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Applying for Student Loans

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Loan Programs Offered at Northeastern

  • Carl D. Perkins Federal Student Loan (campus-based; award criteria based on priority file)
  • Federal Direct Loan (requires Direct Loan Request Form AND electronic Master Promissory Note)
  • Direct Parent Loan for Undergraduate Students or PLUS (requires credit worthiness check)
  • Direct GRAD PLUS (requires Direct Loan eligibility be exhausted and creditworthiness check)
  • Alternative/Private Loans (requires Direct Loan eligibility be exhausted or student has “Student-at-Large” non-degree seeking academic status and creditworthiness check)

Federal Direct Loans - Guaranteed, Zero and Low Fixed Interest

All Federal Direct Loans are originated through the U.S. Department of Education. All student loan borrowers will be required to have a Direct Loan electronic Master Promissory Note and an online Entrance Loan Counseling session.

To avoid possible loan default and damage to your credit score rating, Northeastern strongly encourages you to borrow wisely and only the minimum amount you need to meet school expenses. As a default aversion strategy, borrowers with prior year default statuses have a one-year waiting period prior to certifying future Direct Loans. To appeal this institutional policy, a typewritten appeal must be submitted to the Director of Financial Aid.

Are You New to Direct Loans?

Complete the electronic Master Promissory Note.

Are You a Continuing Borrower of Direct Student Loans?

The National Student Clearinghouse provides enrollment verification, deferment information and other important information.  To view your borrower history, visit the National Student Loan Database System (NSLDS.gov).  Your borrowing history is also reflected on your NEIUport account if you are a current student.

Online Direct Loan Counseling and Process

Federal regulations require all recipients of Federal Direct Loans to complete an online loan entrance counseling session at www.studentloans.gov prior to receiving any loan funds.

Borrowers must complete an online loan exit counseling at www.studentloans.gov when graduating, withdrawing from school, or enrolling less than half-time (six credit hours).

  1. Complete your Direct Loan Entrance Counseling session. Once you have successfully completed the process, NEIU will be notified electronically.
  2. Print a copy of the Confirmation Page for your records.
  3. Complete a Direct Loan Request.
  4. Check the Current Student tab in NEIUport for updates on your loan request or follow up with the Financial Aid Office.

Direct Loan Limits

Subsidized*

Unsubsidized Undergraduate Independent & Graduate/Professional

Freshman

$3,500

$6,000

Sophomore

$4,500

$6,000

Junior/Senior/2nd BA/ Teacher Certificate

$5,500

$7,000

Graduate/Professional

NA

$20,500 (or up to COA)

*Subsidized Direct Loan eligibility limited to undergraduate, degree seeking students for the equivalent of six years

Parent Loans for Undergraduate Students (PLUS)

Since there is a creditworthiness check required for PLUS loans, any credit approval is valid for only 90 days. Parents are encouraged to apply for PLUS and complete the electronic Master Promissory Notes between the months of April and June for the upcoming award year in order to avoid the likelihood of the 90 day approval expiring. Parents can borrow up to the Cost of Attendance minus any other financial aid the student is receiving.

Parents and students can track PLUS status, submit an electronic Master Promissory Note and initiate their own credit check via http://www.studentloans.gov. Simply create a login for the Parent Portal using your PIN from FAFSA on the Web.

NEIU and Alternative/Private Loans

The Financial Aid Office policy on alternative or private loans is that they be limited to those students who: 1) have student-at-large academic status, 2) are not eligible for financial assistance under Title IV Financial Aid Programs and 3) have exhausted all Direct Loan eligibility. The maximum certification for borrowers not studying abroad is $9,000.

The process for approval, certification and disbursement of Alternative/Private Loans may be delayed with the new requirement to complete a Private Education Loan Self-Certification Form. Before a borrower can be approved, the student must complete an Alternative/Private Loan Self-Certification and have the form mailed or faxed to the lender. The Self-Certification requires the Cost of Attendance for the loan period. A private loan borrower has a 90-day right of refusal to either reject or reduce the loan. For more information on private loans, view the Private Student Loan Comparison Chart.

Loan Disbursements

The Financial Aid Office receives most loan disbursements through electronic processing. All loan awards are assigned two disbursement dates - this also applies to one-term loans. Two semester loans generally have scheduled disbursement dates of September 10, 2013, and January 22, 2014. One-term loans generally have disbursement dates that fall two weeks into the term and again after the add/drop period has ended. All loan disbursements are placed against the student’s account receivable. After any outstanding balance has been paid, the student is eligible to receive a refund for the surplus amount.

Consolidation

The Financial Aid Office recommends that students who wish to consolidate do so with a lender that currently holds one or more existing loans. In addition, since the Perkins Loan has a fixed interest of five percent (5%), it may or may not be advisable to consolidate this loan with others.

 

 

Financial Aid

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Contact Financial Aid