Responsible Borrowing 

Spring Direct Loan Request Deadline is April 7, 2022

Official Cohort Default Rates for Schools

A cohort default rate is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), Oct. 1 to Sept. 30, and default or meet other specified conditions prior to the end of the second following fiscal year.

The U.S. Department of Education releases official cohort default rates once per year.

Learn more about managing your tuition, budget and bills at GradReady. 

Loan Programs Offered at Northeastern

  • 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


3-year Official 


Aug. 18, 2018


3-year Official


Aug. 5, 2017


3-year Official


Aug. 6, 2016

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.

Loan Proration for fall graduates and summer borrowers

Federal regulations require NEIU to prorate loans for undergraduate students who are graduating at the conclusion of the fall semester. The proration is based on the enrollment for that final semester. A similar proration is used in the awarding of summer loans. Students enrolled in 12 or more credit hours can receive the full award for one semester. 

Online Direct Loan Counseling and Process

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

Borrowers must complete an online loan exit counseling 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. View prior NEIU graduate student exit surveys.

  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 and Graduate/Professional







Junior/Senior/2nd B.A./ 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 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 $11,000.

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. 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.

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 Sept. 12, 2019, and Jan. 23, 2020. 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: $40,500

Placement patterns of completers: 68.9% working full-time; 8% seeking employment