Cost of Attendance
A student's financial aid award is established on an individual basis, but the cost of attendance varies little from one student to another. Tuition, Fees, Room & Board, Books & Supplies and Personal Expenses are all standard figures determined on a yearly basis. The amounts that we use for Tuition and Fees are based on actual charges. Room & Board is based upon a weighted average of all the double rooms on campus plus a 19-meal per week board contract. Books & Supplies and Personal Expenses are determined by reviewing annual student surveys of actual costs, as well as by researching textbook prices at local bookstores. These averages are not adjusted on a student-by-student basis.

Transportation to and from campus is also included in the total cost of attendance. This figure does vary from one student to the next, and is based on two round trip tickets from the student's permanent address. If the student lives within driving distance, it is based on gas mileage. Many students also have an allowance for loan origination fees included in their budget. The basic budget used when calculating financial aid eligibility for the 2008-09 academic year is as follows:

Expected Family Contribution
Once the student's cost of attendance has been established, the next step is to evaluate the level of the family contribution. Aid application materials are carefully examined, including any special circumstances there noted, and a parental contribution is determined using both federal and institutional needs analysis formulas. Students, being the direct beneficiaries of their education, are also asked to make significant contributions toward their expenses. It is expected that students will use a portion of their personal assets each year, as well as savings from summer employment. The summer earnings expectation varies based on class level and actual reported income, but is an essential component of the student contribution. This, combined with the parental portion, makes up the total family contribution.

Institutional Need
The amount that remains after the family contribution has been applied towards the cost of attendance is considered to be the student's institutional need. A typical need-based aid package will consist of aid from various sources, usually a combination of educational loans, scholarship and grant assistance, and part-time work. If a family does not qualify for need-based financial aid, Northwestern may still be able to recommend financing options of which the family is unaware.

Subsidized Federal Stafford Loan
This low interest, long-term federally subsidized loan enables students who demonstrate financial need to meet a portion of their educational expenses by borrowing directly from participating lending institutions. This loan is insured by a state or private agency in conjunction with the federal government. It is the most common need-based loan offered to undergraduates.

Eligible students may borrow up to a maximum of $3,500 for the freshman year, $4,500 for the sophomore year, and $5,500 for the junior and senior years. Students who need help choosing a lender may refer to the Preferred Lender List provided by the Office of Financial Aid.

Federal Stafford Loans have a fixed interest rate of 6%. Interest for Subsidized Federal Stafford Loans is paid by the federal government while the student is enrolled at least half-time or is in deferment.

Repayment begins six months after graduation, after the borrower leaves school or ceases to be enrolled at least half-time. Each year while the borrower is in repayment, he or she is required to pay at least $600 or the unpaid balance, whichever is less, and the borrower has up to ten years to repay the loan. The borrower may prepay the loan at any time without penalty.

Unsubsidized Federal Stafford Loan
A student who does not qualify for the need-based Subsidized Federal Stafford Loan may apply for an unsubsidized version of the same loan regardless of his/her family's income. It is also available to those who only have partial need-based Stafford eligibility, though the annual borrowing limits still apply. The terms of the Unsubsidized Federal Stafford Loan are the same as for the subsidized loan except that the student is responsible for paying the interest during in-school or deferment periods. A student may choose to let the interest accumulate until he or she is out of school or until a deferment period ends; however, the accumulated interest will be added to the principal and will increase the amount to be repaid.

Federal Perkins Loan
The Federal Perkins Loan is a low interest, long-term loan for students with exceptional financial need. Undergraduate students may be eligible for up to $4,000 per year, which is borrowed directly from the school. Interest does not begin to accrue until the student enters repayment, which begins nine months after graduation, when the student leaves the University or ceases to be enrolled at least half-time. The interest rate during repayment is at a fixed rate of 5%. Students may take up to ten years to repay Federal Perkins Loans. A minimum payment of $40 per month is required during repayment and students may prepay their loans at any time without penalty.

Federal PLUS Loan
The Federal PLUS Loan allows a parent with satisfactory credit history to borrow up to the estimated cost of attendance, minus any other aid the student may be receiving. Completion of the FAFSA is not required to be considered for this loan. As with the Federal Stafford Loan, funds are borrowed from a participating lending institution, and an origination fee of 3% will be deducted proportionately from each loan disbursement. Students who need help choosing a lender may refer to the PLUS Preferred Lender List provided by the Office of Financial Aid.

PLUS Loans have a fixed interest rate of 8.5%. Interest is charged on the loan from the date that the first disbursement is made, and repayment of principal begins within 60 days of the final disbursement for the academic year. The maximum repayment period is 10 years, and a minimum of $600 is to be repaid annually.

In addition to these federal loan programs, Northwestern maintains an institutional loan program called the NU Loan for parents of undergraduate students.

NU Loan/NU Supplemental Loan
The NU Loan is a financing option that may allow a parent with satisfactory credit history to borrow up to the cost of tuition. The NU Supplemental Loan is available once the NU Loan has been maximized and can be borrowed up to the cost of attendance minus any other aid the student may be receiving. This loan is funded by the University and administered by the NU Student Loan Office.  Loans are sold annually to Sallie Mae upon final disbursement. Repayment of both principal and interest begins within 45 days of the initial disbursement of funds and can extend up to a maximum of ten years. There is no penalty for early repayment and there is no application fee. The NU Loan interest rate is variable and is 7% for the 2008-09 academic year.  The NU Supplemental Loan interest rate is also variable and is 7.5% for the 2008-09 academic year.

The NU Loan/NU Supplemental Loan requires an online application. The student must initiate the loan application process through OWLS (Online Web Loan System) via CAESAR (go to For Students > Financial Services > NU Loan Application). Once the student has completed the student section of the NU Loan Application, the parent borrower will receive a login ID and password which will allow him/her to access and complete the parent portion of the online NU Loan Application.

There are also a number of private outside agencies that can offer families additional sources of financing. Unless otherwise noted, the programs below allow parents to borrow up to the cost of attendance, minus any financial aid received by the student. Parents must demonstrate creditworthiness and an ability to repay. These programs may allow a maximum repayment period of 15 years. All loans are variable rate.

CitiAssist (CitiBank/800-394-7580)
This loan allows students to borrow up to the cost of attendance minus any other aid, and the principal is deferred while the student is enrolled. Interest is adjusted quarterly. There is no application or origination fee, but a co-signer may be required. Students may apply online at www.citiassist.com.

Sallie Mae's Premier Signature Loan(College Credit/800-831-5626)
This loan allows students to borrow up to the cost of attendance minus any other aid, and the principal is deferred while the student is enrolled. Interest is adjusted quarterly. There is no application or origination fee, but a co-signer may be required. More information and an online application for the Signature Loan can be found at www.salliemae.com.

More detailed information on the various loan programs is available in the Office of Financial Aid. In the case of the outside agency sponsored loans, please contact the individual lenders directly. You may also wish to refer to the section on Frequently Asked Questions - Loans.

Federal Pell Grant
The Pell Grant is the largest of the federal grant programs, and award amounts vary from one year to the next. For the 2008-09 year, Pell Grants range from $400 to $4,310. Awards are determined based on the financial information submitted on the FAFSA, cost of attendance, whether the student will be full or part-time, and for how many quarters during the academic year the student will be enrolled.

Federal SEOG
The SEOG is intended to supplement financial aid beyond the Federal Pell Grant for those students who demonstrate high need. Students will be considered for this assistance if they are eligible for the Federal Pell Grant. Annual awards may range from $100 to $4000, but vary based on the student's need and availability of funding.

State Grants
Illinois' Monetary Award Program is one of the largest state administered need-based grant programs in the country. Illinois residents enrolled at least half-time at an approved Illinois postsecondary institution may be eligible to receive MAP funding if they complete their FAFSA in a timely manner, demonstrate financial need and meet certain other criteria established by ISAC. Maximum award eligibility is determined each year based upon the availability of MAP funds. The maximum award for 2008-09 is $4968. To be considered for this or other state administered programs, the student must complete the FAFSA and check the appropriate box indicating that the U.S. Department of Education should forward the student's information to the appropriate agency for his or her state of residency.

Northwestern University Scholarship
Northwestern University is proud of its commitment to help families meet the cost of private higher education. As a result, the University awards more than $50 million of its own funds to undergraduates each academic year in the form of NU Scholarships. All NU Scholarships are awarded on the basis of demonstrated financial need and availability of funding at the time the student applies for aid. Additional funding is also provided via gifts by generous University benefactors. These NU Endowed Scholarships are awarded to those students who, in addition to being eligible for need-based NU scholarship assistance, also meet the donors' other selection criteria.

Approximately one-half of all Northwestern undergraduate students receive NU scholarship assistance, with individual awards ranging from $250 to over $33,000 annually. Recipients come from families with a wide range of income backgrounds. The chart below illustrates this, as it shows the number of students, broken down by parent income level, who were eligible to receive NU scholarship assistance during the 2008-09 academic year. Please note that many, if not most, of the families with higher income levels who receive NU Scholarships have more than one child attending college. Northwestern Scholarship is generally the final component of an aid package, meeting any remaining need after other forms of aid have been applied.

Federal Work-Study
Northwestern University participates in the Federal Work-Study Program, which was established by Congress to assist students in finding employment to help meet educational costs while providing experience related to academic majors and interests. Jobs are available both on and off-campus. Off-campus positions are with non-profit employers providing community service. The America Reads Program at local elementary schools is one such Community Service effort, managed by the Office of Work-Study.

Federal Work-Study awards are based both on need and availability of funding. Approximately 2,500 undergraduates participate in the program annually, with awards ranging from $1,800 to $2,200 for the academic year. This award is not a guaranteed salary, but an earnings limit. Students must devise a schedule with their employers based on this limit and their hourly pay to ensure that this limit will not be exceeded before the end of the academic year. Most students work between eight and twelve hours per week, and the jobs pay between $6.45 and $11 an hour. Funds are paid directly to students based on wage rates and the number of hours worked every two weeks. Federal Work-Study funds are not credited towards students' invoices.

More information regarding the Federal Work-Study Program, as well as a current listing of available jobs, can be found on the Office of Federal Work-Study's website. You may also wish to consult the section on Frequently Asked Questions - Federal Work-Study, or contact either the Work-Study or Financial Aid offices directly.