Graduate Loan Options
You may be eligible for a variety of federal, institutional, and/or private loans. Learn more:
You can also view a graduate loan comparison table to learn more about your options.
It is important to note:
- Based on federal regulations, not all loans may be available to students in all degree programs.
- All loans are subject to final approval by your lender(s) based upon criteria set forth by federal regulations and lender policies. Graduate PLUS, Northwestern, and private loans are credit-based.
- The specific details of these programs may change at any time due to government legislation/regulation, and/or lender/institutional policy.
Federal Loans
To apply for these loans, students must first submit a FAFSA. See application steps for more information on this process. Note: only U.S. citizens or permanent residents are able to participate in federal loan programs.
| Federal Direct Unsubsidized Loan | Federal Direct Graduate PLUS Loan | |
|---|---|---|
| Borrower | Graduate and Professional Students enrolled at least half-time. They do not need to demonstrate financial need. | Graduate and Professional Students enrolled at least half-time. They do not need to demonstrate financial need. Students must be approved based on credit. |
| Lender | U.S. Department of Education, through the William D. Ford Federal Direct Loan Program | U.S. Department of Education, through the William D. Ford Federal Direct Loan Program |
| Annual Loan Amount |
Up to $20,500 per academic year. Note: MD students maybe be eligible for higher limits. Learn about loan amounts for medical students. |
Up to the cost of attendance less any other financial aid received annually. |
| Interest Rate |
Interest accrues from the time of disbursement. Interest rates for loans disbursed prior to the dates above can be found on the Federal Student Aid website. |
Interest accrues from the time of disbursement. Interest rates for loans disbursed prior to the dates above can be found on the Federal Student Aid website. |
| Fees |
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| Application Process |
First time borrowers: Complete the Accept/Decline Financial Aid process via CAESAR identifying the amount you wish to borrow. Complete the required online Entrance Counseling and Stafford Master Promissory Note (MPN). Returning borrowers: Complete the Accept/Decline Financial Aid process via CAESAR identifying the amount you wish to borrow. If you completed the Entrance Counseling and MPN in the previous aid year, you do not need to resubmit these documents. If 12 months have elapsed since you last received Stafford loan funds in your program at Northwestern, you will need to complete a new MPN. |
First time borrowers: Complete the Accept/Decline Financial Aid process via CAESAR identifying the amount you wish to borrow. Complete the required online Entrance Counseling and Grad PLUS Master Promissory Note (MPN). Returning borrowers: Complete the Accept/Decline Financial Aid process via CAESAR identifying the amount you wish to borrow. If you completed the Entrance Counseling and MPN in the previous aid year and did not require an endorser, you do not need to resubmit these documents. If 12 months have elapsed since you last received Graduate PLUS loan funds for your program at Northwestern or if you required an endorser on your previous year's Graduate PLUS loan, you will need to complete a new MPN. |
| Credit Information | The Federal Direct Unsubsidized loan program is not credit based. No credit check is required. | Credit approval is based on federally mandated criteria, not a credit score. Learn about the credit requirements needed to qualify. |
| Repayment |
The borrower has up to 10 years to repay the loan under the standard repayment plan. Extended and income-based repayment plans are available under certain conditions. For more information about federal student loan repayment plans, please visit the Federal Student Aid Website. |
The borrower has a maximum of 25 years to repay the loan. For more information about federal student loan repayment plans, please visit the Federal Student Aid Website. |
Direct Unsubsidized Loan amounts for MD students
- First year MD students may be eligible for an additional $22,222 per year based on their 10 month academic year.
- Second year MD students may be eligible for an additional $20,000 per year based on their 9 month academic year.
- Third year MD students may be eligible for an additional $24,444 per year based on their 11 month academic year.
- Fourth Year MD students may be eligible for an additional $24,444 per year based on their 11 month academic year.
Lifetime Aggregate Loan Limits for Federal Direct Unsubsidized Loans
There is a maximum loan amount a student may borrow in federal Stafford loans. Once a student has borrowed these amounts, the student is no longer eligible to receive additional federal Stafford loan funding.
| Combined Graduate Non-MD Loan Limits (includes Undergraduate Borrowing) | Combined Graduate MD Loan Limits (includes Undergraduate Borrowing) | |
| Subsidized Loan Limit | $65,500 | $65,500 |
| Unsubsidized Loan Limit | $73,000 | $158,500 |
| Total Loan Limit | $138,500 | $224,000 |
PLUS Loan credit requirements
In order to qualify for the Graduate PLUS loan, you must not have an adverse credit history. As defined by federal regulations, you may have an adverse credit history if you have any of the following items on your credit report:
- One or more debts with a total combined outstanding balance greater than $2,085 that are 90 or more days delinquent as of the date of the credit check, or that have been placed in collection or charged off (written off) during the two years preceding the date of the credit report
- Any of the following within the preceding 5 years of the date of the credit check:
- Default
- Bankruptcy
- Discharge
- Foreclosure
- Repossession
- Tax Lien
- Wage garnishment
- Write-off of a Title IV debt
Recent changes in the law that governs the terms and conditions of Grad PLUS loans establish a specific circumstance for certain Grad PLUS loan applicants who would otherwise be considered to have an adverse credit history. Specifically, a Grad PLUS loan applicant may qualify for a Grad PLUS loan based on extenuating circumstances: if the applicant has been or is delinquent for 180 days or less on mortgage loan payments or on medical bill payments for the applicant or the applicant's family AND does not otherwise have an adverse credit history as determined in accordance with the federal regulations that apply to Grad PLUS loan applicants.
Borrowers with an adverse credit history may apply for the loan with a cosigner (called an endorser) who does not have an adverse credit history.
Borrowers who become eligible for PLUS funding by documenting extenuating circumstances or adding an endorser will also need to complete credit counseling for PLUS borrowers before the funding can disburse.
Private loans
Private outside agencies also offer loans to Northwestern students. You can find more information about private student loan opportunities at Northwestern’s Student Financial Services website.
Some programs and enrollment statuses may only be eligible for private student loan funding. If this will be applicable to you, the Chicago Office of Financial Aid will note this on your official financial aid package. Please contact our office with any questions.
All loans are subject to final approval by your lender(s) based upon criteria set forth by federal regulations and lender policies. Parent/Graduate PLUS, Northwestern, and private loans are credit-based loans.