Graduate Loan Options

Students starting a graduate/professional (Law, MED) program or current student borrowing federal loan funds for the first time as of July 1, 2026 will be eligible for:

• Graduate students: Unsubsidized annual loan limit of $20,500 per academic year and an aggregate limit of $100,000 (excludes undergraduate funding).
• Professional students (Law/Med): Unsubsidized annual loan limit of $50,000 per academic year and an aggregate limit of $200,000 (excludes undergraduate funding).
  • The aggregate limit for professional students includes combined aid for graduate and professional programs
• Total lifetime loan limit is capped at $257,500 on all federal student loans. 

To receive federal loans, borrowers will need to complete federal loan requirements. These requirements will be listed in your To Do list in CAESAR. Once completed, these are typically valid for 10 years. 

• Master Promissory Note (MPN):  the legal agreement between you and the U.S Department of Education that outlines the terms and conditions of your loan and in which you promise to repay your loan(s) and any accrued interest and fees 
•  Loan Entrance Counseling which reviews your rights and responsibilities as a borrower. The module will provide you with information on federal loans, how interest works, repayment options available and how to avoid delinquency and default.
• Students who submit an appeal or use an endorser for a Grad PLUS loan will need to complete the PLUS Loan Credit Counseling which is different from the Loan Entrance Counseling. 

• To receive federal loan funds, you must be enrolled in at least half-time status as defined by your program of study
• Federal loan funds are awarded evenly among terms of enrollment within your academic year
• You will need to complete the accept/decline process in order for your federal loans to pay out to your student bill. 

Anticipated Aid

• Prior to disbursement, anticipated aid will show up on your bill.
• You can use anticipated funds to determine if and how much you will owe after financial aid or outside funds are applied. 

Aid Disbursement

• Federal loan funds will pay out (disbursed) automatically to applicable charges on your Northwestern student account.
• Eligible charges include tuition, allowable fees and room and board. 
  • Other charges include library fines, parking fines, room damage charges, and health service fees may be covered if you authorize the university to use your federal aid to pay for all charges billed. 
  • When completing your accept/decline process you can limit your financial aid disbursements to allowable charges only via CAESAR. This authorization can be changed at any time by notifying the Office of Student Finance. 

• If you receive financial aid in excess of the charges on your student account and have a credit of funds, you may be eligible for a refund.
• You can request a refund each term via CAESAR, typically no earlier than the first day of class in the term.
• We encourage you to set up direct Deposit with the Office of Student Finance. 

Students who borrow loan funding and later do not need all of the funding received can return excess funds to their loan servicer through the University. 

Returns within 120 days of disbursement

• Any accrued interest and origination fees on returned funding can be canceled by your federally-assigned loan servicer as long as the funding is returned within 120 days of when it originally disbursed. 
• To return federal student loan funds that appear as a credit on your Northwestern account, email our office from your Northwestern email account and include:
  •   Your student ID number, name of loan and indicate the exact net amount you wish to return to your federal loan servicer. 
• To return federal student loan funds that have paid out to you as a refund:
  • You must first make a payment to your student account via CAESAR for the net amount you want to return (no more than what originally paid out)
  • Once an official credit appears on your account in CAESAR, email our office from your Northwestern email account and include:
    • Your student ID number, name of loan and indicate the exact net amount you wish to return to your federal loan servicer. 

Returns after 120 days of Disbursement

• If you wish to return direct loan funds after 120 days from disbursement, you will need to contact your loan servicer for guidance. 
  • Note that funds that are returned 120 days or more after disbursement are processed as payments by your servicer and no adjustments are made to the loan fees or interest.

Eligibility 

Students who are enrolled in a degree program and have borrowed an Unsub loan or Grad PLUS loan before July 1, 2026 can continue to access the Grad PLUS loan program for up to three additional academic years or until your expected program completion date—whichever comes first. 

PLUS Loan Credit Requirements

• To qualify for the Graduate PLUS loan, you must not have an adverse credit history
• During the accept/decline process, accepting a Grad PLUS loan offer will require you to complete a credit check acknowledgement 
  • Note that a freeze or lock with any credit bureau will prevent a credit check from being completed. 
• If you are denied a Grad PLUS loan, you may apply for the loan with a cosigner (called an endorser) who does not have an adverse credit history.
• Borrowers can become eligible for PLUS funding by documenting extenuating circumstances (through an appeal) or by adding an endorser. Students who appeal or use an endorser will need to complete the credit counseling for PLUS borrowers before funding can disburse.

Current students in a graduate/professional program who received a loan disbursement of a Federal Direct loan before July 1, 2026 will continue to have the following annual and aggregate limits:

• Unsubsidized annual loan limit of $20,500 per academic year
• Unsubsidized Aggregate limit of $138,500
  
  • This limit includes undergraduate borrowing, amounts repaid, forgiven or discharged. Excludes PLUS loans.
• Grad PLUS Loan: up to cost of attendance (COA) annual limit, no lifetime limit

Students in a MD program may be eligible to receive additional loan funding based on their academic year.

To receive federal loans, borrowers will need to complete federal loan requirements. These requirements will be listed in your To Do list in CAESAR. Once completed, these are typically valid for 10 years. 

• Master Promissory Note (MPN):  the legal agreement between you and the U.S Department of Education that outlines the terms and conditions of your loan and in which you promise to repay your loan(s) and any accrued interest and fees 
•  Loan Entrance Counseling which reviews your rights and responsibilities as a borrower. The module will provide you with information on federal loans, how interest works, repayment options available and how to avoid delinquency and default.
• Students who submit an appeal or use an endorser for a Grad PLUS loan will need to complete the PLUS Loan Credit Counseling which is different from the Loan Entrance Counseling. 

• To receive federal loan funds, you must be enrolled in at least half-time status as defined by your program of study
• Federal loan funds are awarded evenly among terms of enrollment within your academic year
• You will need to complete the accept/decline process in order for your federal loans to pay out to your student bill. 

Anticipated Aid

• Prior to disbursement, anticipated aid will show up on your bill.
• You can use anticipated funds to determine if and how much you will owe after financial aid or outside funds are applied. 

Aid Disbursement

• Federal loan funds will pay out (disbursed) automatically to applicable charges on your Northwestern student account.
• Eligible charges include tuition, allowable fees and room and board. 
  • Other charges include library fines, parking fines, room damage charges, and health service fees may be covered if you authorize the university to use your federal aid to pay for all charges billed. 
  • When completing your accept/decline process you can limit your financial aid disbursements to allowable charges only via CAESAR. This authorization can be changed at any time by notifying the Office of Student Finance. 

• If you receive financial aid in excess of the charges on your student account and have a credit of funds, you may be eligible for a refund.
• You can request a refund each term via CAESAR, typically no earlier than the first day of class in the term.
• We encourage you to set up direct Deposit with the Office of Student Finance. 

Students who borrow loan funding and later do not need all of the funding received can return excess funds to their loan servicer through the University. 

Returns within 120 days of disbursement

• Any accrued interest and origination fees on returned funding can be canceled by your federally-assigned loan servicer as long as the funding is returned within 120 days of when it originally disbursed. 
• To return federal student loan funds that appear as a credit on your Northwestern account, email our office from your Northwestern email account and include:
  •   Your student ID number, name of loan and indicate the exact net amount you wish to return to your federal loan servicer. 
• To return federal student loan funds that have paid out to you as a refund:
  • You must first make a payment to your student account via CAESAR for the net amount you want to return (no more than what originally paid out)
  • Once an official credit appears on your account in CAESAR, email our office from your Northwestern email account and include:
    • Your student ID number, name of loan and indicate the exact net amount you wish to return to your federal loan servicer. 

Returns after 120 days of Disbursement

• If you wish to return direct loan funds after 120 days from disbursement, you will need to contact your loan servicer for guidance. 
  • Note that funds that are returned 120 days or more after disbursement are processed as payments by your servicer and no adjustments are made to the loan fees or interest.