The Bank provides the means by which a student and/or their parents can secure funds for an education under the Federal Student Loan Program. Because of changes made by the government in the Federal Student Loan Program, we can now only process applications. Any application received by the bank is forwarded to the M&I Banks Student Service Center for approval and eventual disbursement. Approval is usually granted within two weeks and occurs when M&I receives notification from the Great Lakes Higher Education Corporation of their loan guarantee.
Once approval is secured, the loan may be disbursed to you in multiple installments. The loan proceeds will be payable to you (or to you and the school) and sent by the lender to the school for delivery to you.
This is a federal program, therefore student loans are available in all states. However, our student loan program's guarantor is the Great Lakes Higher Education Corporation and this limits the applications we may accept to students attending educational institutions located in the State of Wisconsin. If you are planning to attend school in another state, check with the Financial Aids Department at the school for lenders available to you.
Applications and the instructions for completing the same are available at the bank. Please stop in and pick one up.
There are a variety of student loan available under the Federal Student Loan Program. Of the loans mentioned below, the Federal Stafford Loan is best because the government will pay the interest for you while you are in school and during a six (6) month grace period after you leave school.
The Unsubsidized Loan program is open to students who
may not qualify for the Federal Stafford Loan or may qualify for only partial subsidized
Stafford Loans. The provisions are the same as the Federal Stafford Loan, except that the
borrower is responsible for interest that accrues while
he/she is in school. In addition, independent undergraduate, graduate and professional
students have higher loan limits.
The Federal PLUS Loan is also a guaranteed loan, but there is no interest subsidy. It is available to the parents of undergraduate students who are claimed as dependents.
The maximum limits for the Federal Stafford Loans, Unsubsidized Loans and PLUS Loans are as follows:
| Stafford and Unsubsidized Loans |
| Student Year | Student Status | Annual Limits | Aggregate Limits |
| First Year | Dependent | $ 2,625 | |
| First Year | Independent | $ 6,625 | Undergraduate Students |
| Second Year | Dependent | $ 3,500 | Dependent - $23,000 |
| Second Year | Independent | $ 7,500 | Independent - $46,000 |
| Third Year and Beyond | Dependent | $ 5,500 | |
| Third Year and Beyond | Independent | $10,500 | Graduate Students |
| Graduate/Professional | Dependent | $ 8,500 | Dependent - $ 65,500 |
| Graduate/Professional | Independent | $18,500 | Independent - $138,500 |
| PLUS Loans |
| Parents of a dependent student have no annual or aggregate limit. A parent may borrow an amount equal to the cost of education minus any financial aid received by the student. |
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Last Updated:
Monday, December 03, 2007
