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Students who complete the FAFSA are automatically considered for the Federal Direct Loan program. To be eligible, you must meet a number of requirements, including (but not limited to):
With a need-based Direct Subsidized Loan, the federal government pays the interest that accrues while you are in school. On a non-need-based Direct Unsubsidized Loan, interest accrues while you are in school.
The subsidized annual amounts listed below may be changed all or in part to a Direct Unsubsidized Loan depending on the student’s financial need as determined each year by the FAFSA. Annual limits are based on the number of credits earned towards the student’s degree.
The interest rate on loans disbursed during the 2022-2023 academic year is 4.99%.
An origination fee of 1.057% is deducted from loans with a first disbursement on or after October 1, 2020. Learn more.
| Year of Study | Dependent Student | Independent Student |
|---|---|---|
| Total Lifetime Eligibility | $31,000 ($23,000 subsidized) |
$57,500 ($23,000 subsidized) |
| First Year 0-31 completed credits |
$5,500 ($3,500 subsidized) |
$9,500 ($3,500 subsidized) |
| Second Year 32-63 completed credits |
$6,500 ($4,500 subsidized) |
$10,500 ($4,500 subsidized) |
| Third Year 64-95 completed credits |
$7,500 ($5,500 subsidized) |
$12,500 ($5,500 subsidized) |
| Fourth Year 96+ completed credits |
$7,500 ($5,500 subsidized) |
$12,500 ($5,500 subsidized) |
These federal loan programs carry a 5% interest rate during repayment. Students must demonstrate financial need and meet Northeastern’s priority filing date for consideration, as funds are limited.
To be eligible for the Federal Nursing Student Loan, students must be enrolled at least half-time. These loans carry a 9-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status. Repayment on the loan is for a period of up to ten years with a minimum $40 monthly payment. The loan may be prepaid at any time without penalty.
To be eligible for the Health Professions Loan Program, applicants must be enrolled full-time in the PharmD program through the Bouvé College of Health Sciences. Additionally, students who would like to be considered for the Health Professions Loan Program must include parent income information when completing the FAFSA. These loans carry a 12-months grace period. Repayment on the loan is for a period of up to ten years with a minimum $40 monthly payment. The loan may be prepaid at any time without penalty.
To receive a Health Professions or Nursing Loan, students must first accept these loans through the Student Hub. Heartland ECSI, Northeastern’s loan servicer, will then email the required Promissory Note, Self-Certification form, Statement of Rights and Responsibilities, and Personal Data Sheet in late summer. These documents must be completed before the loan disburses.