Kellogg Full-Time MBA Program

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Loan Programs
Loan programs available to full-time Kellogg MBA/MMM students who are U.S. citizens and permanent residents include educational loans through the federal loan program (Federal Direct Stafford Loans, Federal Direct Graduate PLUS Loans, Perkins Loans), and Private Loans.

Federal Direct Subsidized Stafford Loan

• Borrower: Students who demonstrate financial need.
• Lender: William D. Ford Federal Direct Loan Program
• Loan amount: Up to $8,500 annually, or the amount of need. (Whichever is less).
• Application Process: First-time direct loan borrowers: Complete your award notice, identifying the amount you wish to borrow. Complete an online entrance interview, then fill out a Master Promissory Note (MPN).
• Interest Rate: Fixed 6.8%. The federal government pays interest while the student is enrolled at least half-time or is in deferment.
• Fees: 0.5%*
• Repayment: The borrower has up to 10 years to repay the loan under the standard repayment plan. Repayment begins 6 months after separation or if student falls below half-time status.
• Loan instructions: http://www.northwestern.edu/sfs/loan_instruc_info/loan_instructions.html

Federal Direct Unsubsidized Stafford Loan

• Borrower: Students who have remaining unmet costs of attendance or who only have partial Subsidized Stafford eligibility or do not qualify for the need-based Federal Direct Subsidized Stafford Loan.
• Lender: William D. Ford Federal Direct Loan Program
• Loan amount: Up to $20,500 annually (minus any Federal Direct Subsidized Stafford Loan funding).
• Application Process: First time direct loan borrowers: Complete your award notice, identifying the amount you wish to borrow. Complete an online entrance interview, then fill out a Master Promissory Note (MPN).
• Interest Rate: Fixed 6.8%. Interest accrues while the student is in school and during loan deferment; the student doesn't need to pay the interest at this time, but the accumulated interest will be added to the principal and increase the amount to be repaid.
• Fees: 0.5%*
• Repayment: The borrower has up to 10 years to repay the loan under the standard repayment plan. Repayment begins 6 months after separation or if student falls below half-time status.
• Loan Instructions: http://www.northwestern.edu/sfs/loan_instruc_info/loan_instructions.html

Federal Perkins Loan

• Borrower: Students with exceptional financial need.
• Lender: Northwestern University.
• Loan amount: Up to $8,000 annually or the amount of need, whichever is less, depending on availability of funds.
• Interest Rate: Fixed 5% during repayment. Interest does not accrue until the student enters repayment.
• Repayment: The borrower has up to 10 years to repay the loan. Repayment begins 9 months after separation or if student falls below half-time status.
• Loan Instructions: Funds are limited; therefore loan application instructions will be provided at the time this loan option may be offered.

Federal Direct Graduate PLUS Loan

• Borrower: Graduate and professional students enrolled at least half-time. They do not need to demonstrate financial need. The borrower must not have adverse credit history (a credit check is required) without a co-signer.
• Lender: William D. Ford Federal Direct Loan Program
• Loan amount: Up to the Cost of Attendance less any other financial aid annually.
• Application Process: First time direct loan borrowers: Complete your award notice, identifying the amount you wish to borrow. Complete an online entrance interview, and then fill out a Master Promissory Note (MPN). Borrowers with an adverse credit history may apply for the loan with a co-signer (called an endorser) who does not have an adverse credit history.
• Interest Rate: Fixed 7.9%. Interest accrues while the student is in school and during loan deferment; the student doesn't need to pay the interest at this time, but the accumulated interest will be added to the principal and increase the amount to be repaid.
• Fees: 2.5%**
• Repayment: Standard repayment is 10 years. Repayment begins 60 days after the last disbursement. However, students can postpone repayment while enrolled in school at least half-time.
• Loan Instructions: http://www.northwestern.edu/sfs/loan_instruc_info/loan_instructions.html

*Federal Direct Stafford Loan Fee Rebate: Federal Direct Stafford Loans have a 1.0% origination fee and also offer a .5% rebate on the origination fee - resulting in a net fee of .5%, which will be deducted from the gross amount of the loan borrowed. Once you enter repayment, if you make your first 12 monthly payments on time, the rebate becomes permanent. If you fail to make 12 on-time monthly payments; however, a charge for the initial rebate will be added to the outstanding balance of the loan.

**The Federal Direct Graduate PLUS Loan has a 4% origination fee and also offers a 1.5% rebate on the origination fee - resulting in a net fee of 2.5%, which will be deducted from the gross amount of the loan borrowed. The 12 on-time payment rule also applies to the PLUS loan in order to keep the rebate.

For information regarding Private Education Loans for U.S. Citizens and Permanent Residents and International Students, please view the following website for additional information: 2010-2011 Private Loan information http://www.northwestern.edu/sfs/loan_instruc_info/private_loans.html