The Northwestern University Loan (NU Loan) is offered in financial aid packages for U.S. and international students and parents of undergraduate students. Students are encouraged to consider their federal aid eligibility before applying for the NU Loan.
The chart below provides a partial list of the terms and conditions for the NU Loan:
Since these details vary by origination date and exact loan type, borrowers should refer to their promissory note for the actual terms and conditions for their loans.
|Loan types||U.S. and international student loans, Undergraduate parent loans|
|Servicer||Northwestern Student Loan Office|
|Borrower||Northwestern student, Parents of undergraduate students|
|Co-maker||Student Loans: U.S. citizens and permanent residents who have established satisfactory credit history may apply without a co-maker. All other students should apply with a creditworthy co-maker. A student's spouse or domestic partner may not apply as a co-maker. Co-makers must be U.S. citizens or permanent residents (certain exceptions are granted for international students).
Undergraduate Parent Loans: The parent or guardian borrower has primary responsibility for payment. In the event the parent defaults, payment will be the responsibility of the student. The NU Loan provides separate applications for students and co-makers. The parent or guardian will apply as the co-maker.
|Application process||Students: Apply online (CAESAR > For Students > Financial Services > NU Loan Application > OWLS), or contact your Northwestern Loan Services Representative for a paper application.
Co-makers: Apply online via OWLS after you have received your personal user ID and password, or go to the link in Downloadable forms and print a paper application.
|Promissory Note||Mailed to co-maker, if any, for signature upon approval of application. Student signature is also required. If no co-maker, note is mailed to student.|
|Fees||Application fee: None/ Insurance fee: None
Origination fee (deducted from each disbursement):
|Loan disbursement||Applied to your student account each term per your award.|
|Limits||Annual and aggregate limits apply which are based upon program of study.|