Skip to main content
IMPORTANT NOTICE: Are you interested in Northeastern? Come to our Undergraduate Open House on February 28! More information »

Applying for Student Loans

You are here

FALL Direct Loan Request Deadline is November 17th.

Please be aware of New Scam being aimed at Student Borrowers

"Leadership in Washington will soon change, and, unfortunately, some third-party companies are attempting to profit because of it.

Recently, a third-party debt relief company, claiming to be the Department of Education, has been leaving voicemail messages for student borrowers claiming that they must act immediately to qualify for student loan forgiveness before the program is eliminated. A transcript of the voicemail follows.

This message is from the Department of Education. In regards to Donald Trump becoming President, all programs for student loan forgiveness will be stopped immediately as soon as he takes office in January. In order for you to qualify, you must apply within the next 24 hours or you will not be able to have your student loan payment reduced. Please contact us at 888.307.0680. The number again is 888.307.3680. Once again you must get enrolled within the next 24 hours.

Please be aware that these calls do not originate from the Department of Education. We appreciate you making your student borrowers aware of this scam."

Loan Programs Offered at Northeastern

  • Carl D. Perkins Federal Student Loan (campus-based; award criteria based on priority file)
  • Federal Direct Loan (requires Direct Loan Request Form AND electronic Master Promissory Note)
  • Direct Parent Loan for Undergraduate Students or PLUS (requires credit worthiness check)
  • Direct GRAD PLUS (requires Direct Loan eligibility be exhausted and creditworthiness check)
  • Alternative/Private Loans (requires Direct Loan eligibility be exhausted or student has “Student-at-Large” non-degree seeking academic status and creditworthiness check)

3-year student loan default rate


3yr Official




3yr Official




3yr Official




Federal Direct Loans - Guaranteed, Zero and Low Fixed Interest

All Federal Direct Loans are originated through the U.S. Department of Education. All student loan borrowers will be required to have a Direct Loan electronic Master Promissory Note and an online Entrance Loan Counseling session.

To avoid possible loan default and damage to your credit score rating, Northeastern strongly encourages you to borrow wisely and only the minimum amount you need to meet school expenses. Here is a brochure to help students understand credit.

As a default aversion strategy, borrowers with prior year default statuses have a one-year waiting period prior to certifying future Direct Loans. To appeal this institutional policy, a typewritten appeal must be submitted to the Director of Financial Aid.

Are You New to Direct Loans?

The first step in the application process for obtaining a Federal Direct Loan is the completion of an online Entrance Counseling session. The second step will be to complete your electronic Master Promissory Note. Next, you will want to complete your NEIU Federal Direct Loan Request Form for the period of enrollment within the award year.

Are You a Continuing Borrower of Direct Student Loans?

The National Student Clearinghouse provides enrollment verification, deferment information and other important information.  To view your borrower history, visit the National Student Loan Database System (  Your borrowing history is also reflected on your NEIUport account if you are a current student.

Online Direct Loan Counseling and Process

Federal regulations require all recipients of Federal Direct Loans to complete an online loan entrance counseling session at prior to receiving any loan funds.

Borrowers must complete an online loan exit counseling at when graduating, withdrawing from school, or enrolling less than half-time (six credit hours). If you are graduating and have previous loan history, you must complete the exit counseling within 30 days of your graduation date.

  1. Complete your Direct Loan Entrance Counseling session. Once you have successfully completed the process, NEIU will be notified electronically.
  2. Print a copy of the Confirmation Page for your records.
  3. Complete a Direct Loan Request.
  4. Check the Current Student tab in NEIUport for updates on your loan request or follow up with the Financial Aid Office.

Direct Loan Limits


Unsubsidized Undergraduate Independent & Graduate/Professional







Junior/Senior/2nd BA/ Teacher Certificate


$7,000 (Teacher Certificate 12,500 in unsubsidized only at the Graduate loan Interest Rate)



$20,500 (or up to COA)

*Subsidized Direct Loan eligibility limited to undergraduate, degree seeking students for the equivalent of six years

Students beware of federal student loan scams

There have been reports of ads on Facebook and other sources claiming that a debt relief company can forgive federal student loan debt. Do not give out personal identification information to any company besides your own loan lender. Students should go through the U.S. Department of Education directly regarding their federal student loan debt. They will never charge you if you need advice on how to manage your federal student loans. They provide free assistance to help you with advice on getting out of default, to see if you qualify for loan forgiveness, lowering the monthly loan payment, and on consolidating loans. Students can view their loan history and lender information on NSLDS.

Parent Loans for Undergraduate Students (PLUS)

Since there is a creditworthiness check required for PLUS loans, any credit approval is valid for only 90 days. Parents are encouraged to apply for PLUS and complete the electronic Master 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 can borrow up to the Cost of Attendance minus any other financial aid the student is receiving.

Parents and students can track PLUS status, submit an electronic Master Promissory Note and initiate their own credit check via Simply create a login for the Parent Portal using your FSA ID username and password from FAFSA on the Web.

NEIU and Alternative/Private Loans

The 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 Direct Loan eligibility. The maximum certification for borrowers not studying abroad is $9,000.

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, the student must complete an Alternative/Private Loan Self-Certification and have the form mailed or faxed to the lender. The Self-Certification requires the Cost of Attendance for the loan period. A private loan borrower has a 90-day right of refusal to either reject or reduce the loan. For more information on private loans, view the Private Student Loan Comparison Chart. Here is a brochure explaining to students how to understand credit.

Federal Perkins Loans

Federal Perkins Loan Program expired on Wednesday, September 30, 2015. The oldest federal student loan program on the books was blocked from advancing through U.S. Senate approval.

What does this mean to students? Students with Federal Perkins awards disbursed on or prior to Wednesday, September 30, 2015 will still receive their Spring, 2016 and Summer, 2016 disbursements. Students missing the Federal Perkins loan promissory note on Wednesday, September 30, 2015 and who have no disbursement will have those awards removed.

Students wishing to replace the unpaid Federal Perkins loan with remaining Federal Direct Loan eligibility, should contact the Financial Aid Office at (773) 442-5016 or visit the office in person in D-200.

Loan Disbursements

The 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, 2015, and January 21, 2016. One-term 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.


The 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 five percent (5%), it may or may not be advisable to consolidate this loan with others.

Gainful Employment

Average beginning salary of a program completer

2012 Baccalaureate Graduate Survey:  Median Salary before taxes:  $33,000

Placement patterns of completers

60.3% working full time; 17.2% seeking employment

Financial Aid

Contact Financial Aid

Contact Financial Aid

Back to Top