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)
- Direct Stafford Student Loan (Stafford Loan Request AND electronic Master Promissory Note be completed).
- Direct Parent Loan for Undergraduate Students or PLUS (credit worthiness check required)
- Direct GRAD PLUS (Stafford Loan eligibility should be exhausted; credit worthiness check required)
- Alternative/Private Loans (Stafford Loan eligibility should be exhausted or student has ‘Student At Large’ – non degree seeking - academic status; credit worthiness check required)
NEIU Federal Direct Stafford Loans - Guaranteed, ZERO & Low, Fixed Interest
All Federal Direct Stafford Loans are originated through the U.S. Department of Education. Borrowers are then assigned a servicer for each originated loan. All student loan borrowers will be required to have a Direct Loan electronic Master Promissory Note with the U.S. Department of Education and complete an online Entrance Loan Counseling session using www.studentloans.gov.
About 13% of NEIU’s graduating class borrowed a student loan while at NEIU. The average loan indebtedness at graduation was $12,100. 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. As a default aversion strategy, borrowers with prior year default statuses have a one year waiting period before future Stafford Loans can be certified. Borrowers wishing to appeal this institutional policy can submit a typewritten appeal to the Director of financial Aid.
New to Direct Student Loans? Here is the electronic Master Promissory Note (eMPN) site!
Continuing Borrower of Direct Student Loans? Visit MyStudentCenter.org to view enrollment verification, deferment information and other important information on the National Student Clearinghouse system!
STAFFORD ANNUAL LOAN LIMITS
To complete a Stafford Loan Request, click here!
Undergraduate Independent & Graduate/Professional
|Junior/Senior/2nd BA/ Teacher Certificate
||$20,500 (or up to COA)*|
||Cost of Attendance (COA)|
*Additional Unsubsidized Stafford
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 10, 2013 and January 27, 2014. 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 Parent Loans for Undergraduate Students (PLUS)
Since there is a credit worthiness check required for PLUS loans, any credit approval is only valid for 90 days. Parents are encouraged to apply for PLUS and complete electronic promissory notes between the months of April and June for the upcoming award year in order to avoid the likelihood of the 90 day approval expiring. Parents and students can track PLUS statuses, submit an electronic Master Promissory Note and initiate their own credit check online through a new portal with the U.S. Department of Education. Simply create a login usiing your PIN from FAFSA on the Web.
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. The maximum certification for borrowers not studying abroad is $8,000.
The process for approval, certification and disbursement of Alternative/ Private Loans may be delayed with the new requirement to complete a Private Education Loan Self-Certification Form. Before a borrower can be approved for an Alternative/Private Loan the Self-Certification must be completed by the student and mailed/faxed to the lender. The Self-Certification Form requires the Cost of Attendance for the loan period. A private loan borrower has a 90day right of refusal to either reject or reduce the loan.
Private Student Loan Comparison Chart
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 13% of NEIU’s graduating class borrowed a student loan while at NEIU. The average loan indebtedness at graduation was $12,100. 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.
• Direct Loan Online Stafford Entrance & Exit Counseling