Student Loans in Wisconsin
Pay Your Way With a Little Help
Most states have a confusing combination of agencies that all work hand-in-hand to provide the necessary cadre of student financial aid products that make the paying of tuition possible in this day and age. Wisconsin students looking for federal loans and private loans, as well as reliable guidance and advice, may explore a couple of options, from federal loan guaranty agency to private lenders.
Federal Guaranty Agency
Great Lakes Educational Loan Services, Inc. has acted as Wisconsin’s Federal Family Education Loan Program (FFELP) guarantor for the last few decades. Great Lakes, like other guaranty agencies like it, services the FFELP loans and insures them through various lenders. For example, if you default on repaying your federal loans, your guarantor pays off the lender directly.
Great Lakes Services
Since its inception, though, GLELS has added services that make them more useful for Wisconsin college bound students or for families still in the planning stages for college. Like most agencies, Great Lakes believes that the more educated individuals are on student loans and credit, the better prepared they are to manage their repayment when it comes due. Potential borrowers may access a stable of informational resources through the GLELS website that offer comprehensive industry advice for choosing a lender, comparing types of student financial aid, consolidating loans and important reminders about identity theft and student loan scams.
Current borrowers may access their account online, pay bills and apply for consolidation loans if necessary.
Beyond Federal Loans
Every college student knows their federal loans will ordinarily not be enough to pay for the high price of college. With average Stafford Loan amounts at a few thousand dollars, students are left wondering how in the heck to scrape together the rest of the cost. Today, many students end up taking out alternative student loans. Sometimes called supplemental student loans, these products are designed to offer low-interest, affordable loans for college students with competitive perks attached.
Getting an Alt Loan in Wisconsin
Alternative loans can be had almost anywhere; lenders far and wide offer them. For example, students at the University of Wisconsin who are qualified as members of the University of Wisconsin Credit Union may be able to qualify for the institution’s Alternative Student Loan. Applicants must submit to a credit check, but like many other credit unions the mission is to make finances more accessible and available for members without the high overhead of fancy perks like most commercial banks.
The Alternative Loan at UW Credit Union charges no fees and may allow you to borrow up to $20,000 every year. What’s more, if you use a co-borrower they may be able to apply for a loan release once you make some consistent and on-time payments. Apply online and get a speedy approval.
Large Lenders
Large lenders and student loan servicers such as Sallie Mae are so advanced in the student loan game that borrowers may really benefit from having SLM as a lender. Sallie Mae offers you not only the opportunity to apply for your federal loans through them, but also has established a number of customized alternative loans suited for various types of students, among them:
- Signature Student Loans are widely used and feature easy approval terms. Applicants may qualify to borrow the full cost of their tuition.
- Tuition Answer Loans offer really nice borrower benefits, but credit scores must be better here than what’s required for the Signature Loan.
- Community College Loans offer financial aid for students in two-year degree programs.
Applying for an Alternative Loan
Alternative loans require the borrower to have reasonably good credit. Which means if you do not have the credit yourself you might want to find a creditworthy co-borrower, often a parent or other relative. The better your co-borrower’s credit, the better your chances for a good interest rate.
Repaying Loans
When it comes time to repay you need to make sure you make payments as timely as possible. Many alternative loans will release your co-borrower from the loan after so many on-time payments. If and when multiple loans become unwieldy and threaten your financial status you are advised to contact your lender. They offer attractive consolidation loans that extend the life of your loan, roll multiple payments into one and exponentially cut your monthly college loan bills in half.
