Loan Information
Stafford Loans
If you are given a subsidized Stafford Loan, which is based on need, the government pays the interest while you are a student. If you receive an unsubsidized Stafford Loan, interest will accrue throughout the life of the loan. However, you are not required to make interest payments while in school.
The interest rate is 5.6% for undergraduate subsidized loans disbursed on or after July 1, 2009. The interest rate for undergraduate unsubsidized Stafford Loans and all Stafford Loans for graduate students (subsidized and unsubsidized) is a fixed interest rate of 6.8%.
The origination fee is .5%.
Loan limits for undergraduate students are determined by the federal government, and are based on completed college credit hours. Students with 0-29 completed college credit hours can borrow up to $3500/year in a subsidized loan and $2000/year in an unsubsidized loan. Students with 30-59 completed college credit hours can borrow up to $4500/year in a subsidized loan and $2000/year in an unsubsidized loan. Students with 60 or more completed college credit hours can borrow up to $5500/year in a subsidized Stafford Loan and $2000 in an unsubsidized Stafford Loan.
Loan limits for graduate students are also set by the federal government, but are tied to the cost of attendance for your academic program.
You do not have to make payments on your Stafford Loans while you are in school. Repayment begins six months after you cease to be enrolled at least half- time (six credits for undergraduate students; four credits for graduate students), and lasts at least 10 years.
To apply for the Stafford Loan, you must complete a Direct Loan Master Promissory Note (MPN). You also must complete Direct Loan Entrance Counseling.
Both of these items, the MPN and Entrance Counseling, must be received by the Financial Aid Office before your loan can be processed.
Perkins Loans
Need-based loans given to first- and second-year traditional undergraduate students; amounts vary.
Perkins Loans are deferred while you are in school.
The current interest rate is 5%, and interest will begin to accrue when you begin repayment.
Repayment will begin nine months after you cease to be enrolled at least half-time, and lasts at least 10 years.
North Park University maintains the promissory notes for this federal loan program. ACS is the servicer of these loans.
You must complete a Perkins Loan Master Promissory Note and Perkins Loan Entrance Counseling before your loan can be processed.
Federal Nursing Loans
Need-based loans given to third- and fourth-year traditional undergraduate Nursing students; amounts vary.
Nursing Loans are deferred while you are in school.
The current interest rate is 5%, and interest will begin to accrue when you begin repayment.
Repayment will begin nine months after you cease to be enrolled at least half-time, and lasts at least 10 years.
North Park University maintains the promissory notes for this federal loan program. ACS is the servicer of these loans.
You must complete a Nursing Loan Master Promissory Note and Nursing Loan Entrance Counseling before your loan can be processed.
Parent PLUS Loans
If you are a dependent student, your parent may borrow up to your cost of attendance minus any other aid that you are receiving. Cost of attendance includes tuition, room/board, personal expenses, transportation, and books. Not all of these costs will appear on your bill and can vary for each student, but these figures are used by the Financial Aid Office for awarding. The cost of attendance is usually higher than your direct costs to allow you to borrow funds for additional expenses. Your financial aid cannot exceed your cost of attendance.
To be eligible to borrow a PLUS loan, your parent must not have adverse credit. If s/he is denied for the PLUS loan, you will eligible for an additional unsubsidized Stafford Loan.
The interest rate is a fixed 7.9% and origination fee is 2.5%.
There is no penalty for early repayment. Repayment begins 60 days after the final disbursement of the loan is received, and the repayment term is up to 10 years. Parents do have the option to defer payment on the PLUS Loan while you are enrolled at least half-time. if your parent borrows a PLUS Loan for the 08/09 academic year, s/he can contact his/her lender directly regarding this repayment option. If your parent will borrow a PLUS Loan for the 09/10 academic year, s/he must contact Direct Loan Servicing (800-557-7394) to set up this payment option.
Completion of the FAFSA is not required (but recommended).
There must be a PLUS Loan Master Promissory Note (MPN) on file for each student. Your parent may not use the same PLUS promissory note for more than one student. The MPN can be completed online.
If your parent would like to borrow a PLUS Loan on your behalf, s/he must complete a PLUS Loan Master Promissory Note with Direct Loans. S/he must also complete the PLUS Loan Request Form to indicate how much s/he would like to borrow for the year.
Private Loans
Interest rate and repayment terms vary by lender, and are not as favorable as the PLUS and/or Unsubsidized Stafford Loans.
Most undergraduate students will need a credit-worthy cosigner to be approved for this loan.
Typically, you can borrow up to your cost of attendance (minus other aid received), but you may not use the loan to cover previous balances.
Payment typically begins six months after you have graduated. However, some lenders require interest payments while you are enrolled. The length of repayment is usually 10 years.
Student Lending Analytics provides valuable information about private loans.SimpleTuition is an online tool that can help you find the right private loan product to meet your needs.
Exit Counseling
Students who leave the University are required to complete exit counseling for their federal student loans (Stafford, Perkins, and/or Nursing Loans, if applicable). Exit counseling will explain to you your rights and responsiblities as a student loan borrower. While you may have already paid off your loans, made payment arrangements with your lenders and servicers, or will be continuing your education elsewhere (which means that you will NOT begin repayment at this time), this exercise will provide you with invaluable information about your student loans.
Information about how much you borrowed while enrolled at North Park is required to complete the exit counseling. You can access your loan history online from the National Student Loan Data System. You will need your FAFSA PIN to access your records.
Exit counseling can be completed online. You must complete an exit session for each loan type that you borrowed while at North Park as each program has its own rules and regulations. The Financial Aid Office will receive your information electronically.
If you borrowed a Stafford Loan prior to the 2009-2010 academic year, you will complete your Stafford Loan Exit Counseling session with Mapping Your Future.
If you borrowed a Stafford Loan during the 2009-2010 academic year, your Stafford Loan Exit Counseling session can be done with Direct Loans.
All Perkins and Federal Nursing Loan Exit Counseling sessions are completed with Mapping Your Future.
One final note as you leave North Park and enter repayment, please make sure that you keep your contact information up to date with your lender/servicer. Name and address information updated at North Park will NOT be forwarded to your lender/servicer.