Federal Aid is available to all students, whether they are an incoming Freshmen or Transfer student. To be eligible
for Federal Aid, you must be a U.S. citizen, or eligible non-citizen. To apply for Federal Aid, you must submit
a Free Application for Federal Student Aid (FAFSA).
Up to 4% of the total amount of the Federal Subsidized Stafford Loan, Unsubsidized Stafford Loan, and PLUS Loan
mentioned below may be deducted by the bank or guarantee agency. In addition, if a student graduates or ceases
to attend half time, they are required to complete an exit loan counseling session for their Federal Subsidized
Stafford Loan, Unsubsidized Stafford Loan, and/or Federal Perkins Loan.
Federal Pell Grant
Eligibility: Financial need as determined by the Free
Application for Federal Student Aid.
Amount: For the 2007-2008 academic year, the amount ranges from $400 - $4,310.
Renewal: Must re-apply for financial aid and maintain satisfactory
academic progress.
The Federal Pell Grant is available to students who attend at least part time (six credits). In certain situations, however, a student who is enrolled for less than six credits may be eligible for a Pell Grant.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Eligibility: Financial need as determined by the Free Application for Federal Student Aid. Priority is given to Federal Pell Grant recipients.
Amount: Amount varies each year based upon school allocation.
Renewal: Must re-apply for financial aid and maintain satisfactory academic progress.
Federal Perkins Loan
Eligibility: Financial need as determined by the Free
Application for Federal Student Aid. Priority is given to Freshmen and Sophomore Federal Pell Grant recipients.
Amount: Average amount is $1, 375
Renewal: Based on annual review of need.
Terms:
Begins nine months after the student graduates or ceases to attend at least half-time.
Interest accrues at 5% when the student ceases to attend at least half-time.
Interest is deferred as long as the student is enrolled at least half-time.
The loan is made from a Federal Perkins Loan Fund through Northwest University and is administered by the Federal Perkins Loan Office. The monies in this fund are allocated from the Federal Government and from Northwest University. Students must qualify for this loan based on need and first-time borrowers must attend an entrance interview where the Promissory Note is signed and loan disclosure information is discussed. For borrowers with an existing Federal Perkins Loan from Northwest University, attending an additional entrance session is not required. Loan recipients must also attend a mandatory exit session prior to graduation, withdrawal from Northwest University, or if they drop below half-time status. The Federal Perkins Office will contact Federal Perkins Loan borrowers to schedule entrance and exit interviews and will also be the contact during the repayment period. Any questions relating to this loan may be directed to the Federal Perkins Office. To find out more, contact Northwest University's Perkins Loan Office at 425.889.4206 or e-mail --.
Federal Subsidized Stafford Loan
Eligibility: Financial need as determined by the Free
Application for Federal Student Aid.
Amount: Amounts are based upon the number of cumulative credits a student has earned. The following
chart lists the requirements:
| Class |
Credits |
Amount |
Freshmen |
00 – 29 |
$3,500/year |
Sophomore |
30 – 59 |
$4,500/year |
Junior |
60 – 89 |
$5,500/year |
Senior |
90+ |
$5,500/year |
Renewal: Must re-apply for financial aid and maintain satisfactory academic
progress.
Terms:
Payment of principal and interest accrual begins six months after the student ceases to be enrolled at least halftime; interest is deferred while the student is enrolled at least halftime; interest rate is 6.8%; loan fees are charged according to Federal laws (maximum is 4%)
If you wish to participate in the Federal Stafford Loan Program, please complete a Loan Request Form and return it to the Financial Aid Services Office. In addition, first-time borrowers at Northwest University must complete the entrance counseling online that will explain issues and rights and responsibilities. An official Loan Application can be completed by the student via www.edfund.org. Students who have already completed the required application (Master Promissory Note) will only need to complete the Loan Request Form. Federal Stafford loan funds are sent to the college from the lenders by Electronic Funds Transfer (EFT). EFT funds will be credited directly to the student’s account. The student borrower must sign any loan funds sent by check.
Federal Unsubsidized Stafford Loan
Eligibility: Not need-based
Amount: Amounts are based upon the number of cumulative credits
a student has earned. The credit requirements and amounts are the
same as for the Subsidized Stafford Loan. Some students are considered independent according to the Free Application for Federal Student Aid. In that case, additional amounts are available:
Freshmen/Sophomore - $4,000
Junior/Senior - $5,000
Renewal: Must re-apply for financial aid and maintain satisfactory academic progress.
Terms: Eligibility based on independent status or dependent student who is not eligible for a Federal Subsidized Loan. Borrowers are responsible for the interest while they are enrolled and during repayment period. Interest payments can be deferred while student is in school and during their grace period. Iinterest rate is 6.8%. Payment of principal and interest begins six months after the student ceases to be enrolled at least half-time. Interest rates, loan fees, application, and disbursement process are the same as for the Federal Subsidized Stafford Loan.
Federal Parent Loan (PLUS)
Eligibility: Must be a parent of an enrolled student and have an acceptable credit rating.
Amount: The maximum amount is the student's estimated budget minus financial aid.
Renewal: Application required annually.
Terms:
Check is made co-payable to the borrower and school. Interest rate is 8.5%. Repayment of principle and interest begins 60 days after the last disbursement. Loan fees, application, and disbursement process is the same as for the Federal Subsidized Stafford Loan.
To apply for a PLUS loan, one parent must complete the PLUS Loan Request Form and return it to the Financial Aid Services Office. A bank application can be accessed on each lender’s website.
REMEMBER – up to 4% of the total amount of the Federal Subsidized Stafford Loan, Unsubsidized Stafford Loan, and PLUS Loan may be deducted as a guarantee fee and origination fee.
