Other Funding Options

Our mission is to provide access to an education for everyone who wants to learn. That also means making college affordable. If your financial aid offer isn't enough, there are a few alternatives that may help.

Federal Direct Parent PLUS Loan

The Federal Direct Parent PLUS Loan is a federally-sponsored and regulated national student loan program. The PLUS Loan enables credit-worthy parents of undergraduate, dependent students to borrow funds to pay for their child's educational expenses. The funds are borrowed directly from the federal government, and the loan will be serviced by a company contracted by the Department of Education. The servicer will be the point of contact for all repayment questions.

Details of the Federal Direct PARENT PLUS Loan

The parent is the borrow, and, if the load is approved, the parent may borrow up to the student's Cost of Attendance less other financial aid.

Fixed Interest Rate for the 2024-2025 academic year is 9.08%.
A federal loan origination fee (approximately 4%) is deducted from the proceeds.
Repayment begins 60 days after the loan is fully disbursed. The parent can also request to defer payments:
- While the parent or the dependent student is enrolled at least half-time.
- For an additional 6 months after the dependent child ceases to be enrolled at least half-time.
Interest will begin to accrue on the loan once it disburses to the University.
Interest payments may be tax deductible.

Federal Direct Parent PLUS Loan Application Process

To apply for the PLUS Loan, the parent must complete the following steps:

Go to https://studentaid.gov/.
Click the Log In on the top right.
Log in using your (the parent's) own FSA username and password. Don't have your own FSA username and password? Click "Create an Account," and follow the instructions. Once it is set up return to step 1 of this process.
Navigate to "MY CHECKLISTS, I’M A PARENT," and click the drop down to the right.
Click "Apply for a Parent PLUS Loan."
Review the information, and click "START."
Select the Award Year, your student’s information, the school information (FAFSA UW-Green Bay School Code 003899), and complete the application.

After completion of the application, a credit check will be performed, and you will see the results immediately. If you are applying for a loan for fall and spring terms, then your PLUS Loan amount will be automatically divided equally between the fall and spring semesters.

If you have been approved

Continue to sign the Loan Agreement by navigating to the Dashboard (upper right corner, click drop down to the right of your name and click Dashboard).
Go to "MY CHECKLISTS, I’M A PARENT," and click the drop down on the right.
Click "Complete Loan Agreement for Parent PLUS Loan."

The school will receive notice of the PLUS Loan application result within a few business days, and will update your student’s SIS account accordingly or will email you if there is additional information needed to process your application.

If you are denied

If you are denied, the site will give you some options:

Will Not Pursue PLUS Loan. If a parent is denied a PLUS Loan, the Department of Education allows schools to offer a limited amount of additional Unsubsidized Loan to your student. If you choose this option (Will Not Pursue PLUS Loan), the Financial Aid Office will receive notification of this, and we will offer your son/daughter additional Unsubsidized Federal Direct Loan that they can accept if needed. We will email you notifying you of this action.
Obtain an Endorser. With a credit-approved endorser (or cosigner), and the completion of PLUS Loan Counseling for the borrower, the PLUS Loan may be approved. The endorser would log in at https://studentaid.gov/ using their own FSA username and password, and click "Apply for Aid" at the top menu and then click "Endorse a PLUS Loan." The endorser will need the Loan Reference Number from the original PLUS Loan application. If the endorser is approved, then the borrower needs to complete PLUS Loan Credit Counseling. Only the borrower needs to complete PLUS Loan Counseling (not the endorser). The borrower would return to the "MY CHECKLISTS, I’M A PARENT," click the drop down menu and click "Complete PLUS Credit Counseling," and continue with the counseling session until complete.
Appeal a Credit Decision. Details are explained on the site under "MY CHECKLISTS, I’M A PARENT." You may also contact the Department of Education Applicant Services at 1-800-557-7394 to follow up regarding Parent PLUS credit decisions. The Department of Education will review the appeals process and documentation needed. If the appeal is granted, the borrower must also complete the Department of Education’s PLUS Loan Counseling before obtaining the loan. Return to the "MY CHECKLISTS, I’M A PARENT," click the drop down menu and click "Complete PLUS Credit Counseling," and continue with the counseling session until complete.

Consolidation

If you have taken out more than one Parent PLUS Loan, you have the option to consolidate all of your Parent PLUS Loans into one loan for repayment purposes. Please note that you cannot combine student loans with parent PLUS Loans. Specific consolidation links and information can be found at studentaid.gov under "Loan Repayment."

Federal Direct Grad PLUS Loan

The Federal Direct Grad PLUS Loan is a federally-sponsored and regulated national student loan program. The Grad PLUS Loan enables credit-worthy degree-seeking graduate students to borrow funds to pay for educational expenses. The funds are borrowed directly from the federal government, and the loan will be serviced by a company contracted by the Department of Education. The servicer will be the point of contact for all repayment questions.

Details of the Federal Direct Grad PLUS Loan

Graduate student is the borrower, and if approved, student may borrow up to the Cost of Attendance less other financial aid.

Fixed Interest Rate for the 2024-2025 academic year is 9.08%.
A federal loan origination fee (approximately 4%) is deducted from the proceeds.
Repayment begins 30 to 60 days after loan is fully disbursed. The student can also request to defer payments while the student is enrolled at least half-time.
Interest will begin to accrue on the loan once it disburses to the University.
Interest payments may be tax deductible.

To apply for the PLUS Loan, the graduate student must complete the following steps:

Go to studentaid.gov.
Click "Sign in," and sign in with your federal username and password.
Go to "Request a Direct PLUS Loan," and select "Graduate PLUS," and complete the application.

After completion of the application, a credit check will be performed, and you will see the results immediately. Your PLUS Loan amount will be automatically divided equally between the fall and spring semesters. If you want to discuss alternatives to this 50/50 split, please contact the Financial Aid Office at (920) 465-2075.

If you have been approved, continue to the PLUS Loan Master Promissory Note to complete the process. We will be notified of the results, and we will request the funds for you.
If you are denied, the U.S. Department of Education will mail you credit appeal and endorser information. You may use an endorser as a co-signer for the loan. If you are approved with an endorser, you will need to sign a new MPN for each endorsed loan.

Private Educational Loans (also called Alternative Student Loans)

After all of the federal loan options have been explored and exhausted, students can look into the private educational loan market. Unlike the federal loan programs, private educational loans are not regulated by the government. Each lender has its own set of application, credit and co-signer requirements, and interest rates may be fixed or variable. The borrower is the student, but lenders may require a co-signer when there is limited student credit history. Generally, alternative student loan payments are deferred while the student is in school at least one-half time (with the interest on the loan accruing).

UW-Green Bay does not control lender processing timelines and cannot disburse loan funds to your account until we receive authorization from the lending institution. We recommend initiating an application with your lender of choice at least three weeks prior to the start of classes to ensure disbursement by the term fee due date.

Check Out Lenders in FastChoice

Students at UW-Green Bay have used many lenders to help fund their educational expenses. FastChoice contains a list of lender programs that our students have used over the past three years. You can choose to use any lender, including a lender not listed.

FastChoice Lending

Choosing a Lender

UW-Green Bay will work with any lending institution. In choosing a lender, it's always a good idea to start with a lender that you currently work with or you know has been in the student loan business for a significant amount of time. Be cautious of lenders whose names you do not recognize or those who offer you 'teaser' or introductory rates or prize incentives.

Below are some questions you should ask when considering an alternative loan lender.

What is my interest rate? Lenders will advertise 'as low as' rates but it's important to know what your rate will be. Is it variable or fixed?
If variable, how often will the interest rate change and how will I be notified?
What fees will be charged (reducing the proceeds)?
How often do you capitalize interest on the loan? Lenders who capitalize interest less frequently will save you more money over time.
Is there a prepayment penalty?
Can I defer payments while in school and what happens if I have difficulty making payments?
What benefits or rate discounts are offered, and what conditions have to be met in order to obtain the benefits?
Does the lender have any local presence (if that is important to you)?

Loan Self-Certification Form

New federal regulations require private loan borrowers to complete a Loan Self-Certification Form as part of the application process. A copy of this form is linked below. If you need assistance in completing the Self Certification form, please contact the Financial Aid Office.

Private Education Loan Applicant Self Certification (.doc)

Home Equity Loan

As families compare their options for additional funding, a home equity loan or home equity line of credit may be one to explore as well. This option allows homeowners to borrow against the equity in their home. Because the loan is secured by property, the lender's risk is low and therefore interest rates may be lower than with many other forms of consumer borrowing. Each lender determines loan terms and conditions, interest rates and repayment requirements, and the application will be completed directly through the lender. Interest may be tax deductible.

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