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Federal Stafford Loans Summary

The Stafford Loan is a federal loan offered as part of a financial aid package for graduate and professional students. Undergraduate students may be awarded the loan, but they must select a lender other than Northwestern University.

The chart below provides a partial list of the terms and conditions for the Federal Stafford Loan:
  • General Information
  • Interest Rates
  • Repayment Information

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 6 months
Repayment period 10 years maximum.
Payment schedule Mailed to you for signature 60 to 90 days prior to the beginning of the repayment period. Federal regulations require that you sign the schedule or risk a claim being filed against you.
Repayment start date Principal plus interest repayment begins 6 months after graduation or separation or when you cease to be enrolled at least half time.
Exceptions:
Unsubsidized Loans will accrue interest since the first disbursement and will be capitalized in if not paid prior to this time.
Prepayment There is no penalty for repayment.
Minimum payment $600 annually or $50 monthly.
Late charge Charge will be assessed for late payments.
Report to credit bureau Information will be reported to one or more national credit bureaus on a regular basis.
Deferment See the FFELs column of the Federal Loan Deferment Summary, and refer to your promissory note for details.
Forbearance Allowable for a short time in certain situations.
Cancellation See the Discharge/Cancellation Summary for FFEL Stafford loans.
Repayment assistance Assistance may be available if you serve in the military. For more information, contact your recruiting officer.
Federal loan consolidation Stafford loans are eligible for consolidation.
Delinquency and default

Consequences may be severe and include; Loan balance becoming immediately due and payable, legal action, loss of federal and state income tax refund.
Customer Contact Jennifer Handel
Student Loan Office
847 491 7994
jennifer-handel@northwestern.edu