Loans » Student Loans » Federal Direct Loan Program
Federal Direct Loan Program
Compare Student Loan Options
Have you borrowed from us in the past?
To find out more about your past UW Credit Union loans, contact Great Lakes Educational Loan Services at 800-236-4300 or
mygreatlakes.org.
The federal government provides these loan options. For more information about these loans, please see your school's website or the Direct Loan website.
Stafford loan is one of the most common sources of student loan funds. Payments are deferred until the student leaves school, and there are many repayment options available after school. Stafford Loan Limits »
- Low fixed rate
- Undergraduate students: 3.40% for subsidized loans and 6.80% for unsubsidized loans.
- Graduate students: 6.80%
- Fees: 3%
- Deferred payments while enrolled at least half-time
- 6-month grace period (no payments due) after leaving school or dropping below a half-time status
- 10-year repayment term
- Alternative repayment plans available, including graduated and income-sensitive plans
Eligibility
- Enrolled at least half-time
- Eligible to undergraduate and graduate students
- Must be in a degree-seeking program
- Must meet Satisfactory Academic Progress requirements, as defined by student's school
- Determined by the financial aid office at the school; based on student's FAFSA
Note to Students: To determine eligibility for Stafford loans and other federal student aid, complete a Free Application for Federal Student Aid (FAFSA) form. Your school will use this information to determine your eligibility for financial aid. More about your FAFSA and the loan process »
Graduate PLUS Loans
Graduate PLUS loans are available to all graduate and professional students. There are no set loan limits. Students can borrow up to the cost of education minus other financial aid received.
- 7.90% fixed rate
- Fees: 4%
- 10-year repayment term
- Alternative repayment plans available, including graduated and income-sensitive plans
Eligibility
- School's financial aid office determines eligibility
- Must be enrolled at least half-time
- Must be in a degree-seeking program
- Must meet Satisfactory Academic Progress requirements, as defined by student's school
- Must meet credit criteria
Parent PLUS Loans
This Parental Loan for Undergraduate Students (PLUS loan), is for parents and stepparents of dependent students. Parents can borrow up to the total cost of their dependent's undergraduate education, minus any other aid awarded.
- 7.90% fixed rate
- Fees: 4%
- 10-year repayment term
- Alternative repayment plans available, including graduated and income-sensitive plans
- Interest may be tax deductible (see tax advisor for information)
Eligibility
- School's financial aid office determines eligibility
- Student must be enrolled at least half-time
- Student must be in a degree-seeking program
- Student must meet Satisfactory Academic Progress requirements, as defined by their school
- Parent must meet credit criteria (if a parent is denied a PLUS loan due to credit history, the student may be eligible for additional unsubsidized Stafford loan funds)
Federal Loan Repayment Information
- Repayment begins at the end of the six-month grace period
- Stafford and Graduate PLUS: Six-month grace is automatic
- Parent PLUS: Six-month grace is by request
- The minimum monthly payment is $50
- Ten-year repayment term
- Payments can be made or by mail.
If monthly payments become unmanageable, there are options available to help. To learn more about income-sensitive payment plans, deferment and forbearance, contact Great Lakes or 800-236-4300. If you have Federal loans that are not owned by UW Credit Union, you will need to contact your loan servicer with questions or to make payment arrangements.
