Types of Financial Aid

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Loans

Loans are awarded after your eligibility for grants, scholarships, and Federal Work-Study (FWS) is considered.  Your financial aid package may include loans in the form of need-based and/or non-need-based financial aid.  Financial Aid (including loans) does not cover audit or non-credit courses.

You can view the total amount of federal loans you have borrowed on the National Student Loan Data System (NSLDS).  The site displays information on your loan amounts, outstanding balances, loan status and loan servicer. Students and parents of students who agree to utilize a federal student loan will have their information submitted to NSLDS.  This system is also accessible to authorized users at guaranty agencies, lenders and institutions in addition to students.

All student loan borrowers are required to complete an exit counseling session upon graduating, separating from or falling below half-time enrollment at Northern Illinois University. If you must complete exit counseling, you will receive notification in the mail.  Exit counseling is designed to inform you of the interest rates, repayment options and incentives, and terms and conditions of your loans, as well as the availability of deferment, forbearance and consolidation.  Exit counseling for Federal Direct Subsidized/Unsubsidized loans can be found at www.studentloans.gov and for Federal Perkins loans at http://www.heartlandecsi.com

Important Update: Effective for loans first disbursed on or after July 1, 2012, the Department of Education is no longer able to offer repayment incentives to Direct Loan borrowers to encourage on-time repayment of loans, such as reduction in the interest rate or origination fee.  As a result, interest rebates will no longer be provided to Direct Loan borrowers at the time of loan disbursement on any Direct Loan with a first disbursement date that is on or after July 1, 2012.  The law still allows the Department to offer interest rate reductions to Direct Loan borrowers who agree to have payments automatically electronically debited.

Other Loans


More Loan Information