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Types of NU Loans

Our office services NU Loans and Endowed Loans. Students are encouraged to consider their federal aid eligibility before applying for the loan.

NU Loan

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

Since these details vary by origination date and exact loan type, borrowers should refer to their promissory note for the exact terms and conditions for their loans.

  • NU Loan Interest information: The Northwestern Loan interest rate is variable and set annually on September 1 based on the cost of the not-for-profit program. The cap is per state of Illinois statute.
  • NU Loan Repayment Information: Repayment period, schedule, start date, and options vary.
  • Loan types: U.S. and international student loans, Undergraduate parent loans
  • Lender: Northwestern University
  • Servicer: Northwestern University Student Finance while partnering with ECSI
  • Borrower: Northwestern student, Parents of undergraduate students
  • Status: Student must be full-time to be eligible to apply for the Northwestern Loan.
  • Co-maker:
    • Student Loans: US 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 US citizens or permanent residents (certain exceptions are granted for international Kellogg MBA 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 Northwestern Parent Loan provides separate applications for students and co-makers. The parent or guardian will apply as the co-maker.
  • Promissory Note: Will be emailed to co-maker, if any, for signature upon approval of application. Student signature is also required. If there is no co-maker, note is emailed to the students.
  • Application fee: None/ Insurance fee: None
  • Origination fee (deducted from each disbursement):
    • Loans for US citizens and permanent residents: None
    • Undergraduate international students: 4%
    • Kellogg International Student Option A loans: None
    • Kellogg International Student Option B loans: 4%
    • Other international student loans: 5%
  • 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.

Northwestern Loan Application and Solicitation Disclosure

Endowed Loan

Northwestern Endowed Loans are privately funded, low-interest institutional loans offered to students with demonstrated financial need.

  • Endowed Loan Interest information: Endowed Loan interest rates vary depending on the type of loan.
  • NU Loan Repayment Information: Repayment period, schedule, start date, and options vary.
  • 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.
  • Fees:
    • 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.