Teacher Licensure Education Loans
A loan is a type of financial aid that must be repaid. Students must complete an application and sign a promissory note (a legal obligation to repay) before the loan is disbursed. In addition, you may be required to participate in loan counseling prior to receiving your loan funds (Entrance Counseling), and again when you graduate or withdraw from Silver Lake College of the Holy Family (Exit Counseling).
Students interested in loans must first file a Free Application for Federal Student Aid (FAFSA) to have eligibility determined. Your Silver Lake College of the Holy Family Financial Aid Award letter will list your loan eligibility.
To apply for the loan eligibility listed on your Financial Aid Award Letter, borrowers must complete an on-line Loan Request and Master Promissory Note (MPN).
A processing fee will be deducted from each loan disbursement. The net loan amount will be directly credited to your Student Account.
For information on loan forgiveness for teachers or for public service, click here.
Federal Direct Stafford Loans
Silver Lake College of the Holy Family students enrolled at least half time in an eligible program may receive Federal Stafford Loans. Payment on the principal balance of the loan is deferred as long as the student is enrolled at least half time.
Unsubsidized Stafford Loans are awarded to students not eligible for the subsidized loan, and to independent students in addition to subsidized eligibility. Unsubsidized Stafford Loan limits are calculated in combination with any Subsidized Stafford Loan amounts. Interest accrues to the student while in school but may be deferred and capitalized prior to entering repayment. Independent status students and Dependent students whose parent is denied a parent PLUS Loan are eligible to borrow higher Unsubsidized Stafford Loan amounts.
Financial Awareness Counseling
Financial Awareness Counseling provides students the basics of financial management, shows students their current federal student loan debt (and their current student loan debit if they enter information about their private student loans), and provides students an estimate of what their student loan debt is likely to be at the time they leave school.
Financial Awareness Counseling includes topics such as:
- Understand Your Loans - This section will allow logged-in users to see their existing federal student loan debt based on the National Student Loan Data System (NSLDS) data. Users can enter additional loans that are not reflected in the NSLDS. Outside the log-in, users can enter their student loans.
- Manage Your Budget - This section includes an in-school budgeting tool that compares living expenses vs. a user's current income. The user can export his or her data to an Excel spreadsheet.
- Plan to Repay - This section includes a budgeting tool which compares living expenses vs. estimated income after leaving school and calculates monthly payment amounts for each of the basic repayment plans. This section also includes a tool that allows the user to see the effect of paying extra towards their loans to reduce their overall debt and the amount of interest paid over time.
- Avoid Default - This section provides tips on how to postpone repayment or lower monthly payments, if needed.
- Make Finances a Priority - This section discusses the development of a financial plan and making financial decisions.
- A Summary Page - This page gives a summary of the data used and/or entered and can be printed.
Dependent annual combined Subsidized and Unsubsidized Stafford Loan Limits
Teacher Licensure Program$7,500
Independent annual combined Subsidized and Unsubsidized Stafford Loan Limits
Teacher Licensure Program$12,500
Cumulative maximum amounts for teacher licensure students include all Stafford Loans borrowed while enrolled as an undergraduate student.
Dependent teacher licensure students may borrow up to $31,000 (no more than $23,000 of which can be subsidized).
Independent teacher licensure students may borrow up to $57,500 (no more than $23,000 of which can be subsidized).
Non-Federal (Alternative) Loan Programs
In addition to the federal loan programs, various private lenders offer education loans that may supplement other financial aid or assist students who are not eligible for federal loans. These include loans to students with and without co-signers. You may find more information by going directly to lender websites to learn more about their private loan programs.
Wisconsin Teacher of the Visually Impaired Loan Program
This program provides loans to Wisconsin residents who are enrolled at least half-time at Silver Lake College of the Holy Family in a program that prepares them to be licensed as teachers of the visually impaired or as orientation and mobility instructors. The maximum award per year is $10,000 with an overall maximum of $40,000. The student who participates in this program must agree to be a licensed teacher or an orientation or mobility instructor in a Wisconsin school district, the Wisconsin Center for the Blind and Visually Impaired or a cooperative educational service agency. For each of the first two years the student teaches and meets the eligibility criteria, 25% of the loan is forgiven. For the third year, 50% is forgiven. If the student does not teach and meet the eligibility criteria, the loan must be repaid at an interest rate of 5%. To receive this loan, a FAFSA and a nomination by the Office of Financial Aid must be completed.
Additional information, including eligibility and application procedures, may be found at http://heab.wi.gov/programs.html or from the Office of Financial Aid.