Unfortunately, the excitement of going to college can turn into something of a reality check once you begin tangling with student loans and financial aid details. So how can you find help?
If you’re a college bound Wisconsin student, a parent, or out-of-state student pursuing a college or university in Wisconsin, make sure one of your first resources is the Wisconsin Higher Educational Aids Board (WHEAB).
The site’s plentiful financial aid information includes:
The WHEAB website also provides a list of Wisconsin schools, along with a checklist of financial aid requirements for each school.
This list includes the following information, all of which is necessary for any school you’re applying to. Make sure to identify these details through every institution you’re considering attending. This list should definitely be one of the first sources you consult when applying for financial aid at any Wisconsin school:
Federal student loans should trump state student loans in your priority list. The reason being is that they have several favorable attributes:
The Stafford Loans are common among undergraduates and graduates, and after a grad student receives the maximum loan amount on his or her Stafford Loan, the Grad PLUS Loan becomes an option.
Also, a key feature of the Federal Family Education Loan Program (FFELP) is the Parent PLUS Loan, an affordable alternative parents that might not be able to help their students attend college otherwise. Learn more about your federal student loan options.
Like many other states, Wisconsin offers a number of incentive loan programs for students pursuing highly demanded fields. The loans provide teaching and nursing students with a certain amount of loan money each academic year.
When the borrower agrees to provide service in a high-need facility or region, a certain percentage of the loan is "forgiven” for each year he or she works in that capacity.
Wisconsin loan repayment programs the following:
In many cases students must borrow private funds to make up for gaps in education costs. Students often choose this option when federal loans don't meet the full cost of a college education. When shopping for private loans in Wisconsin, consider the following:
Private loans for education can be had from nearly every lender and bank in existence, so proceed with caution.
For more information on Wisconsin student loans and financial aid programs, visit the WHEAB website.