More information online

Loans

Types of loans

• Federal Perkins Loan (NIU is your lender)

Federal Direct Loan Program
Direct Loan Program begins with the Fall 2008 semester. The federal government is your lender.

• Federal Direct Stafford Loan (New for the 08-09 academic year)
• Federal Direct PLUS (New for the 08-09 academic year)
  • Direct PLUS application processing will begin June 1, 2008.
    
• Federal Direct PLUS Loans for Graduate and Professional Degree Students (New for the 08-09 academic year)
  • Student-at-Large are not eligible for the Graduate PLUS Loan.
  • Students must first complete the Free Application for Federal Student Aid (FAFSA).
  • Questions & Answers

Private Loans (higher interest rate loans through a lender of your choice)

• Alternative Loans

Federal Family Educational Loan Program (FFELP)
FFELP ends after the summer 2008 semester. You will need to borrow through a lender of your choice.

• Federal Stafford Loan (FFELP ends after the summer 2008 semester)
• Federal PLUS (Parent Loan for Undergraduate Students) 

Applying for a Stafford Loan

• Complete the FAFSA 
• Accept the loan eligibility on the award notification you receive from the NIU Student Financial Aid Office.
• If you have previously submitted your award notification and did not request your maximum loan amount offered you can complete a
  Loan Request Form. Important Note: If you submit this form before you submit your award notification, or if you have borrowed your maximum loan amount for the academic year, your loan request will not be processed.

If you are classified as a Student-at-Large and are requesting a Federal Stafford Loan, you are required by NIU to complete the Student-at-Large Federal Stafford Loan Eligibility Form (pdf) and submit or fax the form to the Graduate School.

• If you are a first-time borrower you must complete the loan entrance counseling as listed in the column to the right. You can choose English or Español.
• If you are a first-time borrower you must complete your master promissory note (MPN) and return it to your bank for the 2007-2008 academic year (fall 2007, spring 2008 or summer 2008).
• If this is your first time applying for a Direct Stafford Loan for the 2008-2009 academic year (fall 2008, spring 2009 or summer 2009), you will need to complete your MPN at the Direct Lending Servicing Site.
  

Once the loan has been approved

2008-2009
Funds are transferred electronically from the government to your Bursar's account. You may check the status of your account at MyNIU using your student ID.

2007-2008
Funds are transferred electronically from your lender to your bursar's account at NIU just before the start of the semester. Your lender will mail you a confirmation when the funds have been disbursed to NIU. After the semester has started, check the status of your account online at
the Bursar's Office or call (815) 753-1878.

Refunds

The Bursar's Office begins the refund process 15 business days after classes begin each semester. Contact the Bursar's Office for Direct Deposit Forms for the quickest refund. If you will need funds to pay for expenses before the refund period, such as rent for an apartment, plan ahead. You will need to pay those expenses out of pocket.