Student Loans

Federal Direct Loan Program (FDLP)

The FDLP program consists of Federal Direct Stafford Loans and PLUS Loans.

Federal Direct Stafford Loans

• Fixed-rate student loans
• For undergraduate students, loans can be subsidized or unsubsidized
• For graduate students, loans are unsubsidized
• Must attend college at least half-time
• The most common and one of the lowest-cost ways to pay for school
• Find out about loan limits

PLUS Loans

For parents of a dependent student or for graduate/professional students. For more information on PLUS Loans and loan limits, contact the Financial Aid Office.

Federal Perkins Loan

A Federal Perkins loan is a low-interest, need-based loan for undergraduate and graduate students with exceptional financial need. Eligibility for the Federal Perkins Loan is determined by the Financial Aid Office.

Find out about loan limits.

SELF Loans - State of Minnesota

Minnesota's Student Educational Loan Fund (SELF) helps students who need assistance in paying for education beyond high school. To be eligible for a SELF Loan, a student must be either a:

• Minnesota resident who is enrolled at least half time in a certificate, associate, baccalaureate or graduate degree program at an eligible school, OR
• Non-Minnesota resident who is enrolled at least half time in a certificate, associate, baccalaureate or graduate degree program at an eligible school located in Minnesota

To be eligible for a SELF loan, the student must have a creditworthy cosigner and may not be delinquent or in default on a SELF or any other outstanding student loan. SELF Loan counseling is also required.

The SELF Loan requires completion of the FAFSA.

For more information, visit SELF Loans or www.getreadyforcollege.org.

Private Loans

Lender Selection Policy Disclosure

A preferred lender list is available in the Financial Aid Office to assist students in their selection process. We have a strong preference for working with lenders and guarantee agencies that are familiar to our borrowers. Students are free to select any lender for their educational loans while attending Northwestern.

All preferred lenders must:

• Demonstrate a commitment to helping borrowers avoid going into default (e.g., proactively contacting borrowers who are late on payments, providing resources that help borrowers manage their money and avoid borrowing too much)
• Demonstrate the commitment and ability to provide educational loans for the long term
• Clearly communicate the terms and conditions of their educational loans
• Provide high levels of customer service, including, but not limited to, online loan applications, access to loan status online, disbursement of loan funds via electronic funds transfer, online loan information tailored specifically for borrowers, and prompt response to any loan processing issues identified by our borrowers or our staff

Canadian and Provincial Loans

Canadian students can apply for Canadian and Provincial Student Loans.