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Supplemental Loans
There are many different lenders who provide additional loan funding to students to help cover college costs. The financial aid office at Northwestern wants to provide information to students and their parents about some of their options. Students may use any lender of their choice. We recommend you visit the lenders’ websites for additional information before selecting a lender.
Here is some general information about lenders:
- Fees may be charged by lenders for processing the loan. They are deducted directly from the loan proceeds at disbursement.
- Many interest rates are based on the prime rate.
- There is a six-month grace period and the opportunity for in-school deferment (although interest still accrues during that time).
- Lenders require you to be a U.S. citizen or permanent resident or to have a creditworthy U.S. citizen or permanent resident cosigner.
- Repayment terms range from 15 to 25 years.
- Loan amounts start at $0 to aggregate limits up to $120,000 on selective loans.
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