Loans
Student loans are a type of financial aid that can help with educational expenses. Unlike scholarships or grants, student loans must be paid back.
We encourage you to use this page as a starting point for your research to compare the loan options that may be available to you.
What differentiates loan types?
- Repayment Timing: Some loans require payment while the student is in college, whereas other loans may have repayment that begins after graduation.
- Interest Rates: Some loans have fixed interest rates, which means the interest rate will not change over the life of the loan, while others have variable interest rates.
- Enrollment Requirements: Some loans may have enrollment requirements, so students may have different options available whether they are half-time or full-time students.
Lender: U.S. Department of Education, through the William D. Ford Federal Direct Loan Program
Note: Recent federal legislation has led to some changes in the Federal Direct Loan program.
- Federal Direct Subsidized Stafford Loan
For domestic undergraduate students with demonstrated financial need. - Federal Direct Unsubsidized Stafford Loan
For domestic undergraduate and graduate students, regardless of financial need. - Federal Direct Parent PLUS Loan
For parents of dependent undergraduate students regardless of financial need.
Institutional loans are overseen and managed by the Student Finance Office.
- Endowed Loan
The Endowed Loan Northwestern University (from many different private donor bequests). - NU Loan
The Northwestern University Loan is offered in financial aid packages for U.S. and international students and parents of undergraduate students. Students are encouraged to consider their federal aid eligibility before applying for the Northwestern Loan.
Unlike federal loans, the terms of private loans are set by individual lenders. The interest rate and fees are determined by your credit history, your debt-to-income ratio, and that of your co-signer.
Before applying for these loans it is important for you to ensure that you have reviewed all of your federal loan options and eligibility.
Prospective borrowers should note: you may qualify for loans or other assistance under the federal Title IV programs and the terms and conditions of loans under the federal Title IV programs may be more favorable than those of private education loans.