After you have received your financial aid offer from our office, you must accept or decline the funds you were offered. The easiest way to do this is by choosing one of the online options below:

If you have a NetID, go to the My UW-Madison portal, https://my.wisc.edu, and click on `Student Center.' In the `Finances' section find `Accept/Decline Awards' and select an aid year.

If you are not yet eligible to activate your NetID, go to the My Info site at http://myinfo.wisc.edu. and click on `Student Center.' In the

`Finances' section find `Accept/Decline Awards,' and select an aid year. You will need your Campus ID and PIN to log in to the site. Your PIN is initially assigned as your month and day of birth (MMDD).

If you are unable to access your award online, contact our office at 608/262-3060 or at FA_EAward@finaid.wisc.edu.

Your package is based on your financial need and your eligibility for various aid programs. We may have included outside funds not actually offered by the university in your package to let you know that we took them into account in considering you for other assistance. We do not ask you to accept or decline these funds as they do not come from us.

Read the descriptions of the types of aid in this guide before accepting or declining any aid. If you are unsure whether or not to accept work-study or a loan such as Federal Perkins Loan, Health Profession, or Nursing Loan, you should accept it now and have the funds temporarily reserved for you. If you decide not to take a loan, notify us so we can offer it to another student. This is not the case with Federal Stafford Loans, Unsubsidized Loans, GradPLUS and PLUS Loans which are available throughout the year.

You can track which funds have been disbursed into your tuition account by accessing the Student Center of the My UW Web site. In the Finances section, click on Student Account Summary and the appropriate school term. You can see all aid applied to your account, financial aid still pending, your tuition balance and any refunds that were sent to you. Information about paying tuition is included with the student account invoice that is mailed by the Bursar's Office.

Grant funds: These funds will automatically be disbursed to your student account about two days after you have been awarded. The Bursar will then send a check to your mailing address for any aid that is in excess of your tuition and fees.

Perkins/Health Professions/Nursing/Institutional Loans: The Bursar's office will contact you to complete your promissory note as needed. Non-Perkins promissory notes will be mailed to you for signature. The Bursar will describe the note signing procedure in detail after you have accepted your award. These loan funds will be disbursed directly to your tuition account about two days after we receive your completed loan documents. The Bursar will then send a check to your mailing address for any aid that is in excess of your tuition and fees.

Federal Stafford Loan: If you are borrowing this loan for the first time at UW-Madison, you must complete a Master Promissory Note (MPN). You can complete the MPN online when you accept your Federal Stafford Loan. These funds are usually electronically wired to your tuition account several days after the lender has processed your loan, but no sooner than the week before classes begin each term. The Bursar will then send a check to your mailing address for any aid that is in excess of your tuition and fees. If your lender sends a paper check, allow more time for the check to reach the university. You must endorse paper checks at the Bursar's Office; the funds will not be automatically applied to your tuition account.

Scholarships: Most university and non-university scholarship checks are sent directly to the Bursar's Office. Some agencies send checks directly to the student. If you have any questions about how, when, and where to get your checks, you should contact the office or agency that made the award to you. If a check requires your endorsement, the funds cannot be automatically applied to your tuition account. You will have to go to the Bursar's Office to endorse the check and pay any outstanding tuition and fees.

Note About Spring: If you have accepted aid for both the fall and spring terms, the spring term funds will automatically be applied to your tuition account during the week before the start of spring classes. The Bursar will then send a check to your mailing address for any aid that is in excess of your tuition and fees. You can check to see which funds have been disbursed into your tuition account by accessing the My UW Web site.

We send most of our correspondence to students at their "wisc.edu" e-mail address and/or mailing address. Keep both addresses updated with the university at

In computing your aid package, we have assumed that you are enrolling on a full-time basis. If you enroll for less than full-time, we may need to recalculate and possibly reduce your aid to reflect your reduced costs. There may be a short delay before your aid funds are disbursed to your student account.

In particular, a student's Pell Grant eligibility is partly based on his/her enrollment status as of the first day of classes. The Pell Grant will not be increased after that date even if the student becomes enrolled full-time.

Note: Half-time enrollment is 6 credits for undergraduate and law students; 4 credits for graduate and medical students;

7 credits for veterinary medicine students.

If you are employed in a work-study position you must terminate work-study employment if you reduce your credit load below half-time.

Student loan borrowers should investigate their loan repayment responsibilities and how these are affected by credit reductions. See "Important Notes on Loan Repayment" on page 16.

Credits for which a student enrolls in an AUDIT capacity do not count for financial aid purposes.

If a student withdraws from school, federal regulations require the school, and sometimes the student, to repay some or all of the financial aid that was received. If these regulations require a larger repayment to federal funding sources than the amount specified by the school's refund policy below, the student will be responsible for the difference.

These "return of funds" regulations only apply if a student withdraws before completing at least 60% of the term. If a student is enrolled at least until November 9, 2007 for the fall term, or April 4, 2008 for the spring term, the "return of funds" requirement does not apply. The student will still be subject to repaying any loans received according to the terms of the promissory note.

If you leave school during the semester without officially withdrawing, you will be required to verify your last day of class attendance. We will then determine how much aid is to be repaid based on the documentation we receive from you and your instructor(s). If you do not respond to our request for attendance verification, we will assume you did not attend any classes and you will have to repay all federal aid received for the semester.

You must repay the required amount during the term in which you withdraw, or make other arrangements that are satisfactory to the Bursar's Office. Students failing to do either of the above will have a hold placed on their records and will not be allowed to attend the university until repayment has been made.

If you withdraw during Term I, the Term II portion of your award MAY BE CANCELLED unless you notify this office in writing that you intend to return Term II.

Student loan borrowers should investigate their loan repayment responsibilities and how these are affected by withdrawal. See "Important Notes on Loan Repayment" on page 16.

If your status changes from what you indicated it would be when you applied for aid, you must notify us as soon as possible. For instance, if you indicated you would be an undergrad, but instead will be a grad or Special student, you must contact us. We will review your aid package to determine if you still qualify for the aid offered to you, and if there are additional types of aid for which you now qualify.

If you feel your application should be reconsidered, it is possible to appeal. First you should accept the most desirable aid "package" for you at the time. Then see the FAQ page of our Web site for special circumstances.

Financial aid is given on an annual basis. YOU MUST REAPPLY EACH YEAR. It is always in your best interest to apply as early as possible.

If you plan to enroll in a study-abroad program sponsored by another institution and are expecting credits to transfer back to UW-Madison, contact our office immediately for details on the process.

You cannot transfer the aid offered to you by UW-Madison to any other school, nor can aid offered by any other school be transferred to the Madison campus.

All financial information submitted by you and your parents will remain confidential and we will not release it without your permission.

Most Special students are not eligible for any aid, including Federal Stafford Loan, Unsubsidized Stafford Loan, and PLUS Loan. (EDCS and UNRS students should contact our office for more information.)

State scholarships and/or grants are awarded to eligible undergraduates by all states and territories of the United States. Non-residents may contact their state agencies for more information (you may contact our office if you need your state agency's address).

Our main reception desk is open 8 a.m.-4 p.m., Monday- Friday. Our front desk staff can answer many questions, but in some cases it is necessary to see a financial aid counselor.

Make an appointment to see a counselor if you have questions regarding financial aid or need assistance with budgeting, money management, or debt counseling. We schedule appointments for each week beginning the preceding Thursday. Call our office at 608/262-3060 to schedule an appointment.

If you drop credits or withdraw, you may be eligible for a tuition refund according to the schedule published in the Timetable. If you withdraw, the refund will not be given to you, but will be returned to our office to credit the financial aid fund(s) you received. This is also the case in certain credit-drop situations if you received grant money for the summer term. (The only exception to this is if the amount of the refund is greater than your total aid. In this case, you would receive the excess.) Likewise, Housing refunds for withdrawals are also returned to financial aid funds, rather than to the student.

Any Title IV funds you receive will be returned in the following order to outstanding balances on your: Unsubsidized Stafford Loan, Subsidized Stafford Loan, Perkins Loan, Graduate PLUS Loan, Parent PLUS Loan, Pell Grant, Academic Competitiveness Grant, National SMART Grant, FSEOG, Other Title IV Grant Funds. Refunds may also credit any non-Title IV funds you may have received.

1. Ten-Term Rule: An undergraduate may receive aid for up to 10 terms. Graduate students may receive aid from our office (as opposed to departmental or Graduate School support) for up to 10 terms in addition to aid received as an undergraduate. Second degree students will have their terms of aid count toward the graduate total. Summer aid counts as one-half term. We count only those terms in which you attended UW-Madison and received financial aid. For the purpose of this Ten-Term Rule, therefore, terms of aid received at schools other than UW-Madison

don't count, and terms at UW-Madison during which no aid was received don't count.

2. Degree Credit and GPA Requirements: Undergraduates are allowed to enroll for a maximum of 150 percent of the number of degree credits needed to complete the program. If, for example, the student's program requires 120 degree credits, the student is allowed to enroll for a maximum of 180 credits in order to complete the 120 degree credits required to receive the degree. Undergrads must also maintain a successful degree credit completion rate of ²/₃ of all credits for which they have enrolled and they must have a cumulative GPA of 2.0 at the end of their second academic year. Graduate, law, and medical students must meet the academic requirements established by their respective schools. A student's cumulative GPA and degree credits earned will be evaluated at the end of each spring term and will determine eligibility for the upcoming summer, fall, and spring. All credits will count in the evaluation, including credits earned during terms or summers when no financial aid was received and terms during which the student withdraws (which would indicate a term during which no degree credits were earned). In addition, a student must meet the quality standards as set by the school or college in which s/he is enrolled.

Appeal Process: If you become ineligible for financial aid under the above rules, you can appeal by writing a letter to the Student Financial Aid Review Committee, explaining the factors which resulted in your needing aid beyond the ten-term limit or not meeting the GPA or degree credit requirement. Letters should be accompanied by a statement from your dean and/or academic advisor concerning your future academic plans as they relate to completion of a degree and why you need time beyond ten terms, or a statement indicating why you are unable to meet the degree credit requirements.

Recipients of grants and scholarships—not loans—may be required to report some or all of these amounts as income. The following are important points to keep in mind:

THESE RULES APPLY ONLY TO GRANTS AND SCHOLARSHIPS. Any loans that you receive are NOT taxable in any way. Amounts you receive from work-study employment are treated as wages, just like any other employment, when completing tax forms.

The university is required to send information to you and to the Internal Revenue Service (IRS) about your tuition charges, grants, and scholarships on Form 1098T. It is your responsibility to use this information as well as your own records to fill out your tax return. Remember that you must include amounts from all types of scholarships and grants, not just those you received from the university.

For more information see IRS Publication 970, Tax Benefits for Education, which provides information about the taxability of scholarships and grants you may have received, as well as the tax benefits for which you might be eligible. You can download this publication at www.irs.gov/formspubs/index.html.

If you need further assistance, contact the local IRS office or a tax advisor. The university cannot provide individual income tax advice.

Data on student retention rates is available from the Office of the Registrar.

Information on academic programs and faculty and physical facilities is available on the UW-Madison Web site at www.wisc.edu.

You can obtain information regarding university accreditation from the Academic Planning and Analysis Office, Bascom Hall.

We administer three types of financial aid: gift aid, loans, and employment. Scholarships and grants are considered gift
assistance--they do not have to be repaid. Student loans, on the other hand, are just that--loans--and must be repaid with interest.
However, repayment is usually deferred until the student leaves school. Another type of assistance is work-study employment; the
amount offered through this program must be earned by the student.

The types of assistance listed in this section come from a variety of sources. Most funds come from the federal government, the State of Wisconsin, or private lenders or donors, and each aid program has specific eligibility requirements. In general, you must meet the following requirements to receive financial assistance through those aid programs we administer. You must:

demonstrate financial need as determined by our office,

be a citizen or permanent resident of the United States,

be admitted to the University of Wisconsin-Madison in a degree program (EDCS and UNRS students should contact our office for more information),

have no convictions for the sale or possession of illegal drugs (depending on the date of conviction, the student may or may not be eligible for federal student aid),

maintain satisfactory academic progress,

be enrolled on at least a half-time basis

(see Federal Pell Grant section for exception),

meet the eligibility requirements of each of the aid programs accepted,

not be in default on any educational loan, show an unwillingness to repay any educational loan, or owe any refund on a grant or loan,

not be delinquent in payments of court-ordered child support and/or maintenance (this applies only to State of Wisconsin-controlled grants), and

male students who are at least 18 years of age must be registered with the Selective Service.

Please read very carefully the parts of this section that describe the type(s) of aid for which you are eligible before making your decision whether to accept or decline the aid.

Scholarships are given in recognition of a student's achievement. Most scholarships are based entirely upon academic achievement, while others require both academic achievement and financial need. Many scholarship recipients at UW-Madison are selected by the various colleges, schools, or departments within the university, not by our office. Information about these scholarships is available from our Web site, and also in the Undergraduate Scholarships booklet from the Office of Student Financial Services.

Information on non-university scholarships is available on the Internet and from libraries under the subject heading "Scholarships." These scholarships are awarded on a wide range of criteria, including special skills, community activities, and organizational affiliations. One of the best free Internet Web sites is www.finaid.org. Other sources for non-university scholarships may include such organizations as civic or church groups, labor unions, PTAs, or parents' employers.

Sometimes the acceptance of a scholarship will reduce or eliminate your other financial aid. If we have not been able to fund your full need, your scholarship will probably have little effect on your aid package. If, however, the aid you accepted is equal to your need, we will reduce your aid package (loan/work-study) by the amount of your scholarship. If necessary, we will also reduce any gift aid in order that the total amount of aid you receive, including the scholarship, does not exceed your need.

If we included scholarships in your award notice it means we took them into account when we considered you for assistance. If you will be receiving a scholarship that is not included in your award notice, be sure to contact our office with that information.

College, School, and Departmental Scholarships

In most cases, scholarship checks from any college, school, or department on campus will be posted directly to your student account, or mailed to your mailing address or to the department itself. Check with the awarding college, school, or department for details.

Academic Excellence Scholarships

Recipients are selected by participating Wisconsin high schools. The program is administered by the Higher Educational Aids Board (HEAB). The scholarship is included in your aid package only if HEAB notifies us of your eligibility. It is your responsibility to notify HEAB of your attendance at UW-Madison. You do not receive a check for this scholarship. It should appear on your student account as a fee remission. Call the Wisconsin Higher Educational Aids Board at 608/267-2213 if you have any questions.

Alumni Matching Scholarship

Your scholarship will be posted to your student account when our office is notified by the Wisconsin Alumni Association. Any excess of tuition and fees will be mailed to you.

Many students receive scholarship awards from sources outside the university. These scholarships may come from agencies such as the National Merit Scholarship Corporation, state scholarship programs, or from groups such as the local PTA, Elks Club, Labor Unions, alumni clubs, etc. Information about some of these scholarships is available on our Web site.

It is very important for you to be aware that scholarships listed as "Scholarship 1," "Scholarship 2," etc., on your award notice form are not awards being given by UW-Madison. We were notified of these scholarships either by you, the granting agency, or the Bursar's Office. We have listed such awards so that you have an accurate picture of the total financial aid you are receiving. If you believe this information to be inaccurate, please contact our office. Failure to notify us of outside assistance may result in your having to repay all or part of your financial aid.

Note: Scholarship checks from outside agencies should be mailed to the Bursar's Office, 21 N. Park St., Room 7101, Madison, WI, 53715. If your scholarship check requires your endorsement, the funds will NOT be automatically applied to your student account. You must go to the Bursar's Office to endorse your check and apply the funds to your account as needed. Any excess money will be mailed to you in the form of a new check.

Not all outside agencies, however, operate in this manner. Some agencies send checks directly to the student. You should contact your outside awarding agency with any questions you may have concerning how, where, and when to obtain your check.

Athletic Tenders

The Athletic Department awards these grants-in-aid on the basis of athletic ability. Financial need is not considered. Contact the Athletic Department for more information on how your grant-in-aid will be disbursed to you.

ROTC Scholarships

The Army, Navy, and Air Force Reserve Officer Training Corps all have similar ROTC Scholarship programs. In all 3 programs, scholarship recipients receive up to the cost of books, supplies, and tuition for no more than 4 years, plus $150 per month maximum during the academic year. Amounts may vary. The appropriate service branch selects all recipients and questions should be directed to that ROTC office.

Academic departments, outside agencies, and the Graduate School award teaching, research, and project assistantships as well as fellowships and graduate fee remissions. Only graduate, law, and medical students are eligible for these funds. The university selects recipients on the basis of academic excellence or other factors. Financial need may be a factor.

We have listed fellowships, research assistantships, and fee remissions on your award notice form to let you know that we took them into account when we considered you for assistance. If you will be receiving a fellowship, assistantship, or fee remission that is not listed or if the amount listed is incorrect, you must notify us immediately, so that any necessary adjustments may be made.

Eligibility for one other type of fee remission, the Military Fee Remission, is determined by the military. We include this in your aid package if the registrar notifies us that you received it.

A grant is gift assistance and does not have to be repaid. You qualify for a grant on the basis of financial need, although you must also meet the general eligibility requirements listed in this guide. Graduate students and undergraduates with bachelor's degrees are not eligible for any of the grant funds listed in this section (except Vocational Rehabilitation Grant, American Indian Grants, and the Child Care Tuition Assistance Program).

Federal Pell Grant

Federal Pell Grants are funded by the federal government and range from about $400 to $4,050 per academic year. To receive a Federal Pell Grant, you must meet the general eligibility requirements and show financial need as determined by the Federal Pell Grant Program. Unlike other aid programs, you may be eligible for a limited amount of Federal Pell Grant if you are enrolled less than half-time.

Federal Supplemental Educational Opportunity Grant

The federal government funds these grants. Applicants must meet the general eligibility requirements.

Institutional Grant

These grant funds come from bequests made to the university to assist needy students and are awarded in varying amounts on the basis of financial need as determined by our office. Applicants must meet the general eligibility requirements.

Wisconsin Higher Education Grant

These grants are made possible by funds appropriated by the Wisconsin State Legislature. You must meet the general eligibility requirements and be a Wisconsin resident.

Talent Incentive Program Grant

These grants are made possible by funds appropriated by the Wisconsin State Legislature. Applicants must meet the general eligibility requirements and must be a Wisconsin resident and certified as eligible by the Wisconsin Higher Educational Aids Board.

Undergraduate Non-Resident Fee Remission

A Non-Resident Fee Remission is not a cash award. It is a remission of the non-resident portion of your tuition. Therefore, a recipient of this remission pays tuition at the resident rate. The amount listed on your award notice is only an estimate, since we did not know the actual tuition amounts at the time we processed your application.

If we have given you a one-term fee remission, you must pay the full non-resident tuition for the other term of the academic year. If you hold a spring-term fee remission we will automatically waive the non-resident portion of your tuition for the summer session, if you attend. When you receive your student-account invoice, information about your fee remission will be included.

In addition to meeting the general eligibility requirements, you cannot be a resident of Wisconsin. These remissions are extremely limited and awarded only to applicants with exceptionally high financial need.

Academic Competitiveness (AC) Grant

This grant is available for Pell-eligible students who are full time and are in their first or second academic year. These students must have completed a rigorous high school program of study and graduated high school on or after January 1, 2005. Second-year AC Grant recipients must have a grade point average of at least 3.0 from their first year. First-year AC Grant students are eligible for up to $750 and second-year students are eligible for up to $1,300. There is no special application for the grant, qualifying students are identified by our office.

National Science and Mathematics Access to Retain Talent (SMART) Grants

This grant is available to Pell-eligible students who attend full time and are in their third and fourth academic year of a four-year degree program. They must have and maintain a 3.0 grade point average each term of eligibility. An eligible student must have declared a major such as mathematics, sciences, engineering or a critical foreign language. For specific eligible majors see our Web site. Annual SMART Grants are $4,000. There is no special application for the grant, qualifying students are identified by our office.

Bureau of Indian Affairs Grant—Tribal

These grant funds are awarded by the Bureau of Indian Affairs through bureau agencies or through the educational offices of contracting tribes. The funds are given on the basis of financial need. You must be a certified member of a federally recognized American Indian tribe with at least one-fourth Indian blood.

To receive full funding, you must be enrolled on a full-time basis. Both undergraduate and graduate students are eligible to receive this grant. To verify good standing, you must submit a copy of your academic transcript to the granting agency each term.

Wisconsin Indian Grant—State

The Wisconsin Indian Grant program is administered jointly by the Higher Educational Aids Board of the State of Wisconsin and our office. In addition to meeting the general eligibility requirements, you must be a Wisconsin resident and a certified member of a federally recognized American Indian tribe. Both undergraduate and graduate students are eligible to receive this grant.

College of Engineering Grant

These grant funds are awarded by the College of Engineering to students in the Minority Engineering Program; recipients are selected by the staff of that program. Direct questions concerning this grant program to the Minority Engineering Program.

Vocational Rehabilitation Grant

The State of Wisconsin provides these grant funds through the Wisconsin Division of Vocational Rehabilitation (DVR) to assist disabled students in meeting the costs of their education and to help cover any special disability-related costs.

You must be an undergraduate with a full credit load, be a resident of Wisconsin, and be certified as eligible by the DVR. You may be eligible to receive DVR funding even if you do not demonstrate need for other financial aid programs, but you must apply for other aid before this can be determined.

DVR awards will generally cover all or part of the costs of resident tuition, and any special costs such as reader services, wheelchairs, special transportation costs, etc.

For additional information, contact the McBurney Disability Resource Center located at 1305 Linden, 608/263-2741.

Child Care Tuition Assistance Program

This program provides money to students with children to help pay child-care costs. Payments are made directly to the day-care provider. Although eligibility is based on financial need, you need not meet all the general eligibility requirements to qualify. To apply, see the Office of Child Care and Family Resources link at www.housing.wisc.edu.

Wisconsin Lawton Minority Retention Grant

This program is designated for Wisconsin residents and Minnesota reciprocity sophomores, juniors, and seniors who are also African American, Hispanic, American Indian, Cambodian, Laotian, or Vietnamese. Grants range up to about $3,000 per year, based on financial need as determined by our office. To apply, contact your school/college Minority Program Coordinator.

FASTrack (Financial Aid Security Track)

FASTrack helps low-income Wisconsin undergraduates pay for college through a combination of grants, small loans, and work. The program assures we will meet a student's financial need each year for four years. Single, financially dependent students are considered for the program based on the family's financial situation (current and past), and on financial need as calculated by our office. Both work and borrowing are controlled to minimize the student's burden. We consider all Wisconsin resident undergraduates who apply for aid through our office for FASTrack—there is no special application. Qualifying students are selected by this office.

BANNER (Badger Aid for Non-Residents)

BANNER is a program designed to help our low-income non-resident students pay for college through grants, loans, and work. The program strives to meet a student's full financial need each year for four years. Single, financially dependent students are considered for the program based on the family's financial situation (current and past) and financial need as calculated by our office and funding availability. We consider all non-resident undergraduates who apply for aid through our office for BANNER—there is no special application. Qualifying students are selected by this office.

While student loans can be a good way to help finance an education, it is important to understand your responsibilities as a student loan borrower. Loans are a type of financial aid that must be repaid. Each loan program has specific eligibility criteria, repayment, cancellation, and/or deferment conditions which are described in this brochure. All student loans will require you to sign a promissory note.

Read carefully the description of any loan you have been offered before making a decision regarding the loan. When you accept a loan, you are using future income to pay for current expenses. If possible, it would be better to reduce your current expenses instead, so that you do not need to borrow as much.

Keep copies of all documents concerning your loan: award offers, application/promissory notes, correspondence with this office and your lender, etc. It is also a good idea to keep a record listing the date, office, and person you talked to each time you make a phone call concerning your loan.

Important Notes on Loan Repayment

Educational loans from different funds (Federal Perkins, Federal Stafford Loan, NSL, Health Profession Loans, Institutional Loans) and from different schools will come due separately. Therefore, you may be repaying several loans at the same time. To avoid this situation, borrow from as few different loan funds as possible.

A loan consolidation program is available if you have borrowed student loans under any of the following programs: Federal Stafford, Federal Perkins, Nursing Student Loans, Federal PLUS, and Health Profession Student Loan programs. Primary Care Loans cannot be included. The interest rate on the consolidated loan will be the weighted average of the loans consolidated. The repayment period may be extended up to 30 years, depending on the amount to be repaid. Contact your lenders for further information.

You are responsible for notifying your lender(s) when you leave school or are no longer enrolled at least half-time, and whenever your name or address changes.

Federal Perkins, Institutional Loan, NSL, and Health Profession Loan Borrowers: If you drop to below half-time status (or full-time for Health ProfessionalLoans), contact the Student Loan section of the Bursar's Office to arrange for an exit interview, call 608/262-1791.

You may prepay all or any part of the unpaid balance on your loans at any time without penalty. This will decrease the amount of interest that you pay over the life of the loan.

If you are unable to make your loan payments when due, contact your lender. (For Federal Perkins, Institutional Loan, NSL, and Health Profession Loans the office to contact is the Student Loan section of the Bursar's Office at 608/262-1791.) Sometimes, alternate arrangements for repayment can be made.

Repaying your student loan on time will help you to establish a good credit record. Likewise, delinquent loan payments are also reported to all national credit bureaus.

Acceptable Amounts to Borrow

Experts suggest that as an undergraduate you should not borrow an amount that would make total yearly payments more than 8 percent of your first year's anticipated gross income (15 percent for graduate students). For example, if you expect to earn $20,000, you should not borrow more than $11,000 total at 8 percent interest, since the yearly payment on the $11,000 would be $1,602 and 8 percent of $20,000 is $1,600. See the repayment information listed under each type of loan you have borrowed or are considering borrowing to estimate yearly payments. You may also use the chart below.

To determine your approximate monthly payment, write in your total loan debt for each type of loan you borrowed (Federal Perkins, Federal Stafford Loan, NSL, etc.) on the line that corresponds to the interest rate for that loan. Multiply the loan amount by the conversion factor. Keep in mind that the minimum monthly payment for certain loans may be higher than the amount calculated by using this chart. Payments are often rounded up to the nearest $5.

You will be required to complete an electronic Master Promissory Note (MPN) if you did not complete a paper MPN in the past. Once you have accepted your loan, you will receive an e-mail instructing you on how to complete the note. Once completed, the loan can be released into your student account. (If you are a continuing student who completed an MPN in a previous academic year, it is no longer necessary to sign an additional promissory note.)

Eligibility: The general eligibility requirements on page 10.

Maximums: Undergraduates may borrow up to $20,000 (if offered) for their entire undergraduate career. This is the maximum allowed by law; the amount actually given is based on the Federal Perkins funds the university has available each year, as well as the student's financial need.

Interest: The interest rate is 5 percent simple interest per annum. You are charged no interest as long as you are enrolled on at least a half-time basis in undergraduate, graduate, or professional school.

Repayment: Federal Perkins Loan provides a 9-month grace period after you are no longer enrolled at least half-time. The first payment is due 1 month after the grace period ends. The university bills monthly. The amount of the bill and the length of the repayment period will vary according to the total amount borrowed. The minimum monthly payment is $40. The maximum allowable repayment period is ten years (120 months).

Deferment: Deferments of principal and interest payments may be obtained under the following circumstances (see your promissory note for more detailed information):

For any period during which you are enrolled at least

half-time.

During the time you are pursuing a course of study in an approved graduate fellowship training program or approved rehabilitation training program for disabled individuals, excluding a medical internship or residency program.

For up to 3 years while you are seeking but unable to find full-time employment.

For up to 3 years while you are experiencing economic hardship as established by federal regulations.

During the period you are engaged in service described under the cancellation provisions.

Deferment forms can be downloaded from www.ecsi.net (please look for UW-Madison specific forms) and must be submitted in a timely manner to the Student Loan Office.

Cancellation: Your loan is eligible for cancellation under the following circumstances:

Loans canceled at the rate of 15 percent for the first and second years' employment, 20 percent for the third and fourth years, and 30 percent for the fifth for the following:

Full-time teacher in public or other non-profit private elementary and secondary schools if the school has been determined by the Secretary of Education to be a school with children from low-income families.

Full-time teacher of disabled children in public or other non-profit elementary and secondary school systems.

Full-time special education teacher, including teachers of infants, toddlers, children, or youth with disabilities in a public or other non-profit elementary or secondary school system, or as a full-time qualified professional provider of early intervention services in a public or other nonprofit program under public supervision.

Full-time teacher of mathematics, science, foreign language, bilingual education, or any other field of expertise that is determined by the state education agency to have a shortage of qualified teachers.

Full-time employee of a public or private nonprofit child or family service agency who is providing or supervising the provision of services to high-risk children and their families from low-income communities.

Full-time nurse or medical technician.

Full-time law enforcement or correction officer for a local, state, or federal agency.

Other loans canceled:

Full-time staff member of pre-school programs carried on under the Economic Opportunity Act of 1974, for example, the federal Head Start Program, are eligible to have their loans cancelled at the rate of 15 percent per year of service.

Members of the Armed Forces serving in an area of hostilities may be eligible to have up to 50 percent of their total loan cancelled at the rate of 12.5 percent per year.

Volunteers under the Peace Corps Act or Domestic Volunteer Service Act of 1983 are eligible to have up to 70 percent plus the interest on the unpaid balance canceled. Fifteen percent may be canceled for each of the first and second 12-month periods of service and 20 percent for each of the third and fourth 12-month periods of service.

In the event of a borrower's death or total and permanent disability the loan will be canceled upon receipt of a proper disability form or death certificate.

Further information regarding these cancellation benefits and the appropriate forms to apply for the cancellation benefits are available at www.bussvc.wisc.edu/bursar/slmenu.html.

Forbearance: If your annual loan repayment obligation equals or exceeds 20 percent of your gross income youmay be eligible for a forbearance of principal, renewable at 12-month intervals, for a period not to exceed 3 years.

Exit Interview: During your final term at the university, you will receive information concerning a Loan Exit Interview. If you withdrew from the university at an earlier date or fail to receive the above information you must contact the Student Loan section of the Bursar's Office at 608/262-1791 to arrange for an Exit Interview. Failure to complete the Exit Interview obligation will result in a hold being placed on your university records.

Eligibility: In addition to meeting the general eligibility requirements, you must be enrolled at least half-time as a fourth-year student in the School of Veterinary Medicine. No special application is required; all fourth-year veterinary medicine students who apply for aid will be considered for this fund.

Maximum: $2,000 (if offered) per academic year.

Interest: The interest rate is 5 percent simple interest per annum. The interest accrues from the beginning of the repayment period.

Repayment: This loan provides a 9-month grace period after you cease to be enrolled at least half-time in the School of Veterinary Medicine. The first payment is due 1 month after the grace period ends. The university bills monthly. The amount of the bill and the length of the repayment period will vary according to the total amount borrowed. The minimum monthly payment is $15. The maximum allowable repayment period is 3 years (36 months).

Eligibility: In addition to meeting the general eligibility requirements, you must be enrolled at least half-time in the School of Nursing.

Maximums: You may borrow no more than $2,500 (if offered) per academic year during your first 2 years. During subsequent years, you may borrow no more than $4,000 (if offered) per academic year. The maximum amount you can borrow for your entire academic career is $13,000.

Interest: The interest rate is 5 percent simple interest per annum. You are charged no interest as long as you are at least a half-time student pursuing an eligible course of study at a school of nursing.

Repayment: NSL provides a 9-month grace period after you cease to be enrolled at least half-time pursuing an eligible course of study at a school of nursing. The first payment is due 1 month after the grace period ends. The university bills monthly. The amount of the bill and the length of the repayment period will vary according to the total amount borrowed. The minimum monthly payment is $40. The maximum allowable repayment period is 10 years (120 months).

Deferment: Deferments of principal and interest payments may be obtained:

For up to 3 years during active military service or service as a Peace Corps volunteer.

For up to 10 years of advanced professional training toward an MS or PhD in nursing. To apply for a deferment, you must request the proper forms from the Student Loan Office.

Loan Repayment for Service: If federal funds are available, a portion of your loans may be repaid by the federal government if you serve as a registered nurse for a period of not less than 2 years in an Indian Health Service health center, a Native Hawaiian health center, a nursing facility, a public hospital, a migrant health center, a community health center, a rural health clinic, or a health facility determined by the Secretary of Education to have a critical shortage of nurses. This benefit has not been available for several years and is based on federal budget availability; please do not consider this an option.

Eligibility: In addition to meeting the general eligibility requirements, you must be enrolled full-time in the School of Nursing. (Post-Nursing Master's Certificate programs are NOT Eligible.)

Maximums: You may borrow no more than $30,000. (if offered) per academic year for a maximum of 5 years. This is based on the availability of funds.

Interest: The interest rate is 3 percent per annum beginning 3 months after you cease full-time enrollment in an advanced nursing education program. If you fail to complete your course of study or fail to work full-time as faculty, the loan will bear interest at the prevailing market rate

Repayment: NFLP provides a 9-month grace period after you cease to be enrolled at least full-time pursuing an advanced nurse education program. If not employed full-time as a nurse faculty at a school of nursing; the first payment is due 1 month after the grace period ends. The amount of the bill and the length of the repayment period will vary according to the total amount borrowed. The minimum monthly payment is $40.00. The maximum allowable repayment period is 10 years (120 months).

Deferment of principal and interest is limited to up to 3 years if ordered to active duty as a member of a uniformed service of the United States. (Volunteer service is not eligible for deferment.) Borrowers accepting a fellowship after graduation are NOT eligible for deferment or cancellation.

Cancellation: Your loan is eligible for up to 85% cancellation if you serve as full-time nurse faculty for a consecutive four-year period at a school of nursing following graduation. You must submit your first certification of employment no later than 12 month following graduation.

Eligibility: In addition to meeting the general eligibility requirements, you must demonstrate financial need and actually be enrolled full-time in medical school pursuing a course of study leading to an MD degree. Demonstrating financial need means providing parental information whether parents provide assistance or not. We take into consideration the parental ability to pay plus any other resources you (and your spouse) may have. This loan is never awarded without parental information.

You must agree to the following: To enter and complete a residency training program in primary health care not later than 4 years after graduation, and to practice primary health care through the date on which the loan is repaid in full. You must also certify annually that you are practicing in primary care until your loan is paid in full.

If you are not firmly committed to the practice of primary health care, you should not accept a PCL. At the point you fail to fulfill your service obligation, the outstanding loan balance will be computed annually at an interest rate of 18 percent from the date of noncompliance.

Maximums: The fund is limited by need and fund availability.

Interest: The interest rate is 5 percent simple interest per annum. You are charged no interest while enrolled full-time as a medical student.

Repayment: This loan provides a 1-year grace period after you cease to be enrolled full-time as a medical student. The first payment is due 1 month after the grace period ends. The university bills monthly. The amount of the bill and the length of the repayment period will vary according to the total amount borrowed. The minimum monthly payment is $40. The maximum allowable repayment period is 10 years (120 months).

Deferment: Deferments of principal and interest may be obtained while you:

Serve on active duty as a member of a uniformed service of the United States, for up to 3 years.

Serve as a Peace Corps volunteer for up to 3 years.

Pursue advanced professional training in primary care, including internships and residencies.

Pursue a full-time course of study at a health professions school eligible for participation in the Health Professions Primary Care Loan program.

Leave the Institution, with the intent to return to the Institution as a full-time student, to engage in a full-time educational activity which is directly related to the health profession for which you are preparing, as determined by the Secretary of Health and Human Services, for up to 2 years.

Participate in a fellowship training program or a full-time educational activity that is directly related to the health profession for which you are prepared at the Institution, and is engaged in by you within 12 months after the completion of your participation in advanced professional training or prior to the completion of your participation in such training, for up to 2 years.

To qualify for any of the deferment benefits mentioned above, you must request the appropriate forms from the Student Loan Office. In the repayment period, be sure to file deferment forms annually or when requested to do so. If you do not file a deferment form when necessary and you miss a loan payment, you will be considered to be in default and your account will be turned over to the Student Loan Servicing Office. If you do not pay within 60 days, the university will place a "hold" on all your records. This may culminate in your account being litigated, and may affect your credit rating.

Cancellation: There are no cancellation benefits with this loan program.

Consolidation: Primary Care loans cannot be consolidated.

Eligibility: In addition to meeting the general eligibility requirements, you must be enrolled full-time in the School of Pharmacy. (Students in pre-pharmacy are not eligible for this program). HPPL is never awarded without parental information.

Maximums: You may borrow up to $4,500 per academic year.

Interest: The interest rate is 5 percent simple interest per annum. You are charged no interest as long as you are enrolled full-time as a pharmacy student.

Repayment: See repayment information for HP Primary Care Loan.

Deferment: Deferments of principal and interest may be obtained under the same circumstances as the HP Primary Care Loan, except the student must be taking advanced training in a pharmacy program.

Cancellation: There are no cancellation benefits with this loan program.

Eligibility: In addition to meeting the general eligibility requirements, you must be a registered nurse, and be enrolled as either an undergraduate or graduate student. Although Schulte Loan is not limited to students enrolled in nursing, preference is given to those students. A current license in Wisconsin is required to borrow this loan.

Maximums: Undergraduates and graduate students may borrow up to $5,000 (if offered) per academic year. The aggregate of all loans borrowed through this program for all years cannot exceed $15,000.

Interest: The interest rate is 4 percent simple interest per annum. You are charged no interest as long as you are enrolled.

Repayment: Helen Schulte Loan provides a 9-month grace period after you are no longer enrolled at least half-time. The first payment is due 1 month after the grace period ends. The university bills monthly. The amount of the bill and the length of the repayment period will vary according to the total amount borrowed. The minimum monthly payment is $15. The maximum allowable repayment period is 10 years (120 months).

Cancellation: There are no cancellation or deferment provisions with this loan fund.

Eligibility: In addition to meeting the general eligibility requirements, you must be enrolled in the Medical School pursuing an MD degree.

Interest: The interest rate is 5 percent simple interest per annum. You are charged no interest as long as you are at least a half-time student at the UW School of Medicine and Public Health and during your 5-year grace period.

Repayment: These loans provide a 5-year grace period after you cease to be enrolled as at least a half-time student at the UW School of Medicine and Public Health. The first payment is due 1 month after the grace period ends. The university bills monthly. The amount of the bill and the length of the repayment period will vary according to the total amount borrowed. The minimum monthly payment is $15. The maximum allowable repayment period is 10 years (120 months).

Cancellation/Deferment: There are no cancellation or deferment provisions with these loan funds.

This loan is identical to the Federal Stafford Loan, including having the same interest rate, with the following exceptions:

It is not necessary to demonstrate financial need to qualify for the Unsubsidized Stafford.

The federal government does not pay the interest on this loan while you are enrolled. Interest accrues on the loan from the date of disbursement; however, the lender can offer the borrower the option of paying the interest monthly or quarterly, or adding the interest to the principal no more frequently than quarterly.

Maximums (less any Subsidized Stafford Loan received):

The career maximum for an independent undergraduate is $46,000, subsidized and unsubsidized combined. Grads and professional maximum is $138,500, and the Med/Vet Med/PharmD student maximum is $189,125.

Federal PLUS Loans are available to parents of dependent undergraduates.   The purpose of these loans is to assist families who need funds in addition to their regular financial aid. We highly recommend all families apply for federal financial aid -- regardless of income -- before applying for the PLUS Loan. 

To apply for the Federal PLUS Loan please see the PLUS Loan link on our Web site. The instructions will explain how to apply online using the "FASTPLUS MPN" link.  Although the school processes the PLUS loan applications, the actual loan funds are borrowed from commercial banking institutions.

The PLUS MPN is designed for a parent borrower to use as a multi-year note for one dependent student. Under the PLUS MPN process a parent borrower will sign an MPN only once, at the time the parent first borrows for that dependent student.  You'll be asked to choose a lender when you complete the MPN; you may choose any lender you wish.  The parent may obtain additional loans for that same dependent student based on the originally signed MPN for up to 10 years after the date the parent first signed the PLUS MPN. Generally, as long as the parent borrower, the dependent student, and the lender do not change a new MPN is not required. However, the parent borrower, the school, or the lender may request that a new MPN be signed for each new loan period even if doing so would not otherwise be required.

We are aware that with escalating college costs and minimal increases in federal financial aid that we may not be able to fully fund the student's calculated "need." This is most often the case with nonresident students. Parents of dependent undergraduates may wish to access the federal PLUS loan to help meet the cost of their student's attendance at UW-Madison. However, before accessing this loan you may want to look into other options for funding that may be cheaper, such as a home equity loan.

Disbursement: All PLUS Loan funds are sent to the student's account at the Bursar's Office. The funds are applied to the student's tuition balance and any excess funds are mailed to the parent borrower. If the lender sends a paper check and there is a tuition balance, the check will be mailed to the parent for endorsement. The parent should return the check to the Bursar's Office so the funds can be applied to the student's tuition balance.

Eligibility: You must meet the general eligibility requirements listed earlier in this section, except that you need not demonstrate financial need. A credit check will be made by the lender.

Maximums: Parents of dependent undergraduates can borrow up to the student's cost of education less any other financial aid. There is no cumulative maximum.

Interest: Beginning July 1, 2006 the rate will be fixed at 8.5 percent. The borrower is responsible for paying the interest from the date the funds are disbursed until the loan is paid in full. However, the lender can offer the borrower the option of paying the interest monthly or quarterly, or adding the interest to the principal no more frequently than quarterly. The borrower must also pay the lender a fee of about 3 percent of the loan amount. The lender deducts this fee from the loan before issuing the funds.

Repayment: No grace period is provided. Repayment of principal and interest begins on the day the loan is disbursed, with the first payment due within 60 days of disbursement, unless you qualify for a deferment.

The standard repayment plan offers a minimum $50 monthly payment and a maximum 10 years to repay, depending on the total amount borrowed. Some loans are also eligible for a graduated repayment plan. Consult your lender about your repayment options.

Deferment: You may obtain