https://www.googletagmanager.com/ns.html?id=GTM-WGQLLJ

Types of Aid

Loans

Federal Direct Loan

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):

  • Be enrolled at least half-time
  • Maintain Satisfactory Academic Progress
  • Be registered with the Selective Service (if applicable)
  • Be a U.S. Citizen or eligible non-citizen

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
($23,000 subsidized)
$57,500
($23,000 subsidized)
First Year
0-31 completed credits
$5,500
($3,500 subsidized)
$9,500
($3,500 subsidized)
Second Year
32-63 completed credits
$6,500
($4,500 subsidized)
$10,500
($4,500 subsidized)
Third Year
64-95 completed credits
$7,500
($5,500 subsidized)
$12,500
($5,500 subsidized)
Fourth Year
96+ completed credits
$7,500
($5,500 subsidized)
$12,500
($5,500 subsidized)

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.

Assistive Options

Top of page


Assistive Options

Open the original version of this page.

Usablenet Assistive is a Usablenet product. Usablenet Assistive Main Page.