Federal Direct Stafford Loan
This loan may be subsidized, unsubsidized, or a combination of both. With a subsidized loan, which is awarded based on financial need, the federal government pays interest that accrues while you are in school. The unsubsidized loan is not based on need; interest that accrues while in school must either be paid monthly or deferred and capitalized (added to the original loan balance). Financial need is determined by the Office of Student Financial Services.
Loan funds are disbursed directly to Northeastern in equal amounts over each term of enrollment for the academic year. There is a 6-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status. See the Exit Information section for additional information on repayment options. For a typical undergraduate student borrower, the average federal student loan debt is $17,121 upon degree completion (based on data from the May 2008 graduating class).
In order for first-time borrowers to receive Stafford Loan funds, the online Federal Entrance Interview and Stafford Loan Master Promissory Note (MPN) must be completed. The Federal Entrance Interview and the Stafford Loan MPN can be completed at www.studentloans.gov.
View the Stafford Loans page for information on interest rates, annual loan amounts, and aggregate loan totals.
Federal Direct PLUS Loan
The federally sponsored PLUS loan is a student loan for graduate level students and the parents of dependent undergraduate students, who are attending at least half-time. The interest rate is a fixed 7.9%. There is a 4% origination fee deducted from each disbursement of a PLUS Loan.
Loan funds are disbursed directly to Northeastern in equal amounts over each term of enrollment for the academic year. The maximum amount that can be borrowed is the cost of education less any other forms of financial aid. PLUS loans must be processed according to federal regulations, which stipulate that a loan cannot be processed after the end of the loan period. Thus, you cannot use a federal PLUS loan to pay a back balance.
To download an application or for additional information on the Parent PLUS Loan and Graduate PLUS Loan, visit the PLUS Loans page.
Federal Perkins Loans, Health Professions Student Loans, and Nursing Student Loans
These federal loan programs carry a 5% interest rate during repayment. You must demonstrate financial need and meet Northeastern's priority filing date for consideration, as funds are limited. Northeastern serves as the lender, and the loan is made with government funds. Repayment is made to Northeastern. For Perkins and Nursing Loans, there is a 9-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status. The grace period is 12-months for Health Professions Student Loans. Repayment on the loan is for a period of up to ten years with a minimum $40 monthly payment. The loan may be prepaid at any time without penalty.
To be eligible for the Health Professions Loan Program applicants must be enrolled full-time in the School of Pharmacy in the Bouvé College of Health Sciences. To the eligible for the Federal Nursing Student Loan applicants must be enrolled full-time in the School of Nursing in the Bouvé College of Health Sciences. To receive a Health Professions or Nursing Loan, you must complete a Self-Certification Form and return it to Student Loan Collections, 315 Richards Hall.
Physician Assistant Loan
The Physician Assistant Loan is awarded to full-time students in the graduate Physician Assistant program, who demonstrate financial need after filing the Free Application for Federal Student Aid (FAFSA). The interest rate is fixed at 7%. Northeastern University is the lender, and repayment is made directly to Northeastern. The loan amounts range from $1,000 to $3,000, depending upon the student’s financial need. Repayment begins one month after the student ceases to be enrolled full-time at Northeastern University.
If awarded the Physician Assistant Loan, the student must accept the loan via the MyNEU/Self Service/Apply Online tab, and submit a Self Certification Form to Student Loan Collections. Student Loan Collections will then mail the disclosure forms, promissory note, and data sheets directly to the student. The loan will not disburse until all documents have been completed with Student Loan Collections.