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Loans
Federal Stafford Loan Program
The Federal Stafford Loan is available to students who file the Free Application for Federal Student Aid (FAFSA) and are enrolled at least half time. These loans are federally funded and are based on your remaining need after all federal and state funding, scholarships and grants have been calculated. Loan amounts range from $3,500 to $5,500, depending on your year in school. Repayment begins six months after you graduate or drop below half-time enrollment.
Federal Perkins Loan Program
The Federal Perkins Loan is made directly through Northwestern College, with funds provided jointly by Northwestern and the federal government. You must be enrolled at least half time and demonstrate financial need. Repayment of the Federal Perkins Loan begins nine months after you graduate or drop below half-time enrollment.
McElroy Loan and Rotary Loan Programs
The McElroy Loan and Rotary Loan programs are administered by Northwestern College. You must be enrolled full time and demonstrate financial need. Repayment begins six months after you graduate.
Parent Loan for Undergraduate Students (PLUS)
Parents or legal guardians of dependent students may apply for the Parent Loan for Undergraduate Students (PLUS) through their bank or lending agency. Maximum loan amounts are the computed cost of education minus financial aid. Repayment begins 60 days after disbursement, with a minimum payment of $50 per month.
Supplemental Loans
Many families are faced with having to borrow additional funds to meet their college tuition costs. Supplemental loans are available to assist families in financing an education. The financial aid staff of Northwestern College works with a variety of lending institutions to help families offset tuition expenses. Information on these loans is available through the financial aid office.
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