Financial Aid

Types of Aid


Financial Aid

Federal Financial Aid

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 Department of Education. 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 2012-2013 academic year, the amount ranges from $400 - $5,550.

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 $1,000

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 425.889.5341 or e-mail .(JavaScript must be enabled to view this email address).

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 loan 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 varies based on 10-Year Treasury Note rate plus 2.05% (maximum is 8.25%). For 2013–14, the rate is 3.86%. The interest rate is fixed at the time of disbursement. Loan fees are charged according to Federal laws (maximum is 1%). New as of 2012, interest accrual begins as soon as student has graduated or is no longer enrolled at least halftime.

First-time borrowers at Northwest University must accept the loan by returning their Award Letter and completing the entrance counseling online that will explain issues, rights, and responsibilities. Entrance Counseling and MPN can be completed by the student via www.studentloans.gov. 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: The amounts are the same as the Federal Subsidized Loan, plus an additional $2,000/year (see chart above). Additional amounts are available for independent students and dependent students whose parents were denied a PLUS loan:

Class Amount
Freshmen/Sophomore $4,000
Junior/Senior $5,000

Aggregate Loan Limits (Students cannot take out a total of more than these aggregate amounts during their time in school):

  1. Undergraduate Dependent Stafford Subsidized and Unsubsidized limit: $31,000
  2. Undergraduate Independent Stafford Subsidized and Unsubsidized limit: $57,500

Renewal: Must re-apply for financial aid and maintain satisfactory academic progress.

Terms: 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. The interest rate is calculated by the same formula as Subsidized Loans. 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 dependent 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 for 2013–14 is 6.41%. Which is calculated on the 10-Year Treasury Note plus 4.60% (maximum is 10.5%). The interest rate is fixed at the time of disbursement. Repayment of principle, which can be deferred while student is in school, and interest begin 60 days after the last disbursement. Loan fees are 4%. Disbursement process is the same as for the Federal Subsidized Stafford Loan.

To apply for a PLUS loan, one parent must complete the PLUS Authorization Form and return it to the Financial Aid Services Office. Application, Promissory Note, and credit check can be completed via the Direct Loan website: www.studentloans.gov. 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.