Loans
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.
Federal Education Loans
Federal students loans are available to students who complete the FAFSA, are meeting Satisfactory Academic Progress, and are attending at least half time. These loans are either Subsidized or Unsubsidized. All first-time loan borrowers are required to complete the Entrance Loan Counseling and the Direct Loan Master Promissory Note. These requirements must be completed online at studentaid.gov prior to the first loan disbursement. Education loans must be repaid. Repayment begins six months (the grace period) after you graduate or fall below half-time enrollment. In some cases, you may request a deferment of forbearance from you loan servicer. If approaching repayment, contact your servicer for additional information. See more information on
Federal Loan Programs.
Federal Subsidized Direct Loan
Available to undergraduate students. To be eligible, students must show
financial need based on the information from the FAFSA. The loan is interest-free as long as the student is
enrolled at least half-time at a fixed interest rate of 6.39% for loans disbursed
between July 1, 2025, and June 30, 2026. Currently, an origination fee of
1.057% is charged at each disbursement. The origination fee will be deducted from each
semester's loan amount.
Federal Unsubsidized Direct LoanAvailable to undergraduate and graduate students. This loan is not based
on need. However, the student must complete the FAFSA. Loans disbursed between July 1, 2025, and June 30, 2026, have an interest rate of 6.39% for undergraduate students
and 7.94% for graduate students. Interest begins accruing from the time of disbursement. A 1.057% origination fee will be deducted from
each semester's loan amount.
Academic Year Borrowing Limits
Time Frame
| Subsidized Amount Limit
| Additional Unsubsidized
| Total Annual Maximum
|
|---|
Freshman
|
|
|
|
|---|
Sophomore
| $4,500
|
|
|
|---|
Junior/Senior
| $5,500
|
| $7,500
|
|---|
Time Frame
| Subsidized Amount Limit
| Additional Unsubsidized
| Total Annual Maximum
|
|---|
Freshman
|
|
|
|
|---|
Sophomore
| $4,500
|
|
|
|---|
Junior/Senior
| $5,500
|
| $12,500 |
|---|
Time Frame
| Unsubsidized Total Annual Maximum
|
|---|
Every Year
| $20,500
|
|---|
Federal Parent PLUS Direct Loan
Parents of dependent students have the option to borrow a Parent PLUS loan to assist with their student's education costs. Interest begins accruing from the time of disbursement. Between July 1, 2025, and June 30, 2026, the interest rate is 8.94% with a 4.228% origination fee. Repayment begins 60 days after the loan has disbursed, unless the parent borrower requests a deferment to start repaying the loan 6 months after the student drops below half time status.
Parent PLUS Loan Limits
Prior to July 1, 2026, the parent may annually borrow up to the Cost of Attendance minus any other financial assistance the student has been offered. Starting July 1, 2026, Parent PLUS Loans will have an annual limit of $20,000 per dependent student and an aggregate loan limit of $65,000 per dependent student. When applying for the Parent PLUS Loan, be sure to ask for only what you need. There is a grandfather clause for parents who borrowed a loan for a student prior to July 1, 2026. Students must maintain their enrollment at UWSP to be eligible for grandfathering.
Requirements to receive a Parent PLUS Loan:
- You must be the student's biological or adoptive parent, or the
student's stepparent listed on the FAFSA.
- 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 overpayment on a federal education grant.
Steps to Apply for a Federal PLUS Direct Loan:
In order to apply for a Federal PLUS Direct Loan:
- A current FAFSA must be on file for the student
- The parent must go to studentaid.gov and log in with their Username and Password. 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-Stevens Point from the
processing center within 48 hours.
- If the PLUS loan is approved, the parent who requested the loan will need to complete a Master Promissory Note (MPN) at studentaid.gov (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.
- If the parent is denied the PLUS loan, the parent may choose among the following options:
- Appeal the credit decision - details on how to appeal will be provided on StudentAid.gov if you select this option.
- Obtain an endorser (co-signer) - if this option is selected, the endorser must complete the "Endorse Direct PLUS Loan" section by signing into StudentAid.gov with their own FSAID.
- Not pursue the PLUS loan - if this option is selected, we will automatically offer your student additional Unsubsidized Direct Loan funds based on the maximum amount allowed (Freshman/Sophomore - $4000 max; Junior/Senior - $5000 max).
- Undecided - If this option is selected we will not be able to process your PLUS Loan application.
Note: Prior to applying for a Federal PLUS Direct Loan, the student should confirm they
have accepted or declined their federal loans in accesSPoint.
Federal Graduate PLUS Direct Loan
Graduate students may apply for loans from a non-need-based program called Graduate PLUS Direct Loan. The graduate student may borrow an amount up to the cost of attendance minus other financial aid. The interest rate for the Graduate PLUS Direct Loan is 8.94% for loans disbursed between July 1, 2025 and June 30, 2026 and interest begins to accumulate on the date of the first loan disbursement. The Graduate PLUS Direct Loan currently has a 4.228% origination fee.
Graduate students may apply for the Graduate PLUS Direct Loan at
studentaid.gov and are required to complete a separate Entrance Loan Counseling for this loan.
The Graduate PLUS Loan Program is ending as of June 30, 2026. Legacy borrowers will still be able to apply for a Graduate PLUS Loan for the next three years. In order to qualify as a legacy borrower, a student must have borrowed a Direct Loan prior to June 30, 2026 and maintain enrollment at UWSP in the same program. Students may not borrow Graduate PLUS beyond the expected length of their program.
For more information on the Direct Loan interest rates and other loan features, please see the Department of Education's Federal Student Aid
website.
Review your options, quick comparison between PLUS Loan and Private Educational Loans. Perkins Loan [This loan program has ended and is no longer available]
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 a private educational 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.
Please note, non-degree seeking or certificate only students are not eligible for federal and state aid, however, may still apply for private educational loans. Be sure to select the correct group on our FASTChoice private loan tool.
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
compare
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 Office of Financial Aid and Veteran Services. Most lenders require co-signer information. Should the lender approve your application, the school will then receive a notification requesting certification of the private educational loan. You may begin applying May 1 for the upcoming school year.
- 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, log in 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 six 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.
*The inclusion of loan products and lenders on this site does not imply individual endorsement. We maintain professional relationships with ALL lenders. Our officials are prohibited from accepting financial or other benefits in exchange for displaying lenders and loan options in FASTChoice. The lenders on this list are included for three important reasons: first, they are loans that have remained popular with UW-Stevens Point students over time. Also, the programs offer fully electronic processing and disbursement. Lastly, we feel the lenders included on the list provide the best service to our students. Information on the list is directly provided by the lenders and is subject to change. If you are interested in a lender not listed in FASTChoice, contact that lender directly or visit their website for more information. UW-Stevens Point will process any approved private education loan.
If you have begun a FAFSA application for regular financial aid, we will process your private loan AFTER you have been offered and have accepted your regular financial aid offer. This assures you'll receive the best aid package possible.
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