Student Loans
Students who apply for financial aid and who have financial need may be offered a Federal Perkins Loan or a Federal Subsidized Stafford Loan as part of their aid package. Students who cannot demonstrate financial need may be offered an Unsubsidized Stafford Loan or a Federal PLUS Loan.
Jump to view the student loans available (with links to more detailed application instructions):
Federal Loan Options
Subsidized Federal Stafford Loan
- Borrower: Students who demonstrate financial need.
- Loan amount: Up to $3500 for the freshman year, $4500 for the sophomore year, and $5500 for the junior and senior years.
- Application Process:
Complete an online entrance interview, and complete a Master Promissory Note (MPN) at www.studentloans.gov. You will also need to complete a Free Application for Federal Student Aid (FAFSA) for the appropriate academic year. - Interest Rate: 6.8% for 2012-13. The federal government pays interest while the student is enrolled at least half-time or is in deferment.)
- Repayment: Repayment begins six months after graduation or after the borrower ceases to be enrolled at least half-time. Each year while the borrower is in repayment, he or she is required to pay at least $600 or the unpaid balance (which ever is less). The borrower has up to 10 years to repay the loan. There is no penalty for early repayment. In order to assist you with your planning, the Department of Education provides very helpful budget and repayment calculators.
- Take me to the application instructions for the Federal Stafford Loan.
Unsubsidized Federal Stafford Loan
- Borrower: Students who do not qualify for the need-based Subsidized Federal Stafford Loan, or those who only have partial need-based Stafford eligibility.
- Loan amount: Up to $5500 for the freshman year, $6500 for the sophomore year, and $7500 for the junior and senior years.
- Application Process:
Complete an online entrance interview, and complete a Master Promissory Note (MPN) at www.studentloans.gov. You will also need to complete a Free Application for Federal Student Aid (FAFSA) for the appropriate academic year. - Interest Rate: Fixed 6.8%. Interest accrues while the student is in school and during loan deferment; the student doesn't need to pay the interest at this time, but the accumulated interest will be added to the principal and increase the amount to be repaid.
- Repayment: Repayment begins six months after graduation or after the borrower ceases to be enrolled at least half-time. Each year, the borrower is required to pay at least $600 or the unpaid balance (which ever is less). The borrower has up to 10 years to repay the loan. There is no penalty for early repayment. In order to assist you with your planning, the Department of Education provides very helpful budget and repayment calculators.
- Take me to the application instructions for the Federal Stafford Loan.
Federal Perkins Loan
- Borrower: Students with exceptional financial need. You must be offered this loan from the Office of Financial Aid in order to be eligible.
- Lender: Northwestern University.
- Loan amount: Up to $5500 per year.
- Application Process:
First-time Perkins borrowers: You will be notified via e-mail and given instructions on how to complete the loan application, entrance interview and MPN.
Returning Perkins borrowers: If you received a Perkins Loan the previous year, accept the award online via CAESAR, identifying the amount you wish to borrow. - Interest Rate: Fixed 5% during repayment. Interest does not accrue until the student enters repayment.
- Repayment: Repayment begins nine months after graduation or after the borrower ceases to be enrolled at least half-time. A minimum payment of $40 per month is required, and the borrower has up to 10 years to repay the loan. There is no penalty for early repayment.
- Take me to application instructions for the Federal Perkins Loan.
Federal PLUS Loan
- Borrower: Parents (U.S. citizens or eligible noncitizens) with satisfactory credit history.
- Loan amount: Up to the cost of attendance, minus any other aid the student has received. Note that an origination fee will be deducted from each loan disbursement.
- Application Process: Parents should complete the PLUS Loan request/application as well as a Parent PLUS MPN. A credit check will need to be run. Families will also need to complete a Free Application for Federal Student Aid (FAFSA) before a PLUS Loan can be processed.
- Interest Rate: The interest rate is fixed at 7.9%. Interest is charged from the date of the first disbursement until the loan is paid in full.
- Repayment: Repayment of the principal begins within 60 days of the final disbursement of funds of the academic year. A minimum payment of $600 per year is required, and the borrower has a maximum of 10 years to repay the loan. Parents may choose to defer payments on a PLUS loan until six months after the date the student ceases to be enrolled at least half time. Accruing interest can either be paid by the parent borrower monthly or quarterly, or be capitalized quarterly. In order to assist you with your planning, the Department of Education provides very helpful budget and repayment calculators.
- Take me to the application instructions for the Federal PLUS Loan.
Private Educational Loans
A number of private outside agencies, including those listed below, offer families additional sources of financing. We encourage student to investigate these options very cautiously and thoroughly. It is important for borrowers to ask as many questions upfront before applying as each application affects your credit score. Be sure to ask the lender about interest rate, fees, and repayment. Most private loans require and co-signer, which should also help you attain better loan terms.
For more information, please visit our Private Educational Loan Page.
