Student Loans
Student loans have become an essential component in financing educational expenses. Loans – by definition and regulation – must be repaid and therefore should be used sparingly and wisely. If you accept a loan, you are responsible for repaying the loan plus applicable interest. Remember that the more you borrow, the higher the monthly repayment will be, so only take as much loan funding as you need. To calculate your monthly repayment, use the StudentAid.gov Loan Simulator.
Students must be admitted as degree seeking students to receive federal and private loans. If you are a non-degree seeking student, you are not eligible to receive a loan through the Financial Aid Office. All federal education loans require you to complete a Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov.
Each loan program has specific eligibility criteria, repayment, cancellation and deferment conditions. Click on the tabs below for more details and visit studentaid.gov for more information.
To learn more about Parent PLUS and personal loans, visit our Parent PLUS and Personal Loans page.
Undergraduate Federal Loans
Borrower: Undergraduates who demonstrate financial need (must be enrolled at least half time, six credits).
Lender: Federal government
Loan Amount: Per academic year: up to $3,500 for freshman grade level, $4,500 for sophomore grade level and $5,500 for junior and senior grade levels.
Application Process: Complete the FAFSA annually. Accept the Federal Direct Loan offer in your eSIS. Complete online Entrance Counseling and Master Promissory Note through studentaid.gov. Please see First Time Federal Student Loan Borrower Instructions (scroll down on page) for how to complete this form.
Interest Rates and Loan Origination Fees: For current rates and fees, please visit studentaid.gov.
Repayment: Repayment begins six months after graduation or after you cease to be enrolled at least half time (six credits). Each year while you are in repayment, you are required to pay at least $600 or the unpaid balance (whichever is less). Standard repayment is over a 10-year period, however, several repayment options are available that may extend the length of repayment. There is no penalty for early repayment. In order to assist you with your planning, the U.S. Department of Education provides budget and repayment calculators.
*Federal Direct Loans allow for cancellation of all or part of the loan in return for certain types of teaching or public service. Click here for detailed information.
Borrower: Undergraduate and graduate students, regardless of financial need (must be enrolled at least half time: six credits for undergraduates and four credits for graduates).
Lender: Federal government
Loan Amount: Per academic year, undergraduates can receive up to $5,500 for freshman grade level, $6,500 for sophomore grade level and $7,500 for junior and senior grade levels. Amounts are higher for independent students.
Application Process: Complete the FAFSA annually. Accept the Federal Direct Loan offer in your eSIS. Complete online Entrance Counseling and Master Promissory Note through studentaid.gov. Please see Loan Processing for instructions.
Interest Rates and Loan Origination Fees: For current rates and fees, please visit studentaid.gov.
Repayment: Repayment begins six months after graduation or after you cease to be enrolled at least half time, which is six credits for undergraduates and four credits for graduates. Each year while you are in repayment, you are required to pay at least $600 or the unpaid balance (whichever is less). Standard repayment is over a 10-year period, however, several repayment options are available that may extend the length of repayment. There is no penalty for early repayment. In order to assist you with your planning, the U.S. Department of Education provides budget and repayment calculators.
*Federal Direct Loans allow for cancellation of all or part of the loan in return for certain types of teaching or public service. Click here for detailed information.
Borrower: Parents of dependent undergraduates.
Lender: Federal government
Loan Amount: Up to the cost of attendance, minus any other aid the student has received. Note that an origination fee will be deducted from each loan disbursement.
Application Process: The student must have a FAFSA on file with UWRF. The parent borrower must have an FSA ID from the U.S. Department of Education (the same FSA ID used to electronically sign the FAFSA). A stepparent may apply for a PLUS loan if the stepparent's information is included with the FAFSA. To apply, complete the Parent PLUS Application form and sign the Master Promissory Note. Instructions can be found on the Parent PLUS Loan Processing page.
Interest Rates and Loan Origination Fees: For current rates and fees, please visit studentaid.gov.
Repayment: Repayment of interest and principal begins within 60 days after the loan is fully disbursed. Standard repayment is over a 10-year period, however, several repayment options are available that may extend the length of repayment. The parent may choose to postpone repayment until six months after the student graduates or ceases to be enrolled at least half time, but interest will continue to accrue while repayment is postponed.
Federal Direct Loan Limits (Annual)
| Dependent | Independent | |
|---|---|---|
Freshman 0-29 credits | $5,500 (with a max of $3,500 subsidized) | $9,500 (with a max of $3,500 subsidized) |
Sophomore 30-59 credits | $6,500 (with a max of $4,500 subsidized) | $10,500 (with a max of $4,500 subsidized) |
Junior 60-89 credits | $7,500 (with a max of $5,500 subsidized) | $12,500 (with a max of $5,500 subsidized) |
Senior 90+ credits | $7,500 (with a max of $5,500 subsidized) | $12,500 (with a max of $5,500 subsidized) |
| Graduate | $20,500 | |
Federal Direct Loan Limits (Lifetime)
| Dependent | Independent | |
|---|---|---|
| Undergraduate | $31,000 (with a max of $23,000 Subsidized) | $57,500 (with a max of $23,000 Subsidized) |
| Graduate | $138,500 | |
Graduate Federal Loans
Borrower: Students, regardless of financial need (must be enrolled at least half-time, which is four credits)
Lender: Federal government
Loan Amount: Up to $20,500 per academic year
Application Process: Complete the FAFSA annually. Accept the unsubsidized loan offer in your eSIS. Complete online Entrance Counseling and/or sign Master Promissory Note. See Receiving Your Aid (scroll down to First Time Federal Student Loan Borrower Instructions) for how to complete these items.
Interest Rate and Loan Origination Fees: For current rates and fees, please visit studentaid.gov.
Repayment: Repayment begins six months after graduation or after you cease to be enrolled at least half time, which is four credits. Each year while you are in repayment, you are required to pay at least $600 or the unpaid balance, whichever is less. You have up to 10 years to repay the loan. There is no penalty for early repayment. In order to assist you with your planning, the U.S. Department of Education provides budget and repayment calculators.
*Federal Direct Loans allow for cancellations of all or part of the loan in return for certain types of teaching or public service. Please click here for detailed information.
Borrower: Students, regardless of financial need (must be enrolled at least half time, which is four credits)
Lender: Federal government
Loan Amount: Up to the cost of attendance, minus any other aid the student has received. Note that an origination fee will be deducted from each loan disbursement.
Application Process: You must have an FSA ID from the U.S. Department of Education (the same FSA ID used to electronically sign the FAFSA) and a FAFSA on file with UWRF. To apply for a Grad PLUS Loan, contact the UWRF Financial Aid Office at finaid@uwrf.edu or 715-425-3141. You’ll need to complete the PLUS Master Promissory Note (MPN) and Entrance Loan Counseling for Graduate/Professional Students at studentaid.gov once your Graduate PLUS loan is approved.
Interest Rate and Loan Origination Fees: For current rates and fees, please visit studentaid.gov.
Repayment: Repayment of interest and principal begins within 60 days after the loan is fully disbursed and the repayment term is up to 10 years. You may choose to postpone repayment until six months after you graduate or cease to be enrolled at least half time but interest will continue to accrue while repayment is postponed.
Private Loans
Borrower: Students, regardless of financial need. Meant to provide additional funds after you have applied for federal financial aid. Private loans often have higher interest rates and loan fees. For those reasons we highly recommend all students and families apply for federal financial aid through the FAFSA before applying for a private loan(s).
Lender: You choose between a variety of private banks and lenders on the online application.
Loan Amount: Up to your cost of attendance, minus any other aid you have received.
Application Process: Apply online using either FASTChoice or Credible. (Note: UWRF receives no compensation or consideration from these providers of private education loan comparison services. You are not limited to using the lenders listed on either FASTChoice or Credible for private education loans).
Interest Rate and Repayment: Unlike federal loans, the terms of private loans are set by the individual lenders. The interest rate and fees are determined by your credit history, your debt-to-income ratio and that of any co-signer. The interest rates for alternative loans are variable and are most often based on a range using the Prime or SOFR as a base and add an additional percentage based on the borrower's credit. The current Prime and SOFR rates are available at the Federal Reserve Statistical Release..
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