Student Loans

Student Loans

Applying for Student Loans

Northwood University participates in the Federal Direct Loan program. Listed below is a brief summary of the Federal Direct Loans program. Upon completion of your education, you will be required to participate in Exit Counseling.

Complete Your FAFSA

Complete Master Promissory Note

Student Loan Code of Conduct

 

FEDERAL DIRECT LOANS

Criteria

Subsidized    

Unsubsidized   

Parent Plus   

Graduate Plus   

Financial need is determined by Free Application
for Federal Student Aid (FAFSA)

X      

No interest charged while student enrolled at least 1/2 time,
during grace period and deferment periods

X      

Not based on financial need as determined by the FAFSA

 

X X X

Interest is charged during all periods

 

X X X

Credit Based Loan

    X X

Must complete the Free Application for Federal Student Aid (FAFSA)     

X X X X

Student must be enrolled at least 1/2 time, student and parent
must be U.S. citizens or eligible non-citizens

X X X X

Student must maintain Satisfactory Academic Progress

X X X X

Loan is borrowed from U.S. Dept. of Education

X X X X

Repayment begins 6 months after the student graduates,
falls below 1/2 enrollment or withdraws from school

X X    

Repayment begins 60 days after the loan is fully disbursed;
deferments are available upon request

    X X

No prepayment penalties

X X X X

Who is responsible for repayment?
Subsidized           Unsubsidized         Parent Plus         Graduate Plus        
Student X X   X

Parent

    X  

Interest Rates
Subsidized Unsubsidized Parent Plus Graduate Plus
16–17 Academic Year 3.76%
Undergraduate
3.76%
Undergraduate; 
5.31%
Graduate
6.31% 6.31%
17–18 Academic Year

Amounts to be Determined by Department of Education


Loan Fee

Subsidized Unsubsidized Parent Plus Graduate Plus
16–17 Academic Year 1.069% 1.069% 4.276% 4.276%
17–18 Academic Year Amounts to be Determined by Department of Education

Dependent Undergraduate Students:

Freshman – $5,500 (no more than $3,500 subsidized); Sophomore – $6,500 (no more than $4,500 subsidized); Junior/Seniors – $7,500 (no more than $5,500 subsidized).

Independent Undergraduate Students:

Freshman – $9,500 (no more than $3,500 subsidized); Sophomore – $10,500 (no more than $4,500 subsidized); Junior/Seniors – $12,500 (no more than $5,500 subsidized).

Visit the following pages under Student Loans so to learn more about the individual loan programs and repayment:

  • Federal Direct Loan Program
  • Federal Direct PLUS Loan (for parents of undergraduate students)
  • Federal Direct Grad PLUS Loans (for Masters students)
  • Private (Alternative) Loans
  • Responsible Borrowing and Loan Repayment