Federal Stafford Loans:

• The Federal Stafford Subsidized Loan is a need-based loan available to undergraduate and graduate students enrolled at least half-time.  The government pays the interest to the lender on behalf of qualified borrowers for as long as students are enrolled at least half-time in a degree-seeking program and for six months thereafter, at which time repayment of the principal and interest must begin. 
• The Federal Unsubsidized Stafford Loan is intended to help students that do not qualify for need-based aid, or for whom need-based aid is not sufficient to meet education-related expenses.  For this loan, the government does not pay any interest on it.  The interest starts to accrue from the date of the disbursement.  Students have a six-month grace period, after they graduate or cease to be enrolled at least half-time, at the end of which repayment of the principal and interest must begin.

The Federal Perkins Loan is a low-interest loan for undergraduate students.  The school is your lender; the loan is made with government funds with a share contributed by the University.  The amount you may receive depends on your financial need, the amount of other aid you receive, and the availability of funds at National-Louis University.  Repayment is deferred for as long as the student is enrolled in school at least half-time.

The Federal PLUS Loans are loans for the parents of dependent undergraduate students (PLUS) or graduate students that have exhausted their Stafford Loans  (GradPLUS).  The loan is not based on financial need and can be awarded up to the cost of attendance.  Your parents determine the amount they wish to borrow.  This loan may be subject to credit approval policies set by the lender.  Interest begins to accrue from the date of the loan disbursement.  The interest rate is fixed at 8.5%.  An origination fee and Federal Default Fee may be deducted from your loan before it is disbursed. The net amount of the disbursement varies between 96% and 97% of the gross amount accepted.  Usually, PLUS borrowers must start making payments within 60 days of receiving loan funds.  Payments are made to the lender or secondary market servicing the loan. 

Alternative loans are private loans offered through a lending institution and are not part of federal government programs.  Alternative loans are more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted.  Eligibility is based on the creditworthiness of the borrower or co-signer, if applicable.  Please contact the lender directly with any questions related to a loan program's specific terms and conditions, and how they apply to you.

Please be advised that all students must meet general eligibility requirements in order to be eligible to receive financial aid (including loans).