WLC's campus is closed due to the state's Safer at Home order. Classes are being taught online. See the Campus Alerts page for details.
The Office of Financial Aid guides Adult Accelerated students through the loan application process.
Although loans should not be a student's first option to pay for school, many students may need to borrow to pay
a portion of their education costs.
For loans disbursed in 2019-2020
Estimate Your Loan Repayment
Entrance counseling is required of all first time student borrowers.
If you are borrowing federal loans for the first time at WLC, you must
complete this session before your loan funds can be disbursed.
counseling is a federal requirement before you withdraw, graduate, or
drop below half-time attendance (even if you are planning to transfer to
another school). The session includes information on repayment options
for your federal loans and will take about 30 minutes to complete.
Select a heading below to explore loan programs options.
Questions? Contact the Office of Financial Aid by phone at 414.443.8856, by fax at 414.443.8540, or via email.
These fixed rate federal loans for students enable you to borrow for college now and repay after college. No income or credit history is required.
Your FAFSA determines the type of loan you can receive. Your loan eligibility for the year is reflected on your financial aid award. You will be eligible for a subsidized loan, an unsubsidized loan, or a combination of both.
Federal government pays your interest while you are enrolled at least half time for any loans disbursed on or after July 1, 2012.
Interest accrues and can either be paid periodically while you are in school or capitalized (added to the principal of your loan to repay later).
Interest rate for Graduate/Professional students who borrow Direct Unsubsidized Loans in 2019-2020 is 6.08%.
Maximum annual loan eligibility is:
Maximum total undergraduate loan eligibility is:
Private education loans are specific consumer loans in the student's name offered by private lenders to help pay education expenses for the year. These need to be researched very carefully as they are not federal loans. Our office recommends borrowing Federal Direct Subsidized, Unsubsidized and PLUS loans first before borrowing a private education loan. Students from Minnesota may also want to check out the Minnesota SELF Loan program.
Remember to borrow only what is needed when using a private education loan. Compare loan programs to determine the program that is best for you.
Private Loan Options
If you prefer to borrow from a lender of your choice, go to the lender's website to apply for the loan.
Wisconsin Lutheran College officials select private lenders based on the best interest of the students. The criteria includes but is not limited to benefits offered to the borrower, customer service provided to the borrower, ease of applying for loans and timely processing. The list includes three or more lenders and is reviewed annually to ensure that the lenders continue to meet our criteria. Borrowers can select a lender from the list or any other lender of their choice.
Wisconsin Lutheran College prohibits officials from accepting benefits (financial or other) from lenders. These prohibitions include: participating in revenue-sharing arrangements where Wisconsin Lutheran College would receive revenue for recommending lenders to students; accepting gifts of more than minimal value including trips and entertainment; allowing contracting arrangements related to education loans; assigning students to a specific lender or refusing to certify a loan from a specific lender; accepting offers of funds for private loans; accepting assistance with office staffing from a lender; and receiving anything of value from a lender, guarantor or group for serving on an advisory board except for reimbursement of reasonable expenses incurred for serving on the board.
Wisconsin Lutheran College is allowed to accept training materials, training sessions, assistance with entrance and exit loan counseling sessions as long as the presenter does not promote the services of a specific lender and philanthropic contributions as long as they are not related to education loans.