loans and should only be used as a last option after all other options have been exhausted. We recommend students complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal and state aid before you turn to a private loan. If you decide you need an alternative loan, choose a loan that best meets your needs and borrow only what you need. Remember you will be required to pay the loan back.

You may use FASTChoice to help you chose a lender. FASTChoice is a neutral, comprehensive list of private education lenders that have made loans to students at UW-Platteville within the past 3-5 years.  The list contains for each lender: Loan product summary including interest rates, grace periods, and borrower benefits; Loan term examples, which includes an example of the total cost of the loan, an explanation of annual percentage rate calculations and the minimum monthly payment.  UW-Platteville highly recommends that you research each lender before you apply.

UW-Platteville does not recommend or endorse any lender.  You are free to use any alternative loan lender of your choosing.

Questions regarding alternative loans are best answered in person.  Please contact the Financial Aid Office at 608.342.1836 or email to schedule an appointment.