Making Up The Difference: Paying For What Isn’t Covered By Financial Aid

We understand that each student’s and family’s financial situation is unique and offer a number of options to assist you in meeting costs not covered by your awarded financial assistance. These resources, which include a payment plan and supplemental financing, can be combined or used in addition to any current family income and savings.

The best way to limit debt is to consider the Interest-Free Monthly Payment Plan. If this plan is not a viable option, you may consider financing the difference through the Federal Direct PLUS Loan or private loans. We strongly encourage you to consider all the ways to pay for an education to determine which best meets your needs.

Direct costs, which may include tuition, fees, room and board, will vary depending upon your student type and program. Room and board costs will also vary depending upon your assigned residence hall, room occupancy and meal plan selected. To arrive at the portion of direct costs you must meet, subtract the amount(s) of any grants or loans offered from your billed expenses. Please remember that Federal Work Study is not subtracted from direct costs.

If you have questions regarding the options outlined below or would like assistance in planning for the semester or even academic year, please do not hesitate to contact your financial aid counselor.

Payment Plan

The monthly payment plan administered through TuitionPay, allows you to divide your educational costs into smaller, more manageable, installments. In using this plan, it can reduce your need to borrow, thereby, reducing the overall cost of education and can be combined with your financial aid award or other financing options. Because the payment plan is not a loan, you do not have to pay interest, only an enrollment fee. To enroll, please visit TuitionPay. For questions you may call 800.635.0120.

Note: Check or Echeck are the accepted methods of payment with TuitionPay monthly payment plans. Annual plans are used to budget the expected costs related to the upcoming fall through summer terms. The summer term prior to the new plan year cannot be included.

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.

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.

For additional information, and to access the PLUS loan application, please choose the applicable loan type.

Parent PLUS Loan
Who is the Borrower?   Biological or adoptive parent (or, in some cases, the stepparent)   
Interest Rate   Fixed rate of 6.84% for loans disbursed on or after July 1, 2015 and before July 1, 2016   
Origination Fee   4.288% origination fee beginning with new loans that have a first disbursement on or after July1, 2013, which is deducted from each disbursement of a PLUS Loan. PLUS loan first disbursed on or after October 1, 2014 carry an origination fee of 4.292%.   
Eligibility   Students must be enrolled in a degree granting program at least half-time and must be eligible for federal aid.   
Repayment   Begins 60 days after the loan is fully disbursed and extends up to 10 years.   
Deferment Options   Parents may choose to defer payments on a PLUS loan until the student graduates or drops below half-time. Interest that accrues during deferment can be paid monthly or quarterly, or can be capitalized quarterly. To apply, please contact your assigned Direct Loan servicer after you have received notification from Direct Loans. Please note, this notification is typically not sent until after the first disbursement has been made.   
Additional Requirements   First-time borrowers must complete the PLUS Master Promissory Note (MPN) at www.studentloans.gov.
If the borrower is approved with an endorser, a new MPN must be completed for each loan application submitted.   

*A valid Free Application for Federal Student Aid (FAFSA) must be on file before we can process your application.

If a parent is denied a Federal PLUS loan due to credit reasons, the parent may appeal the denial with the Direct Loan Origination Center or reapply with a credit-worthy cosigner.  The Direct Loan Origination Center can be reached at (800)-557-7394.

NOTE: As of March 30, 2015, if a parent is approved by appeal or with an endorser, he/she is required to complete on-line credit counseling through www.studentloans.gov. However, on-line credit counseling is encouraged for all PLUS borrowers.

Parents who wish to apply for a Parent PLUS Loan should download, print, and complete the appropriate application below.

2014-2015 Federal Direct Parent PLUS Loan Application (for Undergraduate Day students enrolled September 2014 through August 2015 and College of Professional Studies (CPS) students enrolled July 2014 through June 2015)

2015-2016 Federal Direct Parent PLUS Loan Application (for Undergraduate Day students enrolled September 2015 through August 2016 and College of Professional Studies (CPS) students enrolled July 2015 through June 2016)

Graduate PLUS Loan
Who is the Borrower?   Graduate Student   
Eligibility   Must be enrolled in a degree granting program at least half-time and meet all eligibility requirements for federal aid.   
Interest Rate   Fixed rate of 6.84% for loans first disbursed on or after July 1, 2015 and before July 1, 2016   
Origination Fee   4.288% origination fee beginning with new loans that have a first disbursement on or after July1, 2013, which is deducted from each disbursement of a PLUS Loan. PLUS loan first disbursed on or after October 1, 2014 carry an origination fee of 4.292%.   
Repayment    Students have up to 25 years to repay their loan. Grad PLUS loans do not have a grace period. As such, repayment begins after the student is no longer enrolled at least half-time. Students who drop below half-time status then re-enroll above half-time status will need to request their loans be deferred again through their assigned Direct Loans servicer.   
Consolidation   Can be consolidated with Federal Stafford and Perkins loans upon graduation   
Additional Requirements   First-time borrowers must complete Federal Entrance Counseling and a PLUS loan Master Promissory Note (MPN) at www.studentloans.gov.   

*Please do not complete the Graduate PLUS Loan application before you have filed a Free Application for Federal Student Aid (FAFSA) and received your financial aid award for the applicable academic year.

Unlike Federal Direct Stafford Loans, the Federal Direct Graduate PLUS Loan requires credit approval by the Direct Loan Servicer. Application requests are submitted to Student Financial Services.

NOTE: As of March 30, 2015, if a borrower is approved by appeal or with an endorser, he/she is required to complete on-line credit counseling through www.studentloans.gov. However, on-line credit counseling is encouraged for all PLUS borrowers.

Graduate students with myNEU access can apply for a 2014-2015 Graduate PLUS Loan through the student portal by clicking on the “Federal Graduate PLUS Loan Application” link under the “Self Services” tab. Students that do not have portal access or have trouble applying via the portal should download, print, and complete the application below.

2014-2015 Federal Direct Graduate PLUS Loan Application

The 2015-2016 Federal Direct Graduate PLUS Loan Application is not yet available on the Portal.  Please use the application below until further notice.

2015-2016 Federal Direct Graduate PLUS Loan Application

Supplemental Loans

When considering supplemental loan options, you should compare the benefits and costs of several lenders before you apply, to find the option which best meets your needs. It is always in your best interest to explore federal student and parent loan options before applying. For information to assist you, please review our Researching Private Loans Page.

Below is a list of lenders offering private educational loans that are commonly utilized by Northeastern University students. This is not a comprehensive list of all the educational loans available to you and you are not required to select one of these lenders. Inclusion on this list is not an endorsement or recommendation by Northeastern University. If you or your family has worked with a lender not listed below, and has received excellent benefits and quality service, please recommend this lender to us by emailing loans@neu.edu.

Citizens Bank   
Connecticut Higher Education Supplemental Loan Authority - Connecticut residents only   
cuStudentLoans   
Discover Student Loans   
Massachusetts Educational Financing Authority (MEFA) -No state residency requirement   
Maine Educational Loan Authority (MELA) - Maine residents only   
New Jersey Higher Education Student Assistance Authority - New Jersey residents only   
Ontario Integrated Student Loans - Canadian citizens and permanent residents only   
PNC Educational Loans   
Rhode Island Student Loan Authority - Rhode Island residents only   
SallieMae   
South Carolina Student Loans - South Carolina residents only   
Student Choice Credit Union Loans   
SunTrust   
Union Federal Private Student Loan   
Vermont Student Assistance Corporation (VSAC) - Vermont residents only   
Wells Fargo Student Loans