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Northwestern University

Welcome Kellogg Student

Dear Students:

We look forward to assisting you during the 2013-2014 school year.  On our website you will find the necessary information for completing the financial aid process. 

Incoming Students please find information for accepting, declining, or reducing your financial aid award online via CAESAR as well as information for completing your loan application materials. If you have not applied for financial aid and would like to do so, please review and submit the financial aid application materials at the Admitted Student website.

Returning Students please find information and application materials for completing the financial aid application process for your second year at Kellogg. Once your financial aid application materials are reviewed and processed, we will email you further instructions for accepting your aid and for completing the loan application process for your second year at Kellogg, usually after July 1st.

We will continue to assist you in determining the best way to finance your education. Should you have any questions, please do not hesitate to contact our office. We have open office hours during the week. You may also contact our office via email or by telephone. We wish you continued success as you prepare for and begin your 2013-2014 school year at Kellogg.

Sincerely,


Julie Israel
Senior Associate Director of Financial Aid

*****************FINANCIAL AID UPDATE****************

Information about Changes to Student Loan Interest Rates

On Friday, August 9th, 2013, President Obama signed the Student Loan Certainty Act of 2013.  This Act re-establishes the interest rates for new Federal Direct Student Loans, moving them from a fixed interest rate of 6.8% for the Direct Unsubsidized Stafford Loan and 7.9% for the Direct Graduate PLUS Loan, to a “fixed variable” interest rate that will be established each year by June 1 and effective on July 1 of that year.

A “fixed variable” rate means that a new interest rate will be set each year, but the rate will be fixed for the life of the loan for any loans disbursed between July 1 of that year and June 30 of the next year. As a result, this may mean that upon graduation you will have a set of fixed-rate loans, each with a different interest rate.  

The interest rate will be set by the U.S. Department of Education each year in the spring and will be based on the 10-Year Treasury Bill plus 3.60% for the Unsubsidized Stafford loans and 4.60% for the Graduate PLUS loans. The Student Loan Certainty Act established new interest rate caps. Interest rates will not be set higher than:

Graduate Unsubsidized Stafford Loans: 9.50%
Graduate PLUS Loan 10.50%


The interest rates for loans with a first disbursement on or after July 1, 2013 through June 30, 2014:

Loan Type

Rate Formula

Rate for 2013-14

Origination Fee for 2013-14

Graduate Unsubsidized Stafford

T+3.60%

5.41%

*1.051%

Graduate PLUS Loans

T+4.60%

6.41%

*4.204%

 

 

 


*Please note that, due to sequestration (not a part of the Student Loan Certainty Act), the origination fees (which are charged at the time of disbursement) on all Federal Direct Loans also changed as of July 1, 2013. The updated fees are listed above.

 
© Kellogg School of Management, Northwestern University
The Office of Financial Aid