Direct Stafford Loan Information


What is a Federal Direct Subsidized loan?

The Federal Direct Subsidized Stafford Loan is a need-based student loan that does not require a credit check. As long as you are enrolled at least half-time, the interest is paid by the Federal Government. For Subsidized Loans first disbursed prior to July 1, 2012, the government also pays the interest during the six-month grace period. Repayment of the loan begins six months after you cease half-time enrollment.

What is a Federal Direct Unsubsidized loan?

The Federal Direct Unsubsidized Stafford loan is not need-based and does not require a credit check. It is intended to help students who do not qualify for need-based aid or for whom need-based aid is not sufficient to meet their educational expenses. For this loan, the interest begins to accrue immediately upon disbursement. You are able to delay making payments on the loan as long as you are enrolled at least half-time. Repayment on the loan begins six months after you cease half-time enrollment.

What are the loan limits?

Year

Dependent Undergraduate Student (except students whose parents are unable to obtain PLUS Loans)

Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans)

Graduate and Professional Degree Student

Freshman

$5,500 - No more than $3,500 of this amount may be in subsidized loans.

$9,500 - No more than $3,500 of this amount may be in subsidized loans.

$20,500 

Sophomore

$6,500 - No more than $4,500 of this amount may be in subsidized loans.

$10,500 - No more than $4,500 of this amount may be in subsidized loans.

Junior/Senior

$7,500 - No more than $5,500 of this amount may be in subsidized loans.

$12,500 - No more than $5,500 of this amount may be in subsidized loans.

Maximum total debt from Stafford Loans when you graduate (aggregate loan limits)

$31,000 - No more than $23,000 of this amount may be in subsidized loans.

$57,500 - No more than $23,000 of this amount may be in subsidized loans.

$138,500 - No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study.

Do these loans have origination fees?

Yes, there is a 1.051% origination fee for Direct Stafford loans for loans first disbursed on or after March 1, 2013. The result is that your net loan amount will be 1.051% less than your gross loan amount.

Interest rates on Direct Loans disbursed on or after July 1, 2013 have been set.

Undergraduate Direct Subsidized and Unsubsidized interest rates are set at 3.86%

Graduate Direct Unsubsizided loans are fixed at 5.41%.

Parent PLUS and Graduate PLUS loans have an interest rate fixed at 6.41%

Locations
  • CHICAGO DOWNTOWN CAMPUS

    NLU’s Chicago campus on South Michigan Avenue occupies five floors of the historic Peoples Gas Building. This landmark building, across the street from the Art Institute of Chicago and Grant Park, is easily accessible by train, bus and car and is surrounded by restaurants, parking lots/garages and shops.

    122 S. Michigan Avenue
    Chicago, IL 60603
    (888) 658.8632

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  • ELGIN

    Conveniently located in a fast-growing business district off I-90 and Route 31, NLU Elgin features 10 classrooms with high-tech media equipment; a computer lab with high-speed Internet access; two conference rooms; and comfortable student lounges. Parking is free at this recently remodeled and upgraded teaching site, which now includes wireless Internet access.

    620 Tollgate Road
    Elgin, IL 60123
    (888) 658.8632

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  • NORTH SHORE

    Opened in the summer of 2006, NLU North Shore at Skokie is a state-of-the-art modern campus located just off the Edens Expressway near the Old Orchard Shopping Center. The campus includes 44 wireless classrooms equipped with high-tech media equipment; four computer labs with high-speed Internet access, including a walk-in lab in the library; six conference rooms; a public café for beverages and snacks; a student welcome center; a library for research and study; and multiple, comfortable student lounge areas.

    5202 Old Orchard Road
    Skokie, IL 60077
    (888) 658.8632

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  • LISLE

    Located just minutes from the East-West Tollway (I-88), NLU Lisle features 42 wireless classrooms equipped with high-tech media equipment; four computer labs with high-speed Internet access, including a separate walk-in lab in the library; a café for beverages and snacks; a student welcome center; a library for research and study; conference rooms; and six comfortable student lounge areas with wireless access.

    850 Warrenville Road
    Lisle, IL 60532
    (888) 658.8632

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  • WHEELING

    Located in one of Chicago's major northwest suburbs, the newly renovated NLU Wheeling includes 20 classrooms with high-tech media equipment, four conference rooms, four computer labs with high-speed Internet access, large student lounge areas with wireless capabilities and interactive video capabilities, and an extensive research library. The site also houses the university library research collection.

    1000 Capitol Drive
    Wheeling, IL 60090
    (888) 658.8632

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  • FLORIDA (TAMPA)

    Established in 1988 and located in one of the city's major business districts, NLU's Florida Regional Center serves students in 13 counties in central Florida. In addition to six classrooms, this location features a conference room, a computer lab with high-speed Internet access, an extensive research library and comfortable student lounges.

     

     

    5110 Eisenhower Boulevard Suite 102
    Tampa, FL 33634
    (800) 366.6581

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  • WISCONSIN

    NLU's Milwaukee campus has a proud history of serving graduate students in education in southeastern Wisconsin. Nearly one in five certified Wisconsin teachers looks to NLU for graduate education programs – more than any other university in the state. In addition to classrooms with high-tech media equipment, the campus offers a state-of-the-art computer lab with wireless Internet access and an extensive IDS research library.

    12000 West Park Place, Suite 100
    Milwaukee, WI 53224-3007
    (414) 577.2658

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