Loans

Eligibility

• This loan is available to undergraduate students only.
• Award is based on financial need.

Interest Rate and Fees

• Loans disbursed on or after July 1, 2024 will have a fixed interest rate of 6.53%.
• Loans disbursed between October 1, 2020 and before October 1, 2025 will be charged an origination fee of 1.057%
• No interest charged as long as the borrower is enrolled at least half-time.

Awards

• The award amount you receive is based on your amount of financial need (as determined by your FAFSA) and your grade level.

Repayment

• Repayment begins six months after the borrower graduates, leaves school, or drops below half-time enrollment. 
• Repayment can be deferred or modified under certain conditions.
• Visit studentaid.ed.gov for full repayment information.

Master Promissory Note (MPN) and Entrance Counseling

If you are a first-time borrower of a Direct Stafford Loan, you will need to first complete entrance loan counseling and a Master Promissory Note (MPN) before any loan will be disbursed and credit your tuition bill. Read step-by-step instructions.

Eligibility

• This loan is available to undergraduates and graduate-level students.
• Award is not based on financial need.

Interest Rate and Fees

• Undergraduate students: Loans disbursed on or after July 1, 2024 will have a fixed interest rate of 6.53%. 
  Graduate students: Loans disbursed on or after July 1, 2024 will have a fixed interest rate of 8.08%.
• Interest is charged when it first disburses and accumulates while you are enrolled.
• You may pay the accumulating interest while you are in school, or you may choose to let it compound and pay it later.
• Loans disbursed on or after October 1, 2020 and before October 1, 2025  will be charged an origination fee of 1.057%

Awards

• The award amount you receive is based on your grade level.
• Loans plus other financial aid may not exceed your total cost of attendance.

Repayment

• Repayment begins six months after the borrower graduates, leaves school, or drops below half-time enrollment. 
• Repayment can be deferred or modified under certain conditions.
• Visit studentaid.ed.gov for full repayment information.

Master Promissory Note (MPN) and Entrance Counseling

If you are a first-time borrower of a Direct Stafford Loan, you will need to first complete entrance loan counseling and a Master Promissory Note (MPN) before any loan will be disbursed and credit your tuition bill. Read step-by-step instructions.

Eligibility

• Only a parent of the student may apply for a PLUS Loan. A parent is defined as the biological parent or adoptive parent. A stepparent may apply for a PLUS loan if the stepparent's information is included on the student's FAFSA.
• The student must be an undergraduate student.
• The student must be enrolled at least half-time (six credits) to be eligible to receive the PLUS Loan.

Interest Rate and Fees

• The interest rate is fixed at 9.08%, and there is a 4.228% origination fee (for loans disbursed on or after 10/1/20 and before 10/1/25). 

Awards

• You may apply for an academic year loan, fall-only, spring-only, or summer-only loan.
• When completing the PLUS Request & Authorization Form, you will be asked the amount you'd like to request in the loan. If you are unsure of how much to request, please consult the "Calculating Your PLUS Loan Amount" section below.

Calculating Your PLUS Loan Amount

1. Find your total Cost of Attendance (COA).
2. Subtract your financial aid (including any other aid like scholarships, veteran benefits, etc).
3. The balance is the estimated maximum amount you may request in the PLUS Loan.

Repayment and Disbursement

• From the time our office receives the parent's PLUS Request & Authorization Form, it generally takes two to three weeks for the funds to be disbursed to UW-Stout. Funds do not credit the student's bill until the semester begins, however.
• PLUS funds will electronically disburse to UW-Stout and directly credit the student's bill.
• For an academic year loan, the amount you request will disburse half for fall and half for spring.
• Repayment of interest and principal begins 60 days after the loan is fully disbursed. The borrower may elect to postpone (defer) repayment by contacting your lender after receiving the payment schedule. Interest during deferment can be paid monthly, quarterly, or capitalized (quarterly). If repayment is deferred, repayment will begin after a six-month period after the student is no longer enrolled at least half-time or graduates. The standard repayment period is ten years; however, there is a minimum repayment of $50 per month.

Application

1. Students must have submitted a Free Application for Federal Student Aid (FAFSA) for the appropriate academic year.
2. Complete the PLUS Request & Authorization Form. (PDF Application through UW-Stout)
   • Please submit your form by fax (715-232-5246) or by mail to:
     UW-Stout Financial Aid Office
     802 S Broadway St.
     Menomonie WI 54751
3. Complete the Master Promissory Note (MPN) online.
   • If you have received a PLUS Loan for this student at UW-Stout in the last ten years, you may skip this step.
   • This may be done at the same time as Step 1 (you do not need to wait for a response from Step 1 to start Step 2).
   • The same parent who is listed on the PLUS Request & Authorization Form from Step 1 must sign the MPN online.

If You Are Denied Based on Your Credit Check

• Your student is eligible for an additional amount in the Unsubsidized Stafford Loan (up to $4,000 if the student has less than 60 credits earned; up to $5,000 if the student has more than 60 credits earned).
  or
• You may still be eligible to receive the Parent PLUS Loan. To become eligible, you may take one of the following actions. Please contact our office if you choose to do either of these options:
  • Obtain an endorser and complete PLUS Counseling (an endorser is someone who does not have an adverse credit history and agrees to repay the loan if you do not repay it).
  • Document to the satisfaction of the US Department of Education that the information causing the denial is incorrect or that there are extenuating circumstances relating to the denial, and complete PLUS Counseling.

Parent PLUS Loan vs. Alternative Loans

Weighing these two loan options? Browse a side-by-side comparison to help determine the best option for you.

Eligibility

• be a graduate or professional student enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate;

• not have an adverse credit history (unless you meet certain additional eligibility requirements); and

• meet the general eligibility requirements for federal student aid.

Interest Rate and Fees

• The interest rate is fixed at 9.08%, and there is a 4.228% origination fee (for loans disbursed on or after 10/1/20 and before 10/1/25). 

Awards

• You may apply for an academic year loan, fall-only, spring-only, or summer-only loan.
• When completing the PLUS Request & Authorization Form, you will be asked the amount you'd like to request in the loan. If you are unsure of how much to request, please consult the "Calculating Your PLUS Loan Amount" section below.

Calculating Your PLUS Loan Amount

1. Find your total Cost of Attendance (COA).
2. Subtract your financial aid (including any other aid like scholarships, veteran benefits, loans, etc).
3. The balance is the estimated maximum amount you may request in the PLUS Loan.

Repayment and Disbursement

• From the time our office receives the parent's PLUS Request & Authorization Form, it generally takes two to three weeks for the funds to be disbursed to UW-Stout. Funds do not credit the student's bill until the semester begins.
• PLUS funds will electronically disburse to UW-Stout and directly credit the student's bill.
• For an academic year loan, the amount you request will disburse half for fall and half for spring.
• Repayment begins six months after the borrower graduates, leaves school, or drops below half-time enrollment. 
• During periods of deferment, interest will accrue on the loan. You may choose to pay the accrued interest or allow the interest to be capitalized (added to your loan principal balance). 
• Repayment can be deferred or modified under certain conditions. Contact your lender for more information.
• Visit studentaid.ed.gov for full repayment information.

Application

1. Students must have submitted a Free Application for Federal Student Aid (FAFSA) for the appropriate academic year.
2. Complete the PLUS Request & Authorization Form, requested from Financial Aid and Student Employment Office. (PDF Application through UW-Stout)
   • Please submit your form by fax (715-232-5246) or by mail to:
     UW-Stout Financial Aid Office
     802 S Broadway St.
     Menomonie WI 54751
3. Complete the MPN for Direct PLUS Loans.
   • If you have received a Graduate PLUS Loan at UW-Stout in the last ten years, you may skip this step.
   • This may be done at the same time as Step 1 (you do not need to wait for a response from Step 1 to start Step 2).

Eligibility

• This loan is available to undergraduate and graduate-level students who are Minnesota residents.
• Credit-worthy co-signer required. 
• Students must have a valid FAFSA on file with the UW-Stout Financial Aid Office for the current award year before this loan can be pursued. 

Interest Rate

• SELF Loan Fixed: Fixed interest rate of 6.35%
• SELF Loan Variable: Interest rate is variable and subject to change quarterly.
• For the most current interest rates and more detailed information about the SELF Loan program, please visit their site.

Awards

• Awards up to $20,000, per grade level, per year for both undergraduate and graduate students.
• A cumulative maximum of $100,000 for undergraduate loans, and up to $140,000 for undergraduate and graduate (combined) loans.
• SELF Loan funding must also fit within the student's cost of attendance (COA) budget, minus any financial aid awarded, for the academic year.

Repayment

• Borrowers are required to make interest payments on a quarterly basis while currently enrolled. Interest payments being within 90 days from the first disbursement.
• Monthly repayment after borrower graduates or leaves school.

Application

• Apply online through the Minnesota Office of Higher Education.