The staff of the offices of Student Services and of Financial Aid in The Graduate School have collaborated to develop this set of frequently asked questions. We believe many of your concerns regarding financial aid, specifically loan eligibility and the funds disbursement process, are answered here. We strongly encourage you to review this information carefully before contacting us. That said, we are always available for consultation and we are committed to providing our students with the answers they need, especially with regard to finances. 

Please contact Student Financial Services at gradfinaid@northwestern.edu or 847/491-8950 for additional information.

• Who is eligible to apply for federal financial aid?
• What is half-time and full-time enrollment for graduate students?
• What financial assistance (other than fellowships and assistantships) is available to graduate students?
• What is the difference between Subsidized and Unsubsidized Federal Stafford Loans?
• Do I need to complete Entrance Loan Counseling?
• How often do I have to apply for federal loans?
• How do I apply for federal aid?
• When do I apply for federal financial aid?
• What if I haven't completed my federal tax return yet?
• What happens after I submit my FAFSA?
• What if I forgot to sign the FAFSA or notice a mistake after I have sent the form to be processed?
• How is the amount of my aid determined?
• When can I apply for an alternative loan, and how is it different from federal loans?
• How do I choose a lender? 
• Who is my loan lender?
• How do I determine my loan status via CAESAR?
• When will my financial aid be available to me?
• How do I access my loan funds?
• When do I pay back my loans?
• How do I defer payment on my loans if I am continuing school?
• Can I pay off my loans early?

• United States citizens and eligible non-citizens who are enrolled at least half-time 
• For more information go to our federal loans page or www.studentaid.ed.gov

• Subsidized Federal Stafford Loan ($8,500.00 annual maximum)
• Unsubsidized Federal Stafford Loan ($12,000.00 to $20,000.00 annual maximum; depending on the amount of subsidized Stafford funds awarded)
• Federal Carl Perkins Loan; available to high-need graduate students ($6,000.00 annual maximum)
• Federal GradPLUS Loan
• NU Loan 
• Alternative student loans through private lenders 
• For more details regarding student loans, please visit our student loans pages. 

• The subsidized Federal Stafford Loan is awarded based on financial need using your Free Application for Federal Student Aid (FAFSA) information. The government pays the interest while you are enrolled at least half-time, during your grace period (which begins once you drop below half-time enrollment) and during authorized deferment periods. 
• The unsubsidized Federal Stafford Loan is not a need based loan. You must also complete a FAFSA to determine your eligibility for this loan. You are responsible for the interest that accrues from the time the loan is disbursed until it is paid in full. Payment of accrued interest is optional while you are in school. Unpaid interest will be capitalized (added to the principal) at the end of the grace period when you begin repayment. 

                                                                                             back to top

• YES! By Federal requirement, you must complete online Entrance Counseling as a new borrower at NU, even if you completed Entrance Counseling at another school. Perkins and Stafford Loan funds will not be released until the entrance sessions are completed.
• For Federal Stafford borrowers, go to http://mapping-your-future.org/loancounseling. Please make sure you select "Northwestern University - The Graduate School - Evanston, IL".  

• Those students who are awarded a 2007/08 Federal Perkins Loan, and have not borrowed Perkins funds prior to the 2007/08 academic year, will receive an email from Campus Partners (iPROMise) providing instructions for completing their online entrance counseling and loan application/MPN.

• We recommend that you file your FAFSA by March 1^st each year. Click here for additional priority dates and deadlines.
• You must complete a FAFSA for every year that you would like to be considered for federal aid; the information is based on your previous year's Federal tax return. 
• The FAFSA form is year specific, so it must be submitted for each academic year; which usually begins with the fall quarter and continues through the end of the following summer quarter. 
• The FAFSA cannot be filed prior to January 1st of each year.  

                                                                                          back to top 

• If you haven't completed your federal tax return, you can use your best estimates of your income and tax information on the FAFSA.  Once you have filed your federal tax return, you should adjust the FAFSA data as needed. If you have questions, there is online help, or you may call 1-800-4-FED-AID.

• The U.S. Department of Education will reply to your FAFSA application by providing a Student Aid Report (SAR). Students who give an email address will receive an e-mail with a link to an online SAR that they can access by providing their SSN, date of birth, and first two letters of their last name. If the student signature is missing, you will receive a rejected paper SAR. 
• The Student Aid Report (SAR) is a summary of the information you reported on your FAFSA. Review your SAR information to ensure its accuracy. 
• If you listed Northwestern University on your FAFSA, your Financial Aid Office will receive the information electronically from the U. S. Department of Education.
• If your SAR does not list Northwestern University, contact the U.S. Dept. of Education's Central Processor at the 1-800-4-FED-AID and provide your DRN (Data Release Number).

• Corrections and updates can be submitted by the student on the SAR or online: 
  • Use the web to make corrections: Any student who has a PIN—regardless of how he/she applied—may correct any of his/her own data, except SSN, by using Corrections on the Web (www.fafsa.ed.gov).
  • Use the student aid report (SAR) to make corrections: Students who received a paper SAR may make corrections or updates on it, then sign and return it to the FAFSA processor at the address given at the end of the SAR. (As stated above, students with PINs can instead use Corrections On The Web- COTW).
• Students who have PINs can electronically sign their FAFSA on the Web.
• Alternatively, students can print the signature page, sign it, and mail it to the processor. If the processor doesn’t receive the signature page within 14 calendar days of receiving the application data, it will mail a “reject 16” SAR to the student (“no student signature on an electronic application”).

• The combination of all federal and non-federal aid cannot exceed the cost of attendance (COA). 
• Factors include: your FAFSA information (for federal aid), your actual enrollment, your associated tuition and fees, and your living costs. You may use the Budget Worksheet to prepare for the financial aspect of the academic year. 
• The amount of aid is determined by this calculation:
  • Cost of Attendance (COA) - tuition, books, room and board, etc.
  • Less the Expected Family Contribution (EFC),
  • Less any aid (fellowships, traineeships, assistantships, etc.)
  • Equals need; which allows Financial Aid staff to determine your loan eligibility.  

• Certain alternative loans may be available to students who need funds in excess of federal loans, and students who do not qualify for federal loans (registered less than half-time and/or international students). 
• Alternative loans are offered by private lenders and are based on creditworthiness of the applicant and/or co-signer.
• Interest rates are variable and are usually higher than the rates for federal loans. Benefits such as grace periods and deferments are limited. 
• As with federal loans, the amount borrowed (including all other sources of aid) cannot exceed the cost of attendance for the loan period.
• If you plan to enroll at least half-time (2 courses), we recommend that you apply for federal loans prior to seeking an alternative loan.
• For additional information, please see our Supplemental/Alternative Loans page. 

• The lender is the institution from which the loan money is actually borrowed. You can find the name of your previous lender(s) at www.nslds.ed.gov/nslds_SA/.

• In order for the funds to disburse to your Student Account, you must be registered appropriately and, if a first-time borrower, have completed the entrance loan counseling, and signed your Master Promissory Note(s).
• If everything is completed by the priority dates, the loan funds should be available by the first day of classes each term. To see if the funds were received, you can check your Student Account on CAESAR at For Students > Financial Services > View My Account. If the Account Balance on the Grand Total line (at the top of the page) shows a negative amount, there is actual credit on your account.
• If your Student Account still shows an anticipated credit balance, this means that your loan funds have not yet been received. If your To Do List on CAESAR shows that all loan requirements are complete, you may obtain a cash advance of up to $3,000 per day up to the total amount of the anticipated credit. Please visit The Graduate School Financial Aid Office (633 Clark St) or Student Financial Services (555 Clark St) to complete a cash advance form. 
• If the quarter has already begun, loan funds should be available within one to two weeks after all requirements are completed. See your To Do List on CAESAR. 
• If the funds do not arrive within this time frame, please contact a Student Financial Services representative at gradfinaid@northwestern.edu or 847/491-8950 for further assistance.

• After you graduate, leave school, or drop below half-time enrollment; your in-school status ends. Federal Stafford Loans, Federal Perkins Loans, and private NU Loans have grace periods of six months, nine months, and three months respectively before repayment begins. Other loans go into immediate repayment. Contact your lender(s) to determine when your first payment is due and for specific repayment terms. 

• Only federal loans offer in-school deferments. Other loans may offer in-school forbearance. Students will need to contact their lender(s) concerning deferment and forbearance options. You can access your lender information at www.nslds.ed.gov/nslds_SA/ .
• Deferments are granted only if the borrower provides the required certification that the specified conditions are met. 

• Yes, your loans can be prepaid without penalty. Contact your lender(s) for further information.