Types of Aid

Loans

Federal Direct Loan

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):

  • Be enrolled at least half-time
  • Maintain Satisfactory Academic Progress
  • Be registered with the Selective Service (if applicable)
  • Be a U.S. Citizen or eligible non-citizen

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 for loans first disbursed on or after July 1, 2017 and before July 1, 2018 is 4.45%. The interest rate for loans first disbursed on or after July 1, 2018 and before July 1, 2019 is 5.045%.

An origination fee of 1.066% is deducted from loans with a first disbursement on or after October 1, 2017 and before October 1, 2018. For loans with a first disbursement on or after October 1, 2018 and before October 1, 2019, the origination fee is 1.062%.  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)

Federal Perkins Loan, Health Professions Student Loan, and Nursing Student Loan

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 complete a Self-Certification Form and return it to Student Loan Collections.