Loans

Below are the most common sources of Loans. Unless otherwise noted, programs listed may be awarded by UWGB, SNC or BC. Click on the links for more information such as annual loan limits, etc. 
 

 

FEDERAL LOANS
 
 
 
 
Direct Subsidized Stafford Loans are need-based and are available to eligible undergraduate and graduate students. The federal government pays the interest on the loan while the student is enrolled at least half-time. There is a fixed interest rate of 5.6% on these loans for undergraduates and 6.8% for graduates. A processing fee of up to 1% will be retained from the proceeds of the loan. Students borrowing a Federal Direct Stafford Loan for the first time through a college or university must complete an entrance counseling session for that college. Borrowers will be required to complete an exit counseling session prior to graduation or upon termination of at least half-time enrollment. Check with the respective financial aid office for the proper procedure for completing the required sessions for that campus. Repayment will begin 6 months after graduation or the date the student drops below half-time enrollment.   FAFSA required.
 
 
 
 
 
Direct Unsubsidized Stafford Loans are not need-based and are available to eligible undergraduate and graduate students. Interest will accrue to the student while enrolled; the student has the option of paying the interest or letting it accrue in an account to be added to the principal of the loan upon repayment. There is a fixed interest rate of 6.8% on these loans. A processing fee of up to 1% will be retained from the proceeds of the loan. Students borrowing a Federal Direct Stafford Loan for the first time through a college or university must complete an entrance counseling session for that college. Borrowers will be required to complete an exit counseling session prior to graduation or upon termination of at least half-time enrollment. Check with the respective financial aid office for the proper procedure for completing the required sessions for that campus.   Repayment will begin 6 months after graduation or the date the student drops below half-time enrollment.   FAFSA required.
 
 
 
 
 
 
Perkins Loans are need-based, low-interest loans (fixed rate of 5%) which are interest-free to the student while continually enrolled at least half-time. Repayment will begin 9 months after graduation or the date the student drops below half-time enrollment. BC does not offer Perkins Loans to students. Students who borrowed Perkins Loans through UWGB/SNC or other campus, may be required to file a deferment form each enrollment term (if no longer considered at least half-time on the campus where the Perkins Loan was borrowed) to verify half-time status in order to avoid being placed in repayment or grace period. Forms are available from the BC financial aid office.    Borrowers who will be employed as full-time registered nurses may qualify for forgiveness benefits from the US Department of Education (consult with your Perkins Loan servicer for forms).  FAFSA required.
 
 
 
 
Direct PLUS loans are available to credit-worthy parents to help with the educational expenses of their dependent child. PLUS Loans are not need-based; a parent may borrow up to the difference between the student’s total cost of education (as determined by the financial aid office) and any other financial aid the student is expected to receive. The lender and guarantee agency will retain a fee of up to 4% from the proceeds of the loan. The loan has a fixed interest rate of 7.9%. Repayment may begin within 60 days of receiving the loan proceeds or may be deferred as long as the student is enrolled at least half-time. 
 
Direct PLUS Loans are now available to credit-worthy graduate students. All terms and conditions which apply to parent borrowers also apply to graduate student borrowers. FAFSA required.
 
 
 
 
A Federal Direct Consolidation Loan allows student borrowers who have several loans, perhaps with different lenders or varying interest rates, to combine all of their federal student loans into one loan with one monthly payment. The interest rate will be set based upon a weighted average of the loans included in the consolidation. Students who will be employed as full-time registered nurses should not include a Federal Perkins Loan in a Federal Direct Consolidation Loan since they may qualify for forgiveness benefits from the US Department of Education (consult with your Perkins Loan servicer for forms). 
WISCONSIN LOANS
 
 
 
 
This is a need-based low-interest loan program for WI residents enrolled at least half-time in a RN or LPN program. Awards may range from $250 to $3000 per academic year. Funding for this program is very limited with each eligible nursing college being able to award approximately $13,000 per academic year. For each of the first two years the borrower works as a full-time nurse in the State of Wisconsin, up to 25% of the loan is forgiven; the balance of the loan must be repaid with an interest rate of 5%. FAFSA required.
PRIVATE LOANS
 
 
 
Various Sources
These are education loans offered by individual lenders which allow students (with or without a credit-worthy cosigner) to borrow loan funds in addition to the student’s federal student loans to help with expenses. Interest rates and terms vary by lender. Students may borrow up to the difference between their total cost of education (as determined by the financial aid office) and all other aid the student is expected to receive. Private loans are not need-based. For more information regarding private education loans, please refer to the Guide to Private Education Loans link on the Financial Aid Home page.

For more information regarding the annual and aggregate maximum loan amounts for the Federal Direct Stafford Loan program, please click here.