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The staff in Student Financial Services determine loan eligibility and process loans for students in:
- The Graduate School
- McCormick School of Engineering and Applied Science (Professional Masters programs)
- School of Education and Social Policy (Professional Masters programs)
- School Of Communication (Professional Masters programs)
Congress has recently passed the College Cost Reduction and Access Act and President Bush has signed it into law. This legislation will have an impact on federal loan programs, most of which will not go into effect until the 2008-2009 academic year. While most of the provisions will be to a borrower’s advantage, there is still some question about how cuts in lender subsidies will impact student loan fees and borrower benefits. Our office is closely monitoring the effects of this legislation and will provide you with all relevant information as it becomes available. Please continue to check our website for updates.
Student loans are available to help finance the cost of education. The amount borrowed must be for educational expenses and cannot exceed (including all other sources of aid) the Cost of Attendance (2007-2008, 2008-2009) for the loan period. The loan period is the term for which the funds are being borrowed. The student must a) be currently enrolled, b) intend to enroll, or c) have been enrolled during the entire loan period.
The chart below lists the eligibility requirements for each type of loan.
Loan Type
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Student must be a U.S. citizen or Permanent Resident?
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Student must be registered
at least half-time (two credits per term)?
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Loan period must have an end date in the future?
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Federal Perkins Loan
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Yes
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Yes
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Yes
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Federal Stafford Loan
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Yes
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Yes
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Yes
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Federal GradPLUS Loan
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Yes
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Yes
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Yes
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NU Loan
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No1
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Yes
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No2
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- An international student may apply for an NU Loan with a creditworthy cosigner. (Loans cannot be used as a resource by international students on their visa applications.)
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Although a student may apply for an NU Loan for a loan period in the past, the deadline for applications is July 1st in any academic year.
Private lenders also offer a variety of alternative student loan products for those who do not qualify for the loans listed above. Please check directly with the lender regarding the eligibility requirements for their alternative loans.
Priority Dates and Deadlines (for student loan processing)
The priority dates are those by which students must have submitted all required materials in order to assure that their loan funds are available at the beginning of each term. Students may continue to apply after these dates, but Student Financial Services cannot guarantee that loan funds will be available on the first day of class. Loan requests and/or applications received after the deadline dates will not be processed.
2007-08 Priority Dates and Deadlines
2008-09 Priority Dates and Deadlines
Between June and October, students may expect to hear about their loan eligibility approximately 3 to 4 weeks after all required materials are received.
During the remainder of the academic year, currently enrolled students may expect a response within 2 to 3 weeks after all required materials are received.
Applying for Student Loans
To apply for student loans, please follow the steps on the loan checklist (2007-08, 2008-09). Students may view any outstanding loan requirements, review their loan awards (including updates), and accept/decline their loans on CAESAR. Students will need their NetID and password to access their data on CAESAR.
Any paper loan forms should be sent to:
Student Financial Services
555 Clark St.,1st Flr
Evanston, IL 60208
FAX (847)467-2451
If you have questions or need further information concerning student loans, you may contact Student Financial Services at gradfinaid@northwestern.edu or at 847/491-8950.
The Graduate School reserves the right to change, without notice, any statement in this document concerning, but not limited to, maximum loan amounts, interest rates, and grace periods.
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Last updated: May 21 2008 10:46AM
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