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Federal Stafford Loans
There are two types of Federal Stafford Loans:
The Subsidized Stafford Loan
This loan is based on financial need. While you are in college, the government pays the interest on your loan.
The Unsubsidized Stafford Loan
Students who do not show financial need are also eligible to apply for the Federal Stafford Loan but are responsible to pay the interest on the loan while still in college.
The amount of a Stafford Loan varies by grade level. Funds will be awarded as follows:
| | Freshman | $5,500 |
| Sophomore | $6,500 |
| Junior | $7,500 |
| Senior | $7,500 |
Repayment of the Federal Subsidized Stafford Loan and the Federal Unsubsidized Stafford Loan begins six months after you graduate or drop below half-time enrollment. The minimum payment is $50 per month.
Northwestern College requires you to complete a Master Promissory Note (MPN) and entrance counseling. By completing the MPN, you are authorizing Northwestern College to certify Stafford Loans accepted on your current and future award notifications. You only need to complete the MPN once. Once the MPN is received by the financial aid office, the application is processed and disbursement dates are set.
Before any funds can be credited to your account, you must complete an entrance counseling session. Entrance counseling is required by the federal government for first-time borrowers of the Federal Stafford Loan. The counseling is designed to inform students about the application and repayment process for their loans. Entrance counseling can be done any time.
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 Financial aid |
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