Financing Options

Northeastern University offers monthly payment plans, which are administered through Flywire.

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 $45 per term.

Additional information regarding payment plan options can be found in the Payment Plan FAQ’s.

Access

To enroll in a payment plan, follow these steps:

1. Access the platform and login to your payment plan account

a. Students login here

b. Authorized users (parents, family) login here

2. If a plan offer has been created for you, you will see the available plan options by selecting the “Enroll in Plan” button or navigating to the “Payment Plans” tab

3. “Select” the payment plan and proceed with enrollment.

For platform and payment plan questions, Students and Authorized Users can contact Flywire by submitting a contact form, or calling (US: +1 857 287-3823 or International: +1 857 287 3818).

Authorized Users

If an Authorized User wants to sign up for a payment plan, the STUDENT will need to log into Flywire. Once the STUDENT has logged into Flywire under the Quick Links on the Account Summary tab:

1. Click on “Manage or Set Up Authorized User”.
2. Click Add Authorized User, enter the requested information, then click Create
3. The authorized user will receive an email with instructions on how to log into the system to verify their authorized user account. The email must be entered correctly, or the authorized user will not receive important messages.
4. Once authorized users have been added, the student has the ability to view the user’s activity and/or delete user access via the Manage Authorized Users action.

Payment Plan Ownership

Students or a student’s Authorized User can enroll in a Payment Plan. If the student enrolls, the student is the owner of the plan; if an Authorized User enrolls, that individual is the owner of the plan. This is important because only the owner of the plan can change the payment method. Both the student and ALL of the student’s Authorized Users will receive Payment Plan notifications by email.

However, either user is able to make a payment towards the payment plan even
when they are not the payment plan owner. To pay towards a plan that you do not
own, click on “Make a Payment”, and select the plan you wish to contribute towards
and you can either “Pay Next Installment” or “Pay Another Amount”.

Notes

• Payments toward the monthly payment plan can be made by e-check.
• Monthly payment plans cannot be used for past due balances.
• The “deadline to enroll” may vary from the billing due date posted on your billing statement. Students are encouraged to resolve any balance due by the due date on their bill.
• Monthly Payment Plans are not currently available for Canadian Campus Students.

The N.U. in Program

Please note, payment plan enrollment will be available on Thursday, June 15, 2023.

The Global Scholars Program

Please note, 5-month spring payment plan enrollment will be available on Wednesday, November 15, 2023.

Undergraduate Day and Graduate Day Programs

Including students enrolled in the Global ConnEXions program.

College of Professional Studies (Bachelor’s Completion Programs)

College of Professional Studies (Graduate Programs)

School of Law

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. The Federal Direct Graduate PLUS Loan requires credit approval by the Direct Loan Servicer.

Parent PLUS Loan

How To Apply

Parents who wish to apply for the Federal Direct Parent Plus Loan must complete the following steps:

• The student must have a valid Free Application for Federal Student Aid (FAFSA) on file with Northeastern University for the academic year for which you are applying.
• Visit studentaid.gov and login with your FSA ID and password.
• Complete the online Parent PLUS Loan application for the appropriate academic year.
  • 2020–2021 Parent PLUS Loan Application: For Undergraduate Day students enrolled September 2020 through August 2021 and students in the College of Professional Studies enrolled July 2020  through August 2021
  • 2021–2022 Parent PLUS Loan Application: For Undergraduate Day students enrolled September 2021 through August 2022 and students in the College of Professional Studies enrolled July 2021 through August 2022.

Please note, 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.

Graduate PLUS Loan

How To Apply

Graduate students who wish to apply for the Graduate PLUS Loan must complete the following steps:

• Have a valid Free Application for Federal Student Aid (FAFSA) on file with Northeastern University and received your financial aid award for the applicable academic year.
• Visit studentaid.gov and login with your FSA ID and password.
• Complete the online Graduate PLUS Loan application for the appropriate academic year.
  • 2020–2021 Graduate PLUS Loan Application: For students applying for the 2020–2021 academic year, beginning with the Summer 2020 term.
  • 2021–2022 Graduate PLUS Loan Application: For students applying for the 2021–2022 academic year, beginning with the Summer 2021 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 [email protected].

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

• Cooper, Preston. “Income-Share Agreements Gain Bipartisan Support.” Forbes, forbes.com/sites/prestoncooper2/2018/11/06/income-share-agreements-gain-bipartisan-support.
• Horn, Michael. “Profiling The Rise Of Income Share Agreements In Higher Ed.” Forbes, forbes.com/sites/michaelhorn/2017/06/15/profiling-the-rise-of-income-share-agreements-in-higher-ed.

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 contacting us.