Federal/State Student Loans
Student loans are available to help with financing your educational expenses. Loans, of course, need to be paid back with interest. Each loan program has specific eligibility criteria, repayment, cancellation and deferment conditions.
Federal Direct Loan
The Federal Direct Loan Program is a federally sponsored and regulated national student loan program for undergraduate and graduate students. The Federal Direct Loan is offered to you by the Financial Aid Office after completing an annual Free Application for Federal Student Aid (FAFSA) application and can come in the form of a Subsidized or an Unsubsidized Loan (or a combination of both). Funds are borrowed directly from the federal government, and a federal loan origination fee (approximately 1%) is applied to each loan. Your loans will be assigned to a servicer, who will be your point of contact regarding repayment. You will receive a disclosure statement from your servicer regarding the amount of your loan and the anticipated disbursement dates. No payments are required until 6 months after you graduate or drop below half time enrollment. The maximum repayment period is 10 years, although through consolidation, that period may be extended.
Subsidized Federal Direct Loan
Eligibility for the Subsidized Loan is based on financial need as determined by the FAFSA and the Financial Aid Office. The Subsidized Loan does not accrue interest until a student graduates or drops below half time enrollment. Direct Subsidized Loans that disburse between July 1, 2024 and June 30, 2025 have an interest rate of 6.53%. Graduate students are not eligible for this type of loan.
Unsubsidized Federal Direct Loan
Unlike the Subsidized Loan, financial need is not a requirement for the Unsubsidized Loan, and the interest on the Unsubsidized Loan begins to accrue immediately upon disbursement. Direct Unsubsidized Loans that disburse between July 1, 2024 and June 30, 2025 have an interest rate of 6.53% for Undergraduates (8.08% for Graduates). Students can pay the interest quarterly or allow the interest to add to the principal.
Federal Direct Loan Limits (Annual)
| Student Type | Dependent | Independent |
|---|---|---|
| Freshman | $5,500 (up to $3,500 Subsidized) | $9,500 (up to $3,500 Subsidized) |
| Sophomore | $6,500 (up to $4,500 Subsidized) | $10,500 (up to $4,500 Subsidized) |
| Junior | $7,500 (up to $5,500 Subsidized) | $12,500 (up to $5,500 Subsidized) |
| Senior | $7,500 (up to $5,500 Subsidized) | $12,500 (up to $5,500 Subsidized) |
| Graduate | $20,500 |
Federal Direct Loan Limits (Lifetime)
| Degree Type | Dependent | Independent |
|---|---|---|
| Undergraduate | $31,000 (up to $23,000 Subsidized) | $57,500 (up to $23,000 Subsidized) |
| Graduate | $138,500 |
First Time Borrower Requirements
First time borrowers of the Federal Direct Loan are required to complete two steps in order to secure the loan(s). Using your FSA username and password, log into the studentaid.gov site. You'll see two links:
- Complete Entrance Counseling
- Complete Master Promissory Note
These steps will take approximately 45 minutes to complete. Students normally only have to complete Direct Loan Entrance Counseling and Direct Loan Master Promissory Note once in their academic career.
Federal Perkins Loan
The Federal Government has allowed the Federal Perkins Loan program to expire. As of October 1, 2017, no new Perkins Loans can be offered. For those students with a Federal Perkins Loan balance, no payments are due and no interest accrues on the loan until 9 months after leaving school or dropping below half-time enrollment status (6 credits for undergraduates and 5 for graduate students). Once in repayment, the loan has a fixed interest rate of 5%, and borrowers have a maximum of 10 years to repay. Cumulative lifetime borrowing limits are $20,000 for an undergraduate and $40,000 for a graduate student. To calculate your monthly repayment, use the Repayment Calculator.
Although UW-Green Bay is the lender of your Perkins Loan, you will receive information about loan repayment from UW-Madison, who services our loans. Their contact information can be found below. UW Madison utilizes ECSI (Heartland ESCI) to provide you with online payment options and services. You can also view and print any loan documents from ECSI’s website. If you have questions about repayment, contact:
Bursar’s Office - Student Loans University of Wisconsin-Madison
333 East Campus Mall #10501
Madison, WI 53715-1383
608-262-1791
bursar.wisc.edu
Nursing Student Loan
The Wisconsin Higher Educational Aids Board (HEAB) allows nursing students to borrow a loan that has the potential to be partially forgiven.If you wish consideration for this loan program, email financialaid@uwgb.edu. Note that the UW-Green Bay allocation for this fund is limited so not all students wishing to borrow through this program will be offered the funding.
Minority Teacher Loan
The Wisconsin Higher Educational Aids Board (HEAB) provides loans to Wisconsin resident, minority, undergraduate sophomores, juniors or seniors who are enrolled at least half-time in programs leading to teacher licensure. The loan has a forgiveness feature. Email financialaid@uwgb.edu if you wish consideration for this loan program. Note that the UW-Green Bay allocation for this fund is limited so not all students wishing to borrow through this program will be offered the funding.
Teacher Loan
The Wisconsin Higher Educational Aids Board (HEAB) provides loans to undergraduate sophomores, juniors or seniors who are enrolled at least half-time and qualify as Wisconsin residents for tuition purposes. Students must be enrolled in programs leading to teacher licensure. The loan has a forgiveness feature. Email financialaid@uwgb.edu if you wish consideration for this loan program. Note that the UW-Green Bay allocation for this fund is limited so not all students wishing to borrow through this program will be offered the funding.
Get In Touch
If you're having trouble figuring out your federal work study award, don't hesitate to get support from our Student Employment Office.