Terms and conditions
I am having trouble making my loan payments. How do I apply for forbearance?
For loans serviced at Northwestern, contact your loan services representative at the Student Loan Office to discuss your situation. If your representative recommends applying for forbearance, you will complete the appropriate application forms:
- Financial hardship forbearance: Download and complete the financial hardship forbearance request form if you are experiencing financial difficulties, and you need to request forbearance from your loan payments for a short period of time.
- Medical forbearance request: Download and complete the medical forbearance request form if you graduated from the Northwestern University medical school, are in a medical residency or fellowship program required for training and are experiencing difficulties making your loan payments.
Return the completed form to your loan services representative.
I will be enrolled in a graduate program. How do I apply for a student deferment?
Contact a loan services representative to discuss your situation before your graduate program begins. If you are eligible to apply, you can download the deferment application form from the Campus Partners web site. Complete and return the form to the Student Loan Office. You will receive a letter when your deferment is approved. Keep a copy of your deferment approval for your records.
I am teaching school in a low-income area. How do I apply for cancellation of my Perkins Loan?
Remember that you are obligated to continue repaying your loan until your deferment is effective. Be aware of when your deferment expires and, if applicable, apply for renewal of your deferment in a timely manner.
The Perkins loan is unique among student loans in that it offers a variety of cancellation provisions for qualifying borrowers. See the Federal Student Aid website for the Cancellation and Discharge Summary Chart. All of these cancellations come with a deferment of interest or a postponement of payments. In some cases, 100% of the principal can be canceled if you stay in a qualifying position long enough. If you have any questions about cancellations, or if you want to apply, you must contact the Student Loan Office. If you borrowed Perkins funds from another institution, you must contact that institution directly.
I am confused about the terms and conditions of my loan. Who can help me?
Northwestern's loan service representatives are available to assist you with questions or concerns about your Northwestern student loans serviced at Northwestern's Student Loan Office.
Billing and payment
When do I begin repaying my loans?
Most student loans do not have to be repaid until you leave the university or drop below half-time student status. A grace period is usually provided. However, you should refer to your original promissory notes for details of when repayment begins for each loan.
How is my payment applied to my loans?
Loan payments are applied as follows:
- First to fees
- Second to accrued interest to the date the payment is recorded
- Last to principal
What happens if I pay more than the payment due amount?
Paying more than the payment due amount (and all outstanding interest and fees) will reduce the loan principal and, as a result, also reduce the repayment period and the amount of interest paid over the life of the loan. This is called an accelerated payment. It does not relieve you of the responsibility to make the next scheduled payment. Your loan payments must be up-to-date in order to make an accelerated payment. You have the option to advance your payment to cover six future bills.
Is my loan payment history reported to the credit bureaus?
All Federal loans are reported to the major credit bureaus. This occurs at the time the loan is disbursed and continues until the loan is paid in full. Current as well as delinquent payments are reported. As a result, during your loan repayment period you have an opportunity to establish a favorable credit rating. You may obtain a copy of your credit report at www.annualcreditreport.com.
Is Campus Partners (www.mycampusloan.com) available 24/7?
No, mycampusloan.com is not available from midnight until 7:00 am, Eastern Time due to loan processing.
Where do I send my payments?
Send checks to:
PO Box 970004
Boston, MA 02297-0004
Payments sent to this address must include the coupon from the Campus Partners' generated bill or the Campus Partners' 16-digit account number (it will begin with 10489).
How do I set up automatic withdrawal from my bank account?
What can I consolidate?
You can consolidate any or all of your Federal loans including PLUS, Grad PLUS, SLS, Perkins or HPSL. Debts that cannot be included in loan consolidation are PCL, HEAL, NU Loan, Endowed and all privately funded loans.
How do I get the information my consolidator requires about my Northwestern Perkins loan?
First, call the Student Loan Office to get your Perkins loan balance, remaining term and scheduled payment. Then your consolidator will send a Loan Verification Certificate form to the Student Loan Office. When the form is completed and returned to the consolidator, you will receive a letter from the Student Loan Office. If you have any questions, contact your Northwestern student loan representative.