Entrance Counseling Session

Federal Direct Loan Online Entrance Counseling Session Requirement:

Please refer to the Financial Aid Handbook for instructions for completing the Online Entrance Counseling Session.

Additional Online Entrance Counseling Session Information for Kellogg Full-Time 1Y MBA Students, 2Y MBA Students and 2Y MMM Students

In addition to the information provided to students during the online entrance counseling session, we are providing the information below in order to help you understand all the terms and conditions of your loan as well as provide you with the necessary resources when questions arise regarding your federal student loans.

The debt of students in the 2011 graduating class who borrowed through the Federal Stafford Loan and/or Federal Grad PLUS Loan programs varied by the program of study and the amount of loan funding accepted by the student. Below you will find information regarding the repayment amounts for several debt levels, ranging from $25,000 to $150,000.

Using the debt figures below as an example, we have calculated what an average monthly payment would be using an interest rate of 7.6% (an average of the Subsidized and Unsubsidized Stafford Loan fixed interest rate of 6.8% and the Grad PLUS Loan fixed interest rate of 8.5%). The figures are based on a standard repayment term of 10 years for each loan option and do not include interest that would have accrued on any portion of the debt coming from the Unsubsidized Stafford Loan and/or the Grad PLUS Loan.

Average Indebtedness/Sample Repayment

Loan Balance: $150,000
Loan Interest Rate: 7.6%
Loan Term: 10 years
Monthly Loan Payment: $1788.37
Number of Payments: 120
Total Loan Payments: $214,603.52
Total Interest Paid: $64,603.52

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Loan Balance: $125,000
Loan Interest Rate: 7.6%
Loan Term: 10 years
Monthly Loan Payment: $1490.30
Number of Payments: 120
Total Loan Payments: $178,836.76
Total Interest Paid: $53,836.76

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Loan Balance: $100,000
Loan Interest Rate: 7.6%
Loan Term: 10 years
Monthly Loan Payment: $1,192.24
Number of Payments: 120
Total Loan Payments: $143,069.41
Total Interest Paid: $43,069.41

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Loan Balance: $75,000
Loan Interest Rate: 7.6%
Loan Term: 10 years
Monthly Loan Payment: $894.18
Number of Payments: 120
Total Loan Payments: $107,302.06
Total Interest Paid: $32,302.06

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Loan Balance: $50,000
Loan Interest Rate: 7.6%
Loan Term: 10 years
Monthly Loan Payment: $596.12
Number of Payments: 120
Total Loan Payments: $71,534.71
Total Interest Paid: $21,534.71

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Loan Balance: $25,000
Loan Interest Rate: 7.6%
Loan Term: 10 years
Monthly Loan Payment: $298.06
Number of Payments: 120
Total Loan Payments: $35,767.35
Total Interest Paid: $10,767.35

If you have any questions regarding borrower’s rights and responsibilities and loan terms and conditions, please feel free to contact our office:

David Lowery
Assistant Director of Financial Aid
Kellogg Office of Admissions and Financial Aid
d-lowery@kellogg.northwestern.edu, 847-491-8695

We strongly encourage students to read the loan sections of The Guide to Federal Student Aid, which is published by the U.S. Department of Education. The guide provides a wealth of information, including loan repayment schedule and terms, federal loan program deferment, forbearance and cancellation provisions.

Enrollment Classifications

For loan deferment and enrollment verification purposes, student status is defined as follows during regular terms and summer school:

  • Full-time: enrolled in at least three courses per quarter or the equivalent
  • Half-time: enrolled in at least two but fewer than three courses per quarter or the equivalent
  • Part-time: enrolled in fewer than two courses per quarter or the equivalent (also referred to as less than half-time)
Withdrawal Information

It is very important for students to contact the appropriate offices when withdrawing from the University. Students who withdraw must immediately file a withdrawal form, available at:
 
Kellogg Office of Student Affairs and Registration
The Donald P. Jacobs Center, 2001 Sheridan Road, first floor

The completed form must bear the required signatures from representatives from the appropriate university offices. Signatures are required from:

The form will then be submitted to:

Office of the Registrar
633 Clark Street
Evanston, Illinois 60208-1118
by the Kellogg Registrar, Kimberly Richards.

Please also notify:

Office of Financial Aid, Julie Israel, Senior Associate Director of Financial Aid, jis226@kellogg.northwestern.edu that you are withdrawing from the University.

If you reside in Engelhart Hall, please also notify Carolyn Wharton, Coordinator of University Housing, c-wharton@northwestern.edu that you are withdrawing from the University.


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