Loans to fund your Kellogg MBA
Securing a loan for your MBA
Financial aid can be one of the most important factors in your decision to pursue an MBA. That’s why the Kellogg financial aid process is designed to help you identify and navigate different options and opportunities. We’ve provided key information on how to go about securing a loan, but it’s important to remember that everyone’s journey is unique. So, if there’s something else you want guidance on, please reach out to the Kellogg Financial Aid Office. We are happy to connect with you.
Download the Financial Aid HandbookApplying for financial aid loans
Financial aid materials submitted will be considered for student loan eligibility. To apply, please follow the instructions below. U.S. citizens and permanent residents are eligible to borrow funds from the Federal Direct Loan Program. Private education loan programs are available for all students, including international citizens.
U.S. citizen and permanent residents
- Please complete the Free Application for Federal Student Aid: (NOTE: The Northwestern University code for FAFSA is 001739)
- Complete and submit the Kellogg Application for Financial Aid. This form will appear in your applicant portal after your application round deadline
- Additional instructions will be available once you begin
International students
- Complete and submit the Kellogg Application for Financial Aid. This form will appear on your applicant portal after your application round deadline
- Additional instructions will be available once you begin
Loan types and options
Federal Direct Unsubsidized Stafford Loan
- Non-need-based loan
- Available to U.S. citizens and permanent residents
- Loan amount: up to $20,500 maximum per year
- Interest rate: Fixed 7.05% for loans first disbursed between July 1, 2023 and before June 30, 2024
- Interest begins accruing once funds are disbursed
- Origination Fee: 1.057% for loans first disbursed between October 1, 2020 through September 30, 2022
- Repayment begins six months after graduation or separation from the university or if a student’s enrollment is below half-time
- Up to 10 years to repay the loan under the standard repayment plan. Extended and income-based repayment plans are available for those who qualify
Federal Direct Graduate PLUS Loan
- Non-need-based loan
- Available to U.S. citizens and permanent residents
- Loan amount: Maximum amount per year equals the cost of attendance, minus other financial aid and other forms of educational funding
- Interest rate: Fixed 8.05% for loans first disbursed between July 1, 2023 and before June 30, 2024
- Interest begins accruing once funds are disbursed
- Origination Fee: 4.228% for loans first disbursed between October 1, 2020 through September 30, 2022
- Repayment begins six months after graduation or separation from the university or if a student’s enrollment is below half-time
- Up to 10 years to repay the loan under the standard repayment plan. Extended and income-based repayment plans are available for those who qualify
Private education loans
A number of private agencies offer alternative sources of funding. We encourage you to investigate these options thoroughly. The Office of Financial Aid will process a loan with any lender you select, as long as you’re eligible for the loan. International students are also encouraged to explore loan options in their home country and/or country of residence.
Private education loan process for new and returning students:
- Apply for the loan via the private lender
- Once the lender has approved the loan, the student should send the name of the lender and the approved loan amount to the Kellogg Financial Aid Office at finaid@kellogg.northwestern.edu
Loan debt assistance for graduates
Loans for careers in nonprofit sectors
The Collins Family Loan Assistance Program (LAP) enables Kellogg graduates to enter careers in the public or nonprofit sectors and reduce their educational debt burden. Eligibility requirements:
- Will graduate from the MBA or EMBA program
- Will graduate from Kellogg with student loans through Kellogg Financial Aid
Will work full-time in a social impact role at a nonprofit, government office, social enterprise or social start-up for at least two years following graduation
What to do once you receive a loan
You’ll receive an email from the Kellogg Financial Aid Office with instructions on how to access your award. The subject line will contain the phrase "Important - Kellogg Financial Aid Award Information."
Loans for U.S. citizens and residents
If you applied for and were approved to receive a Federal Direct Unsubsidized Stafford and/or Federal Direct Graduate PLUS Loan, you must:
- Complete Online Direct Loan Entrance Counseling*
- Complete the Direct Unsubsidized Stafford Loan Master Promissory Note (MPN)*
- Complete the Direct Unsubsidized Graduate PLUS Master Promissory Note (MPN)*
More information about these loans can be found on pages 6 and 7 of the Kellogg Financial Aid Handbook. Details of your award will live in CAESAR; details on how to accept a loan once you’ve been admitted to Kellogg will be in your student Admit Portal.
*Second-year students who borrowed federal loans through Kellogg during their first year do not have to complete an updated online entrance counseling or a second set of promissory notes.
Loans for international students
Northwestern Loan:
- If you selected the Northwestern International Loan, you will accept the loan by electronically signing the financial aid offer
- Complete the 2024-2025 online application for the loan through CAESAR
- The amount you are eligible to borrow is reflected on your financial aid notification
- Once you are approved for the loan and the promissory notes are ready, the Student Finance Office will contact you (via a message sent to your Kellogg email address) with instructions to sign the promissory notes
Private education loans:
- Students who wish to borrow a private education loan should apply for the loan directly through the private lender
- Once the lender has approved the loan, the student should send the name of the lender and the approved loan amount to the Kellogg Financial Aid Office at finaid@kellogg.northwestern.edu
- Returning international students: If you borrowed a private education loan in your first year at Kellogg, your 2024-2025 financial aid award letter will reflect the same loan option and lender you selected for 2023- 2024. If you would like to change your lender and/or the loan option, please email our office at finaid@kellogg.northwestern.edu
Additional resources
Kellogg and Northwestern services: