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NU Loan Summary

The Northwestern University Loan (NU Loan) is offered in financial aid packages for U.S. and international students and parents of undergraduate students.

The chart below provides a partial list of the terms and conditions for the NU Loan:

  • General Information
  • Interest Rates
  • Repayment Information
  • Frequently Asked Questions

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.

Interest Rate Information
Rate type Variable, set annually on September 1 based on the cost of the not-for-profit program. See NU Loan Historical Interest Rates for past rates.
Recent rates Borrower
• Parent
• Parent supplemental loan
• U.S. student need-based loan
• U.S. student optional loan
• International student with U.S. co-maker
• International student with international co-maker
2013-14
4.50%
5.00%
4.50%
5.00%
5.00%
5.50%
2014-15
4.50%
5.00%
4.50%
5.00%
5.00%
5.50%
See the NU Loan Interest Rate Change page for more information.
Rate cap Per state of Illinois statute
Accrual In school: Yes. Interest begins to accrue once the loan is disbursed.
In grace period: Yes, if a grace period exists.
In forbearance: Yes
Capitalization: Yes, at the end of grace and forbearance periods.