Federal Direct Stafford Loan
Under this program, a law student may borrow as much as $20,500 per academic year to a maximum indebtedness of $138,500 over the student’s entire educational career.
Unsubsidized: The Federal Unsubsidized Stafford Loan is a non need-based loan program. As of July 1, 2014, the interest rate was fixed at 6.21%. In order to apply for this loan you must file the requisite financial aid application. Interest on this loan will be charged from the time that the loan is disbursed until the loan is repaid in full. Interest payments may be made while the student is in school or may be capitalized onto the principal balance. The maximum annual amount under this program is $20,500 per year. The standard repayment period is for 10 years.
A students Stafford Loan eligibility will appear on the Offer of Financial Aid. Our office will automatically certify the maximum eligibility unless we are told otherwise. Two additional steps must be completed to obtain the Stafford Loans.
Entrance Interview: As a first-time borrower under the Federal Direct Loan program (while at Northeastern), all students must complete an “Entrance Interview.” This can be accomplished online directly through the direct lending website at www.studentloans.gov. Law students will need to log in to the site with their federal PIN, and will need to will complete TWO separate counseling requirements (Stafford and GradPLUS).
Stafford Loan Master Promissory Note (MPN): All first-time borrowers of the loan (while in attendance at NU) must complete the MPN. Students can sign the MPN online through the direct lending Website.
Federal Perkins Loan
Federal Perkins Loan is a low-interest (5%) loan for students with exceptional financial need. Northeastern serves as the lender, and the loan is made with government funds. The loan is repaid to Northeastern. No interest or fees are charged, and no repayment is required while a student is enrolled at least half-time (six credits per term) or during the nine-month grace period following graduation or withdrawal from school. Students wishing to be considered for the Federal Perkins Loan must complete the financial aid application by the priority filing dates. Due to limited funding, not all students who qualify for the program will be awarded funds.
Federal Graduate PLUS Loan
Beginning July 1, 2006, PLUS loans were made available for law students. To be eligible for this loan you must file a FAFSA and be eligible for federal aid. Students can borrow the PLUS loan to supplement the Federal Subsidized and Unsubsidized loans that are currently available.
The Federal Graduate PLUS Loan has a fixed interest rate of 7.21% with a 4.292% fee. A basic credit check is performed. Repayment can be 10-25 years based on the amount borrowed. Students have the ability to consolidate PLUS loans with other Federal Loans. In-school deferment is available through graduation.
To apply for the PLUS loan you must complete the Graduate Plus Loan Application on myNEU. Law students with myNEU access can apply for a Graduate PLUS Loan through the student portal by clicking on the “Federal Graduate PLUS Loan Application” link under the “Self Services” tab.
INCOMING FIRST-YEAR STUDENTS MUST COMPLETE THE PDF APPLICATION AS THEY WILL NOT HAVE ACCESS TO THE APPLICATION ON myNEU.
To apply for the 2014-2015 Federal Graduate PLUS application, please complete this form and fax it or email it to the number or address on the form.
In order for first-time student borrowers to receive PLUS Loan funds, the online Federal Entrance Interview and PLUS Loan Master Promissory Note (MPN) must be completed. The Federal Entrance Interview is located on myNEU. The PLUS Loan MPN can be completed at Graduate PLUS Master Promissory Note.
Students considering careers in the public interest should seriously consider using the Graduate PLUS loan as their supplemental loan because it qualifies for federal loan forgiveness benefits if the student meets certain criteria after graduation.
Average PLUS Loan fees will be added to the cost of attendance by the Office of Financial Aid at the time the loan is processed. If a student wishes to use a supplemental loan other than the Graduate PLUS loan, please contact the financial aid office to certify the loan once you have applied.
For all supplemental loans, applicants may borrow up to the cost of education less any other financial aid received.