The Financial Aid Process for 2008–2009
Now is the time to begin the process of applying for financial aid for 2008-09. The first step is to file the Free Application for Federal Student Aid (FAFSA). This form can be filled out and submitted online at www.fafsa.ed.gov. Indicate UW–Madison as a school to receive the results by using our school code: 003895. As soon as the FAFSA results are received, your student will be notified of any other forms that may be required, such as 2007 tax returns. We encourage all families to go through this process at least once to determine their student’s eligibility for federal grants, loans and work. The federal loans available to students often have better terms than personal loans or home equity loans.
If you don’t want to file the FAFSA and would like to borrow for your student, consider the federal Parent Loan for Undergraduate Students (PLUS). You do not have to file the FAFSA to be considered for this loan, but there is a mandatory credit check. Families who do file the FAFSA can also apply for the PLUS loan; if the PLUS is denied because of the credit check, the student would be eligible for an additional unsubsidized Stafford loan (only if the FAFSA is also filed). There are also non-federal private loans (called alternative loans) that you may want to access for your student’s educational expenses. We caution you to consider this option carefully, as these loans tend to be higher cost and have less attractive terms than the federal loans.
Financial Services will
be communicating with your student directly about the progress of the aid application.
Check with your student periodically about any communication he or she has
received from Financial Services requesting additional information or forms.
For more information visit www.finaid.wisc.edu, or call the office at 608/262-3060.