Your obligations as a student loan borrower may begin while you are in school.
• Student payments are optional
• Attend an exit interview before graduation
• Exit interview schedules for Undergraduate or Graduate students
Make optional in-school payments
With the exception of NU Loans issued to undergraduate parents, which require repayment upon disbursement, repayment of the loan principal begins at graduation or separation from Northwestern.
However, some loans accrue interest immediately upon disbursement. If you make student loan interest payments, you may be eligible to deduct all or a portion of the amount paid on your federal income tax return.
For NU Loans, interest left unpaid will be capitalized following the loan's grace period. That means that the accrued interest is added to the outstanding principal balance of the loan. From that point forward, interest is assessed on the new, higher principal balance.
|Loan Type||Interest accrual begins||Principal repayment begins|
|Students||Upon disbursement, but interest payments are optional until graduation.||After 3-month grace period following graduation or separation.|
|Parents||Upon disbursement; payments are required at this point.||Upon disbursement. If payments do not remain current, you may not be approved for the loan in subsequent academic years.|
|After 9-month grace period following graduation or separation.||After 9-month grace period following graduation or separation.|
|Upon disbursement, but interest payments are optional until graduation.||After grace period (usually 3 months) following graduation or separation.|
Attend an Exit Interview before Graduation
Federal regulations require all borrowers of federal student loans to attend an exit interview before graduation. Northwestern encourages all student loan borrowers to attend an exit interview.
You will receive an invitation to attend a group exit interview which will occur in May. If you are unable to attend one of the group interviews, contact your loan services representative to schedule an individual interview.
At this session:
• Your loan repayment obligations will be outlined.
• You will receive a copy of the Northwestern University Student Loan Repayment Handbook.
• You must provide address and contact information for loan billing.
• You will have a chance to ask questions about your loans.
Please bring the following items to the exit interview: (1) a driver's license, (2) the addresses and phone numbers of two family members or friends who you have known for at least five years who do not live with you.
|Friday, May 10th||B03||11:00 am||555 Clark|
|Monday, May 13th||B03||9:00 am||555 Clark|
|Wednesday, May 15th||B03||4:00 pm||555 Clark|
|Saturday, May 18th||B01||10:00 am||555 Clark|
|Saturday, May 18th||B03||12:00 pm||555 Clark|
|Saturday, May 11th||1246||12:00 pm||Jacob Center|
|Monday, May 13th||1246||4:00 pm||Jacob Center|
|Thursday, May 16th||1246||10:00 am||Jacob Center|
|Thursday, May 16th||1246||3:15 pm||Jacob Center|
|Friday, May 17th||1246||12:00 pm||Jacob Center|