Lender: Northwestern University (from many different private donor bequests)
Servicer: Northwestern University Student Finance
Borrower: Undergraduate, graduate and professional students
Co-maker: Some Endowed Loans require a credit-worthy co-maker who is a US citizen.
Application process: If your Financial Aid Office has awarded you an Endowed Loan, you can apply online (CAESAR > Student Homepage > Financial Aid > Northwestern Loan Application ).
Promissory Note: When your loan has been approved, the promissory note is emailed to the co-maker, if any, for his or her signature. Student signature is also required and the note is emailed to the student.
- Application fee: None
- Insurance fee: None
- Origination fee: Yes, for some Endowed Loans
Loan disbursement: Applied to your student account by term per your award letter.
Rate type: Varies by type of Endowed Loan. Refer to your promissory note.
Recent rates: Vary; refer to your promissory note.
- In school: Yes
- In grace period: Yes
- In forbearance: Yes
- Capitalization: Varies
Grace period: Usually 6 months; refer to your promissory note.
Repayment period: Usually 10 years; refer to your promissory note.
Payment schedule: Provided at your exit interview.
Repayment start date: Usually 6 months after graduation or separation. Refer to your promissory note.
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: Varies by loan. Usually $50 per month per loan.
Late charge: 5% of scheduled payment, not to exceed $15 per loan.
Report to credit bureau: No
Forbearance: Yes. Forbearances are granted based on individual circumstances. Please contact Student Finance with questions and to apply. A financial statement is required.
Cancellation: Varies. Refer to your promissory note for details, and contact Student Finance with questions and to apply.
Federal loan consolidation: No
Repayment assistance: No
Delinquency and default: Transfer billing to co-maker, transfer loan to collection agency, legal action