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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.

Repayment
Grace period
Increases to 6 months for most NU Loans
Exception: Undergraduate parent loans have no grace period.
Repayment Period
Varies. The monthly payment may shorten the repayment period.
Exceptions:
  • Physical Therapy students: 15 years
  • MD student loans originating in 2005 or later: 20 years
  • MD student loans originating in 2003 or 2004: 15 years (following 48-month interest-only payment period)
  • MD student loans originating prior to 2003: 15 years (following 36-month interest-only payment period)
  • All others: 10 years
Payment Schedule Provided at graduation if no interest has accrued or at the end of the grace period if interest has accrued and has to be capitalized.
Exceptions: The repayment schedule for the undergraduate parent loan is mailed with the promissory note. Signature is required to acknowledge receipt of repayment schedule.
Repayment start date 6 months after graduation or separation.
Exception: Undergraduate parents must begin repayment within 45 days of initial disbursement of funds.
Prepayment There is no penalty for early repayment. When you make your loan payment, specify that you wish it to be applied as a prepayment.
Minimum Payment $100 per month
Late charge 5% of monthly payment not to exceed $15
Report to credit bureau No
Deferment
No
Forbearance
For economic hardship, monthly payments may be reduced for 6-month intervals for a period up to 3 years. Refer to your promissory note for details, and contact the Student Loan Office with questions and to apply. A financial statement is required.
Exceptions MD students can receive forbearance on loans as long as required to complete a residency or fellowship.
Cancellation No
Federal loan consolidation No, the NU Loan is a private loan
Delinquency and default
Transfer billing to co-maker, transfer loan to collection agency, legal action