Part-Time MBA loans

Funding your Part-Time MBA

There are several ways you can secure funding through federal and/or private opportunities. Loan amounts are determined by the Chicago Financial Aid Office and are based on your financial aid application and the Free Application for Federal Student Aid (FAFSA).

Loan funds are disbursed to Northwestern University at the start of each term. They will be applied to any charges (e.g., tuition) on your student account. If you borrow funds in excess of tuition, the remaining funds will be refunded to you after the first day of each term. You will be responsible for any charges not covered by your loan funds.

Applying for federal aid

The first step in securing any federal funding is to fill out the Free Application for Federal Student Aid (FAFSA). To qualify, you must:

• Be accepted as a degree-seeking student enrolled in a minimum of 1.5 credits. (Students enrolled in less than 1.5 credits may be eligible for private loans)
• Be a U.S. citizen or eligible noncitizen
• Have a valid Social Security number
• Register with the Selective Service (if required)
• Not be in default on a federal student loan or have an overpayment on a federal student grant
• Comply with federal financial aid guidelines concerning convictions for the sale or possession of illegal drugs

Many states and colleges set priority deadlines by which you must submit the FAFSA form to be considered for the aid programs. There is also a federal deadline each academic year. Check the FAFSA site for these dates.

• If you do not already have an FSA ID, you will need to set up an FSA ID before completing the form. This ID will be used for many Department of Education websites
• Select Northwestern as the recipient of the information; our federal school code is 001739. Any other Northwestern University codes (001740, school-specific codes beginning with an "E") should not be used
• After the FAFSA is processed (allow two weeks), you will receive a FAFSA Submission Summary detailing your information. Resolve any incorrect information via the FAFSA website or by returning the corrected and signed FAFSA Submission Summary. If you do not receive it within four weeks, or if you need to request a duplicate, call 800.433.3243

University Aid

Follow these University Aid instructions if you are a first-year or returning student seeking aid.

The application form is available online in CAESAR via your To-Do List for the academic year. If you are unable to access this document via your To-Do List, please contact the Chicago Office of Financial Aid.

• International students who wish to apply for private student loan funding are not required to complete the FAFSA and are only required to complete the University Aid Application

Federal loan types

Federal Direct Unsubsidized Loan

What it is: Non-need-based federal loan

Who qualifies: U.S. citizens or eligible non-citizens who are enrolled in a graduate or professional program at least half time

Loan amount: Up to $20,500 per academic year

Interest rate: For more information about interest rates, please visit our Graduate Loan Options Financial Aid page.

Origination Fee: 1.066% for loans first disbursed by September 30, 2018; 1.062% for loans first disbursed on or after October 1, 2018

Repayment: Begins six months after graduation or separation from the university or if a student’s enrollment is below half-time. The borrower has up to 10 years to repay the loan under the standard repayment plan. Extended and income-based repayment plans are available for those who qualify

Federal Direct Graduate Plus Loan

What it is: Non-need-based federal loan

Who qualifies: U.S. citizens or eligible non-citizens who are enrolled in a graduate or professional program at least half time

Loan amount: Up to the cost of attendance, less any other financial aid, per academic year

Interest rate: For more information about interest rates, please visit our Graduate Loan Options Financial Aid page.

Origination Fee: 4.264% for loans first disbursed by September 30, 2018; 4.248% for loans first disbursed on or after October 1, 2018

Repayment: Begins six months after graduation or separation from the university or if a student’s enrollment is below half-time. The borrower has a maximum of 25 years to repay the loan

Private Loans

Who qualifies: Private loans are typically offered to students enrolled less than half time (fewer than two one-credit courses) and international students. Students must complete the University Aid Application before we can process a private loan request. Private loans also require the completion of a separate loan application and are subject to lender credit approval

Lender and loan amount: Varies

Interest rate: Determined by the lender and based on a variable index, such as the Prime Rate or the London Interbank Offering Rate (LIBOR) plus a margin based on credit score and credit history. The interest rate on private loans is variable and interest will begin to accrue once the loan is disbursed

Loans for international students

International students may be eligible for private student loans. Typically, these loans require a U.S. cosigner. We encourage you to investigate these options very cautiously and thoroughly. The Office of Financial Aid will process a loan with any lender you select, as long as you’re eligible for the loan.

International students are also encouraged to investigate in their home country and/or country-of-residence for loan options.

• How to qualify: Students must complete the University Aid Application before the Office of Financial Aid can process a private loan request. Private loans also require the completion of a separate loan application and are subject to lender credit approval
• Interest rate: Determined by the lender and based on a variable index, such as the Prime Rate or the London Interbank Offering Rate (LIBOR), plus a margin based on credit score and credit history. The interest rate on private loans is variable and interest will begin to accrue once the loan is disbursed