Loan Options
Loans available to Evening & Weekend MBA students
Loan options are available to Evening & Weekend MBA students through federal and/or private loans. Awarded loan amounts are determined by the Financial Aid Office and are based on your financial aid application and the Free Application for Federal Student Aid (FAFSA).
Loan funds are disbursed to Northwestern University at the start of each term. They will be applied to any charges (e.g. tuition) on your student account. If you borrow funds in excess of tuition, the remaining funds will be refunded to you after the first day of each term. You will be responsible for any charges not covered by your loan funds.
For more information on loan options, visit the Office of Financial Aid website.
Federal Direct Unsubsidized Loan
What it is: Non-need-based federal loan
Who qualifies: U.S. citizens or eligible non-citizens who are enrolled in a graduate or professional program at least half time.
Loan amount: Up to $20,500 per academic year
Interest rate: Fixed 6.60% for the life of the loan for loans first disbursed between July 1, 2018 and June 30, 2019. 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.
Origination Fee: 1.066% for loans first disbursed by September 30, 2018; 1.062% for loans first disbursed on or after October 1, 2018.
Repayment: Begins 6 months after graduation or separation from the university or if a student’s enrollment is below half-time. The borrower has up to 10 years to repay the loan under the standard repayment plan. Extended and income-based repayment plans are available for those who qualify.
Federal Direct Graduate Plus Loan
What it is: Non-need-based federal loan
Who qualifies: U.S. citizens or eligible non-citizens who are enrolled in a graduate or professional program at least half time.
Loan amount: Up to the cost of attendance, less any other financial aid, per academic year.
Interest rate: Fixed 7.60% for the life of the loan for loans first disbursed between July 1, 2018 and June 30, 2019. Interest accrues from the time of disbursement.
Origination Fee: 4.264% for loans first disbursed by September 30, 2018; 4.248% for loans first disbursed on or after October 1, 2018.
Repayment: Begins 6 months after graduation or separation from the university or if a student’s enrollment is below half-time. The borrower has a maximum of 25 years to repay the loan.
Private Loans
Who qualifies: Private loans are typically offered to students enrolled less than half time (fewer than two 1.0-credit courses) and international students. Students must complete the University Aid Application before we can process a private loan request. Private loans also require the completion of a separate loan application and are subject to lender credit approval.
Lender: Varies
Loan amount: Varies
Interest rate: Determined by the lender and based on a variable index, such as the Prime Rate or the London Interbank Offering Rate (LIBOR) plus a margin based on credit score and credit history. The interest rate on private loans is variable and interest will begin to accrue once the loan is disbursed.
More information: Visit the Student Financial Services website for more information.