Loans » Student Loans » Alternative Student Loans
Alternative Student Loans
Apply Now »
This is a Qualifying Service
UW Credit Union Membership
Membership is required for student loan members. You will be asked to complete our membership process after you apply for your student loan.
When federal student loans are not enough, get an Alternative Student Loan. Borrow up to the cost of education, minus other financial aid received, to achieve your educational goals. Be sure to maximize all available federal student aid before applying for an alternative student loan.
Students Benefit
- Borrow up to $20,000 annually; $100,000 total
- Option to make interest-only payments during first 2 years of repayment
- Take up to 12 years to repay
- Cosigner release option after 36 consecutive, on-time payments
- Deferred payments while in school half-time
- 6-month grace period before repayment begins
- 10-day grace period after payment due date
Interest Rate
Your interest rate will be based on your, or your cosigner's, credit worthiness. There are three credit tiers.
| Tier 1 | 3-month LIBOR + 3.75% |
| Tier 2 | 3-month LIBOR + 6.75% |
| Tier 3 | 3-month LIBOR + 8.25% |
This is a variable rate that can change quarterly.
Current rate | Current LIBOR chart
Eligibility
- Age 18 or older
- Enrolled at least half-time
- Attend a UW System school, Madison Area Technical College, or Edgewood College*
- You must have:
- A satisfactory credit score
- At least 2 years of credit history
- Income sufficient to make payments
- U.S. citizenship or Permanent Alien status OR a cosigner that meets these conditions.
Disbursement & Repayment
Disbursement and Repayment for Alternative Student Loans »
*Participating Schools
If you are attending another school, please contact your school's financial aid office.
- Edgewood College
- Madison Area Technical College
- UW Colleges - Baraboo
- UW Colleges - Barron County
- UW Colleges - Fond Du Lac
- UW Colleges - Fox Valley
- UW Colleges - Main Campus
- UW Colleges - Manitowoc
- UW Colleges - Marathon
- UW Colleges - Marinette
- UW Colleges - Marshfield
- UW Colleges - Richland Center
- UW Colleges - Rock County
- UW Colleges - Sheboygan
- UW Colleges - Washington County
- UW Colleges - Waukesha
- UW Colleges Online
- UW Eau Claire
- UW Green Bay
- UW La Crosse
- UW Madison
- UW Medical School
- UW Milwaukee
- UW Oshkosh
- UW Parkside
- UW Platteville
- UW River Falls
- UW Stevens Point
- UW Stout
- UW Superior
- UW Whitewater
1To be eligible for the interest rate reduction for automatic payments, you must be signed up for automatic payments through Great Lakes Educational Loan Services. If at any time automatic payments are stopped or the loan is not in repayment status, the rate discount will not be applied. UW Credit Union reserves the right to modify or discontinue benefits at its discretion and without notice.
