Components of an Aid Package

An aid package is typically composed of a variety of aid sources, including student loans, scholarship and grant assistance, and student employment.

Student Loans

Students and parents may be eligible for a variety of federal, institutional, and private loan programs.

• Federal Loans
  The federal government offers students two need-based loans: the Federal Stafford and Federal Perkins Loan. It also offers two loans for families that do not demonstrate financial need: the Unsubsidized Federal Stafford Loan (for students) and the Federal PLUS Loan (for parents).
• Institutional Loans
  Northwestern offers parents the financial aid options of the NU Loan and NU Supplemental Loan (after the NU Loan has been maximized).
• Private Loans
  A number of private outside agencies allow parents to borrow up to the cost of attendance, minus any financial aid received by the student.

Scholarships & Grants

A number of federal, state and institutional programs offer need-based grant or scholarship assistance to eligible undergraduates.

• Federal Grants
  The federal government sponsors several grant programs: the Federal Pell Grant and the Federal SEOG (Supplemental Education Opportunity Grant), which supplements the Pell Grant for students with high need. There are also the ACG (Academic Competitive Grant), and SMART grants.
• State Grants
  Illinois' Monetary Award Program (MAP) is a grant program for state residents. Other states also provide grants for their residents. To be considered for a state administered program, students must complete the FAFSA and check the box indicating that the U.S. Department of Education should forward their information to the appropriate agency for their state of residency.
• Institutional Scholarships
  Approximately half of all undergraduates receive NU Scholarships, which are awarded on the basis of demonstrated financial need and availability of funding.

Student Employment

The "self-help" portion of an aid package often includes part-time employment, either through the Federal Work-Study Program or through outside employment.

• Federal Work Study
  If a student has demonstrated need and funding is available, a Federal Work Study award is provided. Work-Study jobs are available both on- and off-campus.
• Outside Employment
  If a student is not eligible for Federal Work Study or if he or she already has a job outside the FWS program, the aid package will indicate the expected academic-year work contribution.