Loans

The Federal Direct Loan (Stafford) program is available to undergraduate students.

Subsidized Loans

Subsidized loans are awarded on the basis of financial need. Interest is not charged while you are attending classes at least half time.

• For subsidized loans originated on or after July 1, 2024, the interest rate is fixed at 6.53%
• For subsidized loans originated on or after July 1, 2023, the interest rate is fixed at 5.50%
• For subsidized loans originated on or after July 1, 2022, the interest rate is fixed at 4.99%
• For subsidized loans originated on or after July 1, 2021, the interest rate is fixed at 3.73%
• For subsidized loans originated on or after July 1, 2020, the interest rate is fixed at 2.75%
• View loan information for previous years
• For loans originated prior to July 1, 2006, the interest rate could change each year of repayment, but by law, it cannot exceed 8.25%. The interest rate is adjusted each year on July 1.

Unsubsidized Loans

Unsubsidized loans are not awarded on the basis of need. Interest is charged from the time the loan is disbursed until it is paid in full. Interest may be capitalized.

• For unsubsidized loans originated on or after July 1, 2024, the interest rate is fixed at 6.53%
• For unsubsidized loans originated on or after July 1, 2023, the interest rate is fixed at 5.50%
• For unsubsidized loans originated on or after July 1, 2022, the interest rate is fixed at 4.99%
• For unsubsidized loans originated on or after July 1, 2021, the interest rate is fixed at 3.73%
• For unsubsidized loans originated on or after July 1, 2020, the interest rate is fixed at 2.75%
• View loan information for previous years

150% Limit on Direct Subsidized Loans is in effect as of July 1, 2013

The law states that a first-time borrower’s eligibility for a Direct Subsidized Loan may not exceed 150% of the length of the borrower’s educational program. The borrower’s educational program is defined as the eligible program that the student is enrolled in, and for which he or she is applying for a Direct Subsidized Loan. The Department of Education will determine whether a borrower loses interest subsidy on his or her Direct Subsidized Loans as a result of the 150% limit.

All first-time borrowers on or after July 1, 2013, are subject to these provisions.

Other Terms of both Subsidized and Unsubsidized Federal Direct Loans (Stafford):

• As of October 1, 2024, the loan fee will be 1.057% of the loan, subject to change. This fee is deducted proportionately each time a loan disbursement is made.
• As of October 1, 2023, the loan fee will be 1.057% of the loan, subject to change.  This fee is deducted proportionately each time a loan disbursement is made.
• As of October 1, 2022, the loan fee will be 1.057% of the loan, subject to change.  This fee is deducted proportionately each time a loan disbursement is made.
• As of October 1, 2021, the loan fee will be 1.057% of the loan, subject to change.  This fee is deducted proportionately each time a loan disbursement is made.
• As of October 1, 2020, the loan fee will be 1.057% of the loan, subject to change.  This fee is deducted proportionately each time a loan disbursement is made.
• View loan information for previous years
• If you are borrowing under the Direct Loan program for the first time at UW-Superior, you will need to complete a Master Promissory Note and Entrance Counseling.
• Repayment begins 6 months after you graduate, leave school, or drop below half-time enrollment. Multiple repayment plans are available.
• Direct Loan has a forgiveness/cancellation provision available to students under certain circumstances. This information is found in the Student Guide.
• Additional information on the Direct Loan (Stafford) program is available in the Student Guide.
• Direct Loans may be serviced by several different service centers. It is the goal of the Department of Education that all of your Direct Loans will have the same servicer. To find out who is servicing your loan(s), please log onto the Federal Student Aid website and view the individual loan(s). Each will list the servicer with their customer service contact information. For information regarding federal loan servicers, visit the Federal Student Aid website.

The Federal Direct Loan (Stafford) program is available to graduate students.

Subsidized Loans

As of July 1, 2012, subsidized loans will no longer be available to graduate students.

Unsubsidized Loans

Unsubsidized loans are not awarded on the basis of need. Interest is charged from the time the loan is disbursed until it is paid in full. Interest may be capitalized.

• For unsubsidized loans originated on or after July 1, 2024, the interest rate is fixed at 8.05%.
• For unsubsidized loans originated on or after July 1, 2023, the interest rate is fixed at 7.05%.
• For unsubsidized loans originated on or after July 1, 2022, the interest rate is fixed at 6.54%.
• For unsubsidized loans originated on or after July 1, 2021, the interest rate is fixed at 5.28%.
• For unsubsidized loans originated on or after July 1, 2020, the interest rate is fixed at 4.30%.
• As of October 1, 2022, the loan fee will be 1.057% of the loan, subject to change. This fee is deducted proportionately each time a loan disbursement is made.
• As of October 1, 2021, the loan fee will be 1.057% of the loan, subject to change.  This fee is deducted proportionately each time a loan disbursement is made.
• As of October 1, 2020, the loan fee will be 1.057% of the loan, subject to change.  This fee is deducted proportionately each time a loan disbursement is made.
• View loan information for previous years.

Additional Information

• Graduate students may borrow up to $20500 each academic year.
• Maximum aggregate limit is $138500 combined undergraduate and graduate loans (no more than $65500 in subsidized).
• If you are borrowing under the Direct Loan program for the first time at UW-Superior, you will need to complete a Master Promissory Note and Entrance Counseling.
• Repayment begins 6 months after you graduate, leave school, or drop below half-time enrollment. Multiple repayment plans are available.
• Direct Loan has a forgiveness/cancellation provision available to students under certain circumstances. This information is found in the Student Guide.
• Additional information on the Direct Loan (Stafford) program is available in the Student Guide.
• Direct Loans may be serviced by several different service centers. It is the goal of the Department of Education that all of your Direct Loans will have the same servicer. To find out who is servicing your loan(s), please log onto the Federal Student Aid website and view the individual loan(s). Each will list the servicer with their customer service contact information. For information regarding federal loan servicers, visit the Federal Student Aid website.

PLUS Direct Loan is a program available to parents of dependent undergraduate students who are enrolled at least half time or to UW-Superior Graduate Students.

Interest is paid on the principal amount of the loan from the date of disbursement, until the loan is paid in full.

• For loans originated on or after July 1, 2024, the interest rate is fixed at 9.05%. There is a net loan fee of 4.228% for loans disbursed after October 1, 2024. This fee is deducted proportionately each time a loan disbursement is made and is subject to change.
• For loans originated on or after July 1, 2023, the interest rate is fixed at 8.05%. There is a net loan fee of 4.228% for loans disbursed after October 1, 2023. This fee is deducted proportionately each time a loan disbursement is made and is subject to change.
• For loans originated on or after July 1, 2022, the interest rate is fixed at 7.54%. There is a net loan fee of 4.228% for loans disbursed after October 1, 2022. This fee is deducted proportionately each time a loan disbursement is made and is subject to change.
• For loans originated on or after July 1, 2021, the interest rate is fixed at 6.28%.  There is a net loan fee of 4.228% for loans disbursed after October 1, 2021.  This fee is deducted proportionately each time a loan disbursement is made and is subject to change.
• For loans originated on or after July 1, 2020, the interest rate is fixed at 5.30%.  There is a net loan fee of 4.228% for loans disbursed after October 1, 2020.  This fee is deducted proportionately each time a loan disbursement is made and is subject to change.
• View loan interest rates for previous years
• The maximum amount on a PLUS loan is equal to the UW-Superior Cost of Attendance minus any other financial aid received.
• The first principal payment is due within 60 days of the date that the loan is fully disbursed. Several repayment options are available.
• Deferment is available for PLUS loans disbursed after July 1, 2008, by calling your servicer*. The loan may be deferred as long as the student is enrolled at least half time, plus an additional 6 months.
• PLUS Direct Loan allows loan discharge under certain circumstances. Information may be obtained by calling your servicer*.
• Prior to disbursement, a Master Promissory Note must be signed by the borrower.

Parents – The PLUS loan application is filed electronically. The application will be available July 1 for the upcoming academic year.

Additional information on the PLUS Loan is available in the Student Guide.

*Direct Loans may be serviced by several different service centers. It is the goal of the Department of Education that all of your Direct Loans will have the same servicer. To find out who is servicing your loan(s), please log onto the Federal Student Aid website and view the individual loan(s). Each will list the servicer with their customer service contact information. For information regarding federal loan servicers, visit the Federal Student Aid website.

Federal PLUS Direct Loan is a program available to graduate students who are enrolled at least half time.

Interest is paid on the principal amount of the loan from the date of disbursement, until the loan is paid in full.

• For loans originated on or after July 1, 2024, the interest rate is fixed at 9.05%. There is a net loan fee of 4.228% for loans disbursed after October 1, 2024. This fee is deducted proportionately each time a loan disbursement is made and is subject to change.
• For loans originated on or after July 1, 2023, the interest rate is fixed at 8.05%. There is a net loan fee of 4.228% for loans disbursed after October 1, 2021. This fee is deducted proportionately each time a loan disbursement is made and is subject to change.
• For loans originated on or after July 1, 2022, the interest rate is fixed at 7.54%. There is a net loan fee of 4.228% for loans disbursed after October 1, 2021. This fee is deducted proportionately each time a loan disbursement is made and is subject to change.
• For loans originated on or after July 1, 2021, the interest rate is fixed at 6.28%.  There is a net loan fee of 4.228% for loans disbursed after 10/1/2021.  This fee is deducted proportionately each time a loan disbursement is made and is subject to change. 
• For loans originated on or after July 1, 2020, the interest rate is fixed at 5.30%.  There is a net loan fee of 4.228% for loans disbursed after 10/1/2020.  This fee is deducted proportionately each time a loan disbursement is made and is subject to change. 
• View loan information for previous years
• Subject to credit check.
• Further disclosure of terms is available at the time of issuance of loan.
• The yearly limit on a PLUS Loan is equal to the UW-Superior Cost of Attendance minus any other financial aid you receive. You must apply for maximum eligibility in unsubsidized loans first.
• PLUS Direct Loan allows loan discharge under certain circumstances. Information may be obtained by calling your servicer*. 

The PLUS loan application is filed electronically.  The application will be available July 1st for the upcoming academic year. The Grad PLUS loan is subject to a credit check.

*Direct Loans may be serviced by several different service centers. It is the goal of the Department of Education that all of your Direct Loans will have the same servicer. To find out who is servicing your loan(s), please log onto the Federal Student Aid website and view the individual loan(s). Each will list the servicer with their customer service contact information. For information regarding federal loan servicers, visit the Federal Student Aid website.

Alternative loans are available through loan institutions after other financial aid options are exhausted. 

If you determine that additional funds are necessary beyond your financial aid offer, and you wish to pursue an alternative loan, you may choose to explore FastChoice.    

Students should first apply for financial aid by filing the FAFSA, which is the application for federal and state aid. 

• Once the alternative loan application has been certified by the Financial Aid Office, students should call the lender directly to inquire about the status of the loan.
• Eligibility is usually limited by the UW-Superior Cost of Attendance minus other aid.
• Interest accrues on all private student loans from the time of disbursement.
• Interest payments (except SELF Loan) and principal payments are usually deferrable until the student graduates or is no longer enrolled at least half time.
• Loan approval, fees, and insurance is determined by the lender based on credit history.
• Each lender has various repayment incentives that should be considered when choosing an alternative lender. Interest rates and benefits may change on a quarterly basis and these loans may not be the most beneficial. 
• Allow at least three weeks for funds to arrive at the school. 
• Most private loans are now sent electronically. Loans that still come in paper check form by regular mail must be endorsed by the student at the Bursar/Cashier’s Office. Students will be notified by the Financial Aid Office when an electronic disbursement or a paper check is received. 

If you need a Private Education Loan Self Certification form, you may request one from your lender of choice, or you may print a blank one. 

Read more information about the Truth in Lending Act. 

Consolidation Loans allow you to combine your federal student loans into a single loan with one monthly payment.

Under the William D. Ford Federal Direct Loan (Direct Loan) Program, the federal government provides the loans.

Most federal education loans are eligible for consolidation, including subsidized and unsubsidized Direct and FFEL Stafford Loans, SLS, Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans. Private education loans are not eligible. PLUS Loan borrowers (parent borrowers) also can consolidate their loans. Consolidation is available to borrowers who have entered repayment.

• For Stafford Loans, contact your loan servicer*.
• If you have questions about consolidating Perkins loans (some of your loan provisions may cease if you consolidate), you may contact the Perkins Office at UW-Superior. 

*Direct Loans may be serviced by several different service centers. It is the goal of the Department of Education that all of your Direct Loans will have the same servicer. To find out who is servicing your loan(s), please log onto the Federal Student Aid website and view the individual loan(s). Each will list the servicer with their customer service contact information. For information regarding federal loan servicers, visit the Federal Student Aid website.

For information about the Wisconsin Teacher Education Loan, visit the State of Wisconsin Higher Educational Aids Board.