Paying for School: Bridge the Gap with a Private Student Loan

If you’ve received your limit of federal student loans, grants and scholarships, but still need money for school, turn to a Private Student Loan from UW Credit Union. Our low rates, flexible repayment options and commitment to your best interest make us the perfect solution for your student loan needs.

What is a Private Student Loan?

A private student loan is a great option for students who’ve allocated all the funds from their federal student loans, but have additional qualified education expenses that still need to be paid for. It’s a loan that you borrow from us, not the federal government.

Check your award letter or financial aid office’s website for the cost of attendance at your school.

How Do Private Student Loans Work?

When you apply for a private student loan with us, we check your credit history (and your cosigner's, if you have one) and make sure you fit our credit criteria. Once the application is approved, and the school certifies your need for the funds, we will disburse your funds directly to your school. After the balance with the school is paid, your school will send you any refunds, which can be used towards other expenses such as rent, textbooks, food and more.

Who Can Get a Private Student Loan?

Students who are age 18 or older and are attending any UW System School, Madison College or Edgewood College at least half-time are eligible to apply for a Private Student Loan through UW Credit Union. In addition, maintaining your UW Credit Union membership is required. If you attend a school other than those listed above, contact your financial aid office for your loan options.

Will I Need a Cosigner?

To qualify without a cosigner, you will need to have an annual income of at least $10,000, a satisfactory credit score and at least 2 years of credit history. If you do not meet these three requirements, you will need a cosigner that meets income and credit requirements. Non-U.S. residents will need a Social Security Number or Tax ID and a cosigner who is a U.S. citizen or permanent resident. In addition, you’ll have the option to release your cosigner from your Private Student Loan after 36 consecutive, on-time payments.

Learn more about cosigning »

Loan Limits

Students can borrow from $1,000 to $12,500 annually, and up to $40,000 in private student loans from UW Credit Union over the course of their lifetimes.

Making Interest Payments

Keep in mind that interest begins to accrue upon disbursement. Quarterly interest statements will be mailed to you. We encourage all borrowers to make interest payments whenever possible. There is no penalty for making payments on your loan at anytime.

Repaying Your Loan

After you graduate or if you drop below half-time status, your six-month grace period begins. Repayment begins after your grace period. There is no penalty for making payments on your loan at anytime. The minimum monthly payment is $50. The repayment term is based on the individual's loan balance and will not exceed 12 years. Interest-only payments are available by request for the first two years of the repayment term.

Learn more about your repayment options »

Payments can be made via mail, through Web Branch or at mygreatlakes.org. Be sure to sign up for the automatic payment option to receive the 0.25% interest rate reduction.*

If you have additional questions, please contact us.

Learn more about Private Student Loans »

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*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.