There are various low-interest federal student loan programs available to NWC graduate students. If your total financial need cannot be met by grants, other campus-based aid or outside sources, you may apply for the federal student loan programs by first submitting the FAFSA and completing the application porcess. Northwestern College participates in direct lending through the U.S. Department of Education.

Unsubsidized Federal Direct Stafford Loan

This is a non need-based loan for which all students qualify. In this program, the interest rate  is currently fixed at 6.8%, and begins to accrue while the student is in school and continues to accrue until the loan has been repaid in-full. The interest may be capitalized to the principal amount borrowed or a student may choose to make payments on the interest while in school. Repayment begins 6 months after a student graduates, withdraws from school, or drops below half-time enrollment. Please read  About Federal Direct Student Loans for important details concerning Federal Direct loans, annual and aggregate limits, loan fees, and interest rates.

To Apply for Direct Stafford Loans:

1. Once you receive your Financial Aid Award Letter, log on to theRock and accept your Federal Stafford Loan(s).
2. For first-time Stafford Loan borrowers only, complete an online Direct Loan Master Promissory Note (MPN).
3. For first-time Stafford Loan borrowers only, complete on-line Direct Loan Entrance Counseling. 

Federal Direct Stafford Loan Exit Counseling

Upon graduation, withdrawal from school, or droppping below half-time enrollment, students who have borrowed Federal Direct Stafford Loans will be required to complete an online Stafford Loan Exit Counseling form.  

Federal Graduate Loan for Students (GRAD PLUS)

This is a government-insured loan made by the U.S. Department of Education to students pursuing a graduate/master's degree. The GRAD PLUS loan is non need-based, and is intended to assist graduate students with meeting their educational related expenses not covered by other financial aid grants, loans or scholarships. Approval is based on credit worthiness, and students may borrow up to the cost of education less other financial aid. The interest rate is currently fixed at 8.5%.  Interest is paid by the student and there is no grace period. Repayment starts within 60 days of disbursement of the funds. Students who wish to defer repayment until after they graduate should go to studentloans.gov. 

To apply for a GRAD PLUS Loan:

1. Complete a Federal Direct Graduate PLUS Loan Application and Credit Authorization and return it to the Graduate & Continuing Education Financial Aid Office.
2. Complete the online GRAD PLUS Loan Master Promissory Note.    

Lender-sponsored Private Loans

Students who have not applied for financial aid should contact a counselor in the financial aid office prior to applying for a private loan. View Private Loans to get more information about securing a private loan.

Quick Facts on Private Loans:

• Students do not need to complete a FAFSA to borrow a private loan.
• Private loans typically have higher interest rates than Stafford or PLUS loans.
• A co-signer may be required. 
• Interest rates are based on credit and are variable. 
• Repayment terms will vary by lender.