Billing & Payments

Financing Options

We understand that each student’s and family’s financial situation is unique and offer a number of options to assist you in financing your education. These resources, which include a payment plan and supplemental financing, can be combined or used in addition to any current family income and savings.

The best way to limit debt is to consider the interest-free monthly payment plan. If this plan is not a viable option, you may consider financing the difference through the Federal Direct PLUS Loan or private loans. We strongly encourage you to consider all the ways to pay for an education to determine which best meets your needs.

Direct costs, which may include tuition, fees, room and board, will vary depending upon your student type and program. Room and board costs will also vary depending upon your assigned residence hall, room occupancy and meal plan selected. To arrive at the portion of direct costs you must meet, subtract the amount(s) of any grants or loans offered from your billed expenses. Please remember that Federal Work Study is not subtracted from direct costs.

If you have questions regarding the options outlined below or would like assistance in planning for the semester or even academic year, please do not hesitate to contact your financial aid counselor.

Northeastern University offers monthly payment plans, which are administered through Tuition Management Systems (TMS).

The monthly payment plan allows you to divide your educational costs into smaller, more manageable, installments. In using this plan, it can reduce your need to borrow, thereby, reducing the overall cost of education and can be combined with your financial aid award or other financing options. Because the payment plan is not a loan, you do not have to pay interest, only an enrollment fee of $35 per term. To enroll in a payment plan, or learn more, please visit northeastern.afford.com or contact Tuition Management Systems at 855.217.0551.

Note: Check or E-check are the accepted methods of payment with monthly payment plans. Please note, TMS monthly payment plans cannot be used for past due balances.

Undergraduate Day/Graduate Day

Term Monthly Installments Enrollment Start Date First Installment Due Deadline to Enroll
Spring 5 11/1/18 12/5/18 2/1/19
Spring 4 11/1/18 1/5/19 2/1/19
Summer 4 4/1/19 5/1/19 6/1/19
Summer 3 5/1/19 6/1/19 7/1/19

College of Professional Studies (Undergraduate)

Term Monthly Installments Enrollment Start Date First Installment Due Deadline to Enroll
Spring 5 11/1/18 12/5/18 1/15/19
Spring 4 11/1/18 1/5/19 2/1/19
Summer 4 4/1/19 5/1/19 6/1/19
Summer 3 4/1/19 6/1/19 7/1/19

College of Professional Studies (Graduate)

Term Monthly Installments Enrollment Start Date First Installment Due Deadline to Enroll
Winter 3 12/15/18 1/15/19 1/31/19
Spring 3 3/15/19 4/15/19 5/1/19
Summer 2 6/1/19 7/5/19 7/30/19

 

The federally sponsored PLUS loan is a student loan for graduate level students and the parents of dependent undergraduate students, who are attending at least half-time.

Loan funds are disbursed directly to Northeastern in equal amounts over each term of enrollment for the academic year. The maximum amount that can be borrowed is the cost of education less any other forms of financial aid. PLUS loans must be processed according to federal regulations, which stipulate that a loan cannot be processed after the end of the loan period. Thus, you cannot use a federal PLUS loan to pay a back balance.

Parent PLUS Loan

Who is the Borrower? Biological or adoptive parent (or, in some cases, the step-parent)
Eligibility Must be enrolled in a degree granting program at least half-time and meet all eligibility requirements for federal aid.
Interest Rate For loans first disbursed on or after July 1, 2017 and before July 1, 2018, the fixed interest rate is 7.00%. The interest rate for loans first disbursed on or after July 1, 2018 and before July 1, 2019 is 7.6%.
Origination Fee For loans with a first disbursement on or after October 1, 2017 and before October 1, 2018 the origination fee is 4.264%. For loans with a first disbursement on or after October 1, 2018 and before October 1, 2019, the origination fee is 4.248%.
Repayment Parent borrowers have up to 25 years to repay their loan. Repayment begins 60 days after the loan has been paid in full to the university. Borrowers may request deferment through their assigned Direct Loan servicer to postpone payments until 6 months after the student graduates from the university or drops below half-time enrollment. During the deferment period, interest can be paid monthly, quarterly or capitalized.
Consolidation Borrowers may consolidate any previously borrowed PLUS loans.
Additional Requirements First-time borrowers must complete a Federal PLUS Loan Master Promissory Note (MPN).*

*Note: As of March 30, 2015, if a parent is approved by appeal or with an endorser, he/she is required to complete online credit counseling. However, online credit counseling is encouraged for all PLUS borrowers.

A valid Free Application for Federal Student Aid (FAFSA) must be on file before we can process your application.

If a parent is denied a Federal PLUS loan due to credit reasons, the parent may appeal the denial with the Direct Loan Origination Center or reapply with a credit-worthy cosigner. The Direct Loan Origination Center can be reached at 800.557.7394.

Parents who wish to apply for a Parent PLUS Loan should download, print, and complete the application below.

2018-2019 Federal Direct Parent PLUS Loan Application (for Undergraduate Day students enrolled September 2018 through August 2019 and students in the College of Professional Studies (CPS) enrolled July 2018  through August 2019)

Graduate PLUS Loan

Who is the Borrower? Graduate Student
Eligibility Must be enrolled in a degree granting program at least half-time and meet all eligibility requirements for federal aid.
Interest Rate For loans first disbursed on or after July 1, 2017 and before July 1, 2018, the fixed interest rate is 7.00%. The interest rate on loans first disbursed on or after July 1, 2018 and before July 1, 2019 is 7.6%.
Origination Fee For loans with a first disbursement on or after October 1, 2017 and before October 1, 2018 the origination fee is 4.264%. For loans with a first disbursement on or after October 1, 2018 and before October 1, 2019, the origination fee is 4.248%.
Repayment Students have up to 25 years to repay their loan. Grad PLUS loans do not have a grace period. As such, repayment begins after the student is no longer enrolled at least half-time. Students who drop below half-time status then re-enroll above half-time status will need to request their loans be deferred again through their assigned Direct Loans servicer.
Consolidation Can be consolidated with Federal Direct, FFEL, and Perkins Loans upon graduation
Additional Requirements First-time borrowers must complete Federal Entrance Counseling and a PLUS Loan Master Promissory Note (MPN).*

*Note: As of March 30, 2015, if a borrower is approved by appeal or with an endorser, he/she is required to complete online credit counseling. However, online credit counseling is encouraged for all PLUS borrowers.

The Federal Direct Graduate PLUS Loan requires credit approval by the Direct Loan Servicer. Application requests are submitted to Student Financial Services.

Graduate students with a myNortheastern portal may apply for a 2018-2019 Graduate PLUS Loan through the student portal by clicking on the “Federal Graduate PLUS Loan Application” link under “Services & Links.” Students that do not have portal access or have trouble applying via the portal should download, print, and complete the application below.

Please do not complete the Graduate PLUS Loan application before you have filed a Free Application for Federal Student Aid (FAFSA) and received your financial aid award for the applicable academic year.

2018-2019 Federal Direct Graduate PLUS Loan Application (for students applying for the 2018-2019 academic year, beginning with the Summer 2018 term.)

When considering supplemental loan options, you should compare the benefits and costs of several lenders before you apply, to find the option which best meets your needs. It is always in your best interest to explore federal student and parent loan options before applying. For information to assist you, please review our Researching Private Loans page.

Below is a list of lenders offering private educational loans that are commonly utilized by Northeastern University students. This is not a comprehensive list of all the educational loans available to you and you are not required to select one of these lenders. Inclusion on this list is not an endorsement or recommendation by Northeastern University. If you or your family has worked with a lender not listed below, and has received excellent benefits and quality service, please recommend this lender to us by emailing loans@northeastern.edu.

Citizens Bank
Connecticut Higher Education Supplemental Loan Authority – Connecticut residents only
cuStudentLoans
Discover Student Loans
Maine Educational Loan Authority (MELA) – Maine residents only
Massachusetts Educational Financing Authority (MEFA) -No state residency requirement
MPOWER Financing
New Jersey Higher Education Student Assistance Authority – New Jersey residents only
Ontario Integrated Student Loans – Canadian citizens and permanent residents only
PNC Educational Loans
Rhode Island Student Loan Authority – Rhode Island residents only
SallieMae
South Carolina Student Loans – South Carolina residents only
Student Choice Credit Union Loans
SunTrust
Union Federal Private Student Loan
Vermont Student Assistance Corporation (VSAC) – Vermont residents only
Wells Fargo Student Loans

What is an Income Share Agreement (ISA)?

An Income Share Agreement, or ISA, provides funding for a student’s education in return for paying a percentage of their future income on a monthly basis, for a fixed period of time, up to a maximum cap amount. ISAs do not fall under the same borrowing regulations as private student loans and are a different form of debt than federal or private student loans.

FAQs

Does Northeastern’s Office of Student Financial Services recommend utilizing an ISA rather than a federal and/or supplemental loan?

We understand that each student’s and family’s financial circumstances are unique and offer a number of payment and financing options, including federal and/or supplemental student and parent loans. Students and families are encouraged to compare the benefits and costs, if applicable, to find the option that best meets their needs.

Is there a monthly payment cap?

ISA providers may specify a minimum or a maximum monthly payment. A minimum monthly payment may come into play if your income is below a certain threshold. High earners should be aware that ISA providers may not have a maximum monthly payment.

Is there a lifetime payment cap?

Policies and terms will vary by provider. ISAs may offer caps based on repayment length, dollar amount, or other terms.

Is interest charged on ISAs?

ISAs do not accrue interest in a traditional manner, but you will typically repay more than you borrowed. Rather than an interest rate, you are agreeing to repay a fixed percentage of your future income.

Are there deferment or forbearance options for ISA programs?

As these are protections typically reserved for student loans, ISAs do not offer this protection. However, because ISAs are repaid based on a percentage of your income, some providers may provide relief or flexible terms during periods of under employment or unemployment.

If I want to pay off my ISA early, are there pre-payment penalties?

If you try to pay off your ISA early, there may be pre-payment fees, unlike most student loan options.

What happens if I do not make my monthly payment?

If you do not make your monthly payment, you could be assessed late fees and potentially be reported to the credit bureau which could negatively impact your future borrowing ability.

Who qualifies for an ISA?

Providers may base approval on a variety of factors. Examples include, but are not limited to, major, year in school, potential earnings, and geographic location.

Are ISAs a good option for building credit?

While ISAs may report delinquent payment history they do not otherwise report to credit bureaus; therefore, these products are not a good option for credit-building.

Are there options for consolidation?

At this time there are no known consolidation options available.

When will I receive my money?

Funds through ISA programs are typically provided per term, in alignment with the billing cycle, academic year, and terms of enrollment. Exact disbursement dates are determined by your ISA provider.

Does Student Financial Services recommend a particular ISA provider?

As each student’s and family’s financial circumstances are unique, we encourage you to compare the benefits and costs of several providers before you apply, to find the one that best meets your needs. We do not recommend a particular ISA provider. To begin your research, you may utilize the list of ISA providers below.

Additional Resources

ISA Providers

The below is not a comprehensive list of all ISA providers available to you and you are not required to select one of these providers. Please note that inclusion on this list is not an endorsement or recommendation by Northeastern University.

If you or your family has worked with an ISA provider not listed below, and has received excellent benefits and quality service, please recommend this lender to us by emailing sfs@northeastern.edu.

Align
Base Human Capital
MentorWorks