Loans are borrowed money you will have to pay back in the form of a payment plan after graduation, including interest.
To determine if you qualify for any student loans, you will have to fill out the Free Application for Federal Student Aid (FAFSA) form. This will have to be filled out every year to determine the upcoming year’s eligibility.
Enrollment Criteria for Loans:
- Be enrolled at least half time (6 credits).
- Have remaining eligibility in your cost of attendance. The total of aid from all sources cannot exceed your Cost of Attendance.
Federal Direct Loans
There are two types of Federal Direct Loans – subsidized and unsubsidized loans.
The subsidized loans are need-based, and the government pays interest while you are enrolled.
A FAFSA is required to receive a subsidized loan and the amount is based on financial need. The amount is determined based on your cost of attendance, any other aid received, and the federal annual loan limits. With a subsidized loan, the government will pay your interest while you are enrolled (at least in 6 credits).
The amount will be determined based on your cost of attendance, any other aid received, and the federal annual loan limits. With this loan, interest will start accruing as soon as it is disbursed.
For complete information about the Federal Direct Loan program, including current interest rates, annual limits, and aggregate limits, visit the Federal Student Aid website.
A FAFSA is required to receive an unsubsidized loan, but eligibility is not based on financial need.
Parent PLUS Loans for Undergraduate Students
The Federal Direct Parent PLUS Loan (often referred to as Parent PLUS) is a credit-based loan offered by the U.S. Department of Education. The loan is available to eligible parents of dependent students who need options to help pay for their children’s education.
The PLUS loan is signed under the name of the parent and cannot be transferred to the student (regardless of personal payment arrangements between the parent and student). Repayment begins 60 days after the last disbursement. Parents may request a deferment if the student is still enrolled at least half time (6 credits) or up to six months after the student is less than half time or is done attending school.
The parent must meet the Direct PLUS loan eligibility requirements and must be the biological or legal guardian of the Madison College student enrolled in a financial aid eligible program. The parent must not have an adverse credit history, and the student must be a dependent undergraduate student.
The student must be awarded financial aid.
Private student loans or private parent loans are offered through a variety of lending institutions, and they are not federal loans. These loans are taken out by a student, parent, family member, or sponsor. Loan amounts may not exceed your remaining financial need up to the cost of attendance.
The eligibility requirements for financial aid must be met and you have received an Award Notification in your student email. A credit score high enough to qualify for the loan or a cosigner with an eligible credit score, as each lender may have additional requirements.
Nursing Student Loan
- Be a Wisconsin state resident.
- Must have a high school diploma, GED, or equivalent
- You must be enrolled in an undergraduate degree or certificate program at a non-profit college or university based in Wisconsin
- Male students seeking financial aid from the State of Wisconsin OR from the US Department of Education are required to register with the United States Selective Service System (SSS).
For this need-based loan, the amount will be determined after completing a FAFSA form. State statutes prohibit students from receiving state financial aid who are not registered with Selective Service (if registration is required), and if they are listed on the Department of Workforce Development's statewide Child Support Lien Docket, unless you have a payment plan in place.
For more information on the Nursing Student Loan, please visit the Higher Educational Aids Board’s website.