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Alternative Student Loans
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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 your education, minus other financial aid received, to achieve your goals. Before applying for an Alternative Student Loan, we recommend that you first consider your lowest cost options. For instance, a federal Stafford Loan is the most popular because of its low cost and favorable repayment options. Contact us if you need help deciding. View the Truth in Lending statement for an Alternative Student Loan to learn more about the costs.
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 you or your cosigner's credit worthiness.
| Tier 1 | 3-month LIBOR + 4.00% |
| Tier 2 | 3-month LIBOR + 4.75% |
| Tier 3 | 3-month LIBOR + 5.75% |
| Tier 4 | 3-month LIBOR + 7.25% |
| Tier 5 | 3-month LIBOR + 9.00% |
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
Note: If you attend a school other than the ones listed, contact your financial aid office for your loan options.
- 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 »
* Students attending any UW system school, MATC or Edgewood College are eligible for membership at UW Credit Union. Membership is required when taking a loan out with us. If you are not currently a member of UW Credit Union, we will contact you to establish membership. Establishing membership is easy and includes opening a membership savings account. If you do not complete the membership application, we will create your membership savings account for you.
1 To 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.
