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The purpose of financial aid is to assist students in funding their education. After all available aid has been offered to you, you may still find yourself short on covering all of your educational expenses. If this is the case, a few alternatives exist that may help you meet your financial obligations. We recommend borrowing as little as possible whenever possible to keep your costs post-graduation low. Students (and parents) may use one or multiple options listed below to cover remaining costs.
Payment plans are available for fall and spring semesters only, and will divide either semester balance into 3 monthly payments. To enroll in a payment plan, log on to SOLAR and go to Self-Service/Campus Finances/Payment Plan Enrollment. You may also enroll by using the Student Center, clicking "Finances" and using the "other financial" drop down to select "Enroll in Payment Plan" and clicking on the (>>). The fee to enroll in the plan is $45.00.
For more information about payment plans, or if you have additional questions about costs, please contact the Cashier’s Office at (262) 595-2258 or via email at Cashiers.Office@uwp.edu.
Parent PLUS Loans
The Parent PLUS loan is a federally regulated loan program available to PARENTS of undergraduate students (PLUS stands for Parent Loan for Undergraduate Students). The PLUS Loan enables credit-worthy parents of undergraduate, dependent students to borrow funds to pay for their child's educational expenses. Since this loan is in the parent name, all repayment is the responsibility of the parent. There is a 4.72% fee processed from the loan prior to the loan disbursement. Repayment typically begins 60 days after the full loan is disbursed, but there are options to defer repayment until after the students’ graduation, withdrawing or dropping below half time enrollment level (less than 6 credit hours per semester). Interest paid toward the loan may be tax deductible.
The parent should go to www.StudentLoans.gov Click on the 'Sign in' button. The parent will need to log in using his/her FSA ID (the same information used to sign the FAFSA).
Click on the 'Sign in' button. The parent will need to log in using his/her FSA ID (the same information used to sign the FAFSA).
The parent should click 'Request a Direct PLUS Loan' and select 'Parent PLUS'. In this step, the parent can select an amount* for the PLUS loan, and a credit check will be performed. Results of the credit check will be shown immediately.
If the parent is approved, complete a PLUS Loan Master Promissory Note to finish the process.
If the parent is denied, the student will be given the option to apply for an additional unsubsidized loan, or the parent can obtain an endorser or appeal the credit decision.
After all of the federal loan options have been explored, you may consider the Private Educational Loan market. Unlike federal loan programs, private educational loans are not regulated by the government. The borrower is the student, but lenders will likely require a co-signer when there is limited student credit history. Each lender has its own application, credit, and co-signer requirements. Interest rates may be fixed or variable, and will be based on credit of the student (and co-signer if required). New federal regulations require private loan borrowers to complete a Loan Self-Certification Form as part of the application process. UW-Parkside will work with any lending institution.
FASTChoice is an online tool that helps you request the loan you determine is right for you by providing detailed information for various loans, as well as the terms and benefits offered by different lenders. You are NOT limited to lenders included in this list and are encouraged to seek out whatever student loan option best fits your needs.
A home equity loan or home equity line of credit may be an additional option to explore. Because the loan is secured by property, the lender's risk is low and therefore interest rates may be lower than with many other forms of consumer borrowing. Each lender determines loan terms and conditions, interest rates and repayment requirements, and the application will be completed directly through the lender. Interest may be tax deductible.