Information on Student Loan Programs

NEIU Participates in the following student loan programs

Carl D. Perkins Federal Student Loan (campus based; award criteria based on priority file)
Stafford Student Loan (Stafford Loan Request AND Lender electronic Master Promissory Note be completed).
Stafford Parent Loan for Undergraduate Students or PLUS (lender must be selected)
GRAD PLUS (Stafford Loan eligibility should be exhausted)
Alternative/Private Loans (Stafford Loan eligibility should be exhausted or student has ‘Student At Large’ – non degree seeking - academic status)

STAFFORD ANNUAL LOAN LIMITS FOR 2009-2010
To complete a Stafford Loan Request, click here: Stafford Loan Request Form

	Subsidized	Unsubsidized Undergraduate Independent & Graduate/Professional
Freshmen	$3,500	$6,000*
Sophomore	$4,500	$6,000*
Junior/Senior/2nd BA/ Teacher Certificate	$5,500	$7,000*
Graduate/Professional	$8,500	$12,000 (or up to COA)*
PLUS		Cost of Attendance (COA)

*Additional Unsubsidized Stafford is effective July 1, 2008

NEIU Recommended Lenders for new borrowers (frequently used by NEIU students):

Lender & Lender Code	Toll-Free #	E-MPN Link Website	Financial Literacy Program	Scholarship Assistance
*ACCESS Group Code: 808857	800-282-1550	ACCESS Group for Graduate students only	yes
Bank of America Code: 831495	800-344-8382	Bank of America	yes	yes
Citibank Code: 826878	800-788-3368	Citibank	yes
IDAPP/ISAC Code: 826351	800-961-4327	Illinois Designated Account Purchase Program	yes	yes
JP Morgan Chase Code: 803000	800-487-4404	Chase	yes	yes
National Education Code: 834378	800-345-4325	National Education	yes
Sallie Mae Code: 802218	888-272-5543	Sallie Mae	yes	yes
Wells Fargo Code: 807176	800-378-5526	Wells Fargo	yes	yes

NEIU Loan Disbursements
The NEIU Financial Aid Office receives most loan disbursements through electronic processing. All loan awards are assigned two disbursement dates – this also applies to one term loans. Two semester loans generally have scheduled disbursement dates of September 15, 2009 and January 26, 2010. One semester loans generally have disbursement dates that fall two weeks into the term and again after the add/drop period has ended. All loan disbursements are placed against the student’s account receivable. After any outstanding balance has been paid, the student is eligible to receive a refund for the ‘surplus’ amount.

NEIU on Consolidation
The NEIU Financial Aid Office recommends that students, who wish to consolidate, do so with a lender that currently holds one or more existing loans. In addition, since the Perkins Loan has a fixed interest of 5% it may or may not be advisable to consolidate this loan with others.

NEIU on Alternative Loans
The NEIU Financial Aid Office policy on alternative or private loans is that they be limited to those students who (1) have student-at-large academic status, (2) are not eligible for financial assistance under Title IV Financial Aid Programs and (3) have exhausted all Stafford eligibility. Our office recommends that students using alternative loans continue to use the same lender as their Stafford student loans.

Online Stafford Loan Entrance and Exit Counseling

Federal regulations require all recipients of Federal Stafford Loans to complete a loan entrance counseling session prior to receiving any loan funds. Borrowers must complete loan exit counseling when graduating, withdrawing from school, or attending less than half-time.

About 34% of NEIU’s 2005-2006 graduating class borrowed a student loan while at NEIU. The average loan indebtedness at graduation was $13,381. To avoid possible loan default and damage to your credit score rating, NEIU strongly encourages you to borrow wisely and only the minimum amount you need to meet school expenses.

To begin your session, click on the Entrance or Exit link below. When you've successfully completed the interview process, NEIU will be notified electronically. Be sure to print a copy of the Confirmation Page for your records.

        • Stafford Entrance
        • Stafford Exit