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Northern Illinois University

Ask Victor E. Huskie

Complete the FAFSA by March 1 (priority filing date).
- NIU's School Code is 001737
Complete your Loan Entrance Counseling electronically*
Complete a Master Promissory Note
Check your NIU e-mail account for important messages from the NIU Student Financial Aid office.
Check your MyNIU account for awarding to be applied to your Bursar account.

* Before you graduate, you must complete your Loan Exit Counseling requirements as well.

Stafford Loans are low interest loans that are borrowed through the U.S. Department of Education by the student.

There are two types of Stafford Loans:

Subsidized Loans

Awarded based on financial need
- as determined by the FAFSA
The U.S Department of Education will pay the interest on the loan:
- While the student is attending school at least half-time
- For the first six months after you leave school (grace period)
- During periods of deferment (postponement of loan payments)

Unsubsidized Loans

Not awarded based on financial need
The U.S. Department of Education does not pay interest
The student is responsible for paying the interest that accrues on the loan from the time the loan is disbursed until it is paid in full

Stafford Loan amounts are calculated based on:

Academic level in school (as students progress in their education, they are eligible for more aid from the government, see chart below)
Dependency status

Listed below are the maximum annual and aggregate Stafford loan limits for dependent and independent students based on enrollment level:

The interest rates for Stafford loans are:

The amount of time to repay the Stafford Loan depends on the amount of funds that were received and the type of repayment plan that was selected.

The period of repayment is typically between 10 and 25 years.