Northwestern University Loan

The Northwestern University Loan (NU Loan) is a flexible financing option that allows graduate and professional students with satisfactory credit history to borrow up to the cost of attendance less any additional aid the student receives. This loan program is funded privately by the University and administered by the Northwestern University Student Loan Office. International students are eligible for the NU Loan's Graduate-Professional Alternative Loan.

The NU Loan program consists of two types of loans: need-based and optional.

Terms and conditions of the NU Loan include:

Need-based and Optional (Non need-based) loans
Available to U.S. citizens or permanent residents
No co-signer required for creditworthy students
No application or origination fee
For the 2007-08 academic year, the interest rate is 7.75% for Need-based and 8.25% for Optional while in school. Variable interest rate is set annually on September 1
Interest begins to accrue at disbursement. The student can choose to make regular interest payments while in school or have the interest capitalized at repayment
Repayment begins three months after graduation, withdrawal from school, or when a student drops below half-time enrollment
Maximum repayment period is 10 years
No penalty for early repayment

Terms and conditions of the Graduate-Professional Alternative Loan (NU Loan - GPAL) include:

Optional (Non need-based) loans are available to international students but students must have a creditworthy co-signer who is a U.S. citizen or permanent resident
5% origination fee
For 2007-08 academic year, the interest rate is 8.25% for Optional while in school. Variable interest rate is set annually on Sept. 1
Interest begins to accrue at disbursement. The student can choose to make regular interest payments while in school or have the interest capitalized at repayment
Repayment begins three months after graduation, withdrawal from school, or when a student drops below half-time enrollment
Maximum repayment period is 10 years
No penalty for early repayment

Terms and conditions are subject to change according to University policies. For more information, visit Northwestern Student Loans.