NU Loan for Parents
The NU Loan is a financing option available to parents of undergraduate students.
- Who Can Borrow: Parents or legal guardians with satisfactory credit history are the primary borrowers of this loan, which is administered by the Northwestern University Student Loan Office. The NU Loan is not available for the summer term.
- Lender: Northwestern University
- Loan Amount: Up to the cost of attendance, minus any other aid the student has received. There are no application or loan fees associated with this loan.
- Interest Rate: The interest rate is variable. The interest rate is 4% for the 2016-17 academic year for loan amounts up to the cost of tuition. The interest rate is 4.5% for any amount borrowed beyond the cost of tuition for the academic year.
- Repayment Terms: Repayment of both principal and interest begins within 45 days of the initial disbursement and can extend up to a maximum of ten years.
- Deferment: Not available.
- Application Instructions: The NU Loan application is available online. Students must initiate the process by completing the student portion of the NU Loan application through CAESAR (CAESAR > For Students > Financial Services > NU Loan Application > OWLS). Once the student initiates the process, the parent borrower will receive an ID and password for OWLS (Online Web Loan System) to complete the application.