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.

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
StudentXX X
Parent  X  
Interest RatesSubsidizedUnsubsidizedParent PlusGraduate Plus
16–17 Academic Year3.76%
Undergraduate
3.76%
Undergraduate
5.31%
Graduate
6.31%6.31%
17–18 Academic YearAmounts to be Determined by Department of Education
Loan FeeSubsidizedUnsubsidizedParent Plus Graduate Plus
16–17 Academic Year1.069%1.069%4.276%4.276%
17–18 Academic YearAmounts 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 so to learn more about the individual loan programs and repayment: