Loan Limits, Proration, Interest Rates and Loan Fees

Loan Limits

The amounts shown in the table below are the maximum amounts that you may borrow for an academic year, effective July 1, 2013. You might receive less than the maximum if you receive other financial aid that is used to cover a portion of your cost of attendance. The maximum amount that you may borrow will also be less in certain situations, such as if you are an undergraduate student enrolled in a program of study that is shorter than an academic year. Your school can refuse to certify your loan or can certify a loan for an amount less than you would otherwise be eligible for if the school documents the reason for its action and explains the reason to you in writing. The school’s decision is final and cannot be appealed to the U.S. Department of Education.


Proration

If you are an undergraduate student who will graduate after attending only a single term in the academic year (for example, graduating in December after completing the fall semester), your loan will be prorated based on your enrolled credit hours. This proration is required by the federal government.


Interest Rates


Loan Origination Fees

The loan origination fee is a percentage of the loan amount that is assessed by the Department of Education that is proportionately deducted from each loan disbursement. The percentage varies depending on when the loan is first disbursed.

Contact Us

Financial Aid and Scholarship Office
Swen Parson Hall 245
815-753-1395
finaid@niu.edu

For scholarship-specific questions

scholarships@niu.edu

Additional Contact Info

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