Students who complete the FAFSA are automatically considered for the Federal Direct Loan program. To be eligible, you must meet a number of requirements, including (but not limited to):
The subsidized annual amounts listed below may be changed all or in part to a Direct Unsubsidized Loan depending on the student’s financial need as determined each year by the FAFSA. Annual limits are based on the number of credits earned towards the student’s degree.
With a need-based Direct Subsidized Loan, the federal government pays the interest that accrues while you are in school. On a non-need-based Direct Unsubsidized Loan, interest accrues while you are in school.
For the 2016-2017 academic year, the interest rate is fixed at 3.76% for both the Federal Direct Subsidized and Unsubsidized Loans. For loans with a first disbursement on or after October 1, 2016, and before October 1, 2017, there is an origination fee of 1.069%. Learn more.
|Year of Study||Dependent Student||Independent Student|
|Total Lifetime Eligibility||$31,000 |
|First Year |
0-31 completed credits
|Second Year |
32-63 completed credits
|Third Year |
64-95 completed credits
|Fourth Year |
96+ completed credits
Federal Perkins Loan, Health Professions Student Loan and Nursing Student Loan
These federal loan programs carry a 5% interest rate during repayment. Students must demonstrate financial need and meet Northeastern’s priority filing date for consideration, as funds are limited.
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, students must complete a Self-Certification Form and return it to Student Loan Collections, 315 Richards Hall.
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