For many students and parents, loans represent an important resource to help finance your investment in education. Since Northwestern College is fully accredited by the Higher Learning Commission and is a member of the North Central Association of Colleges and Schools, we are able to participate in the Federal Student Loan Program, which allows students and their parents to borrow money to help fund their educational dreams. A loan is money that will need to be paid back. In fact, 99% of our students receive some form of financial aid. Our financial assistance team will be able to answer your questions regarding student loans and discuss repayment options.
Direct Subsidized Loans
Direct Subsidized Loans are available to undergraduate students with financial need. While in school at least half-time, the interest is subsidized by the federal government. Interest will begin to accrue at the time the loan enters the six month grace period.
Direct Unsubsidized Loans
The Direct Unsubsidized Loan may be used instead of or in conjunction with the Direct Subsidized Loan; however, interest on Direct Unsubsidized Loans begins to accrue at disbursement.
Direct PLUS Loans
Parents of dependent students may borrow up to the cost of attendance, minus other financial aid, based on credit approval. Dependent students whose parents are denied a Direct PLUS Loan may borrow an additional Direct Unsubsidized Loan.
These loans are a flexible alternative for students who want help managing the cost of a college education. Students may borrow up to the cost of their undergraduate education, less financial aid. These loans are credit-based and are available after all federal and state financial aid options are exhausted.
Graduation Assistance Program (GAP) Loan
This loan may be used to cover the gap between financial aid and tuition, once all available financial resources have been exhausted. Students pursuing an associate degree may borrow up to $5,000 each academic year for a total of $10,000. Interest is set at 1.99% and will begin to accrue at the completion of the program or withdrawal from the program, whichever comes first.