Types of Financial Aid

All U.S. Citizens and Permanent Residents are eligible to apply for the Federal Stafford Loan, the NU Loan, and other alternative loans. Even those students who do not demonstrate need may be eligible. Students must be able to pass the credit reviews for all non-federal loans. Non-federal loans without a credit review are not available.

Federal Stafford Loan

• All students who have unmet costs of $18,500 may be eligible for this loan.
• ‘Subsidized’ means the US government is paying (subsidizing) the interest on this loan.
• Those who demonstrate need up to $8,500 are eligible for a Subsidized Federal Stafford Loan.
• The student may apply for any part of the $18,500 maximum that is not subsidized as an Unsubsidized Federal Stafford Loan.
• Students who demonstrate no need may apply for up to $18,500 in an Unsubsidized Federal Stafford Loan.
• Interest on this loan is capped at 8.25%. Current interest for in-school borrowers is 2.77%
• Maximum repayment period is 10 years.
• A total of 1.5% of the total amount borrowed will be deducted from each disbursement for origination and insurance fees.
• Repayment on principle begins 6 months after graduation.
• There is no credit review required for this loan.

• Northwestern offers this low interest loan to help meet costs not met by other forms of aid.
• Applicants must apply for the maximum $18,500 of the Federal Stafford Loan before applying for this loan.
• You may apply for this loan without a co-maker as long as you have established a satisfactory credit history.
• The current interest rate for a need-based NU Loan is 3.0%.
• The current interest rate for an optional NU Loan is 3.5%.
• Repayment begins three months after separation from Northwestern University.
• Repayment can extend up to a maximum of 10 years following separation from Northwestern University.
• Web Address for On-line Application.

• A ‘campus-based’ low-interest federal loan program.
• A very limited amount of dollars are allotted to Kellogg each academic year.
• This loan is not available on request.
• Federal Perkins Loans may be awarded to a limited number of students with extremely high need.

•  These grants are based on a combination of high need and high merit in relation to the pool of students admitted to a class.
• Approximately 45% of those who apply for aid and demonstrate need will be offered a grant.
• The same level of grant will be offered in the second year assuming that the student demonstrates need.
• A limited number of corporate/name scholarships are awarded by Kellogg, usually starting in the summer prior to entering.  When a student receives a Kellogg Scholarship, this replaces the same amount of the student's Kellogg grant (if awarded).