Student loans, unlike grants, are borrowed money that students must repay to their lenders. Loans cannot be cancelled once you have borrowed the money. A loan is a legal obligation to the student or parent borrowing the funds.
Don't forget to read your Student Rights and Responsibilities when looking for different ways to fund your education and your different financial aid opportunities.
NIU is part of the Direct Loan Program. This means that eligible students and parents borrow directly from the U.S. Department of Education.
Direct loans include:
A Federal Perkins Loan is a low-interest loan for first time undergraduates attending the university full-time.
The amount you may receive depends on your financial need, amount of other aid you are receiving, and the availability of funds.
Private Loans are loans made through lending institutions that are not necessarily part of the federal government programs.
They can be more expensive than federal government guaranteed loans.
Private Loans are also known as Alternative Loans.