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Student Loans

Most students use loans to help fund some of their college experience. Loans need to be repaid, so make sure you plan your finances and carefully consider the amount you should borrow.

Here are some common types of loans.

PLUS (Federal Direct Parent Loan for Undergraduate Students)

Through this federal program, parents of dependent students are eligible to borrow the difference between the cost of attendance and financial aid awarded.

  • Amount: Maximum amount is student’s cost of attendance less other financial aid.
  • Details:
    • Repayment begins within 60 days of when the loan is fully disbursed unless the in-school deferment option is chosen during the application process.
    • Interest rate is fixed at 7% and begins accruing after the first disbursement.
    • Parents must not have adverse credit history.

How to Apply

  1. Go to studentloans.gov, log in, and click on ‘Request a Direct PLUS Loan’.
  2. If your credit is approved it will allow you to complete a PLUS Master Promissory Note (unless you have already completed one).
  3. If your credit is approved and you do want to take out the Parent PLUS loan, complete the (2017-18) PLUS Loan Request Form (pdf) , or (2018-2019) PLUS Loan Request Form (pdf) and submit it to the Financial Aid Office. It will be matched with your online application and the loan will be processed.
Federal Direct Stafford Loan

In order to determine your eligibility for a Direct Stafford Loan, you will need to complete a Free Application for Federal Student Aid (FAFSA).

A subsidized loan is awarded on the basis of financial need (determined by your FAFSA results). You won’t be charged any interest while enrolled at least half time. The federal government subsidizes the interest during these periods.

  • Amount: Loan amounts are up to $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors.
  • Details:
    • Fixed interest rate of 4.45% for loans made during the 2017-2018 academic year.
    • No interest accrues while student is enrolled at least half-time.
    • Loan is repaid within 10 years with payments no less than $50 per month when standard repayment plan used.
    • Repayment is deferred until six months after a student graduates, withdraws or drops below half-time status.
  • Exit Counseling: You’re required to complete exit counseling when you:
    • Graduate from North Central University.
    • Withdraw or decide not to return to North Central University.
    • Take fewer than 6 credits during a regular fall or spring term.

How to Apply

  1. Complete the Free Application for Federal Student Aid (FAFSA).
  2. Complete entrance counseling.
  3. Sign a Master Promissory Note (MPN) with the Department of Education.
  4. North Central’s Financial Aid Office will send you an email indicating that your financial aid has been awarded.  Sign into Skyline to accept the amount of loan you wish to borrow.
Federal Direct Unsubsidized Stafford Loan

This federal loan program has the same terms and conditions as the Direct Subsidized Stafford program. The interest rate is fixed and the borrower is responsible for interest that accrues while he/she is in school.

  • Amount: Up to $5,500 for freshmen, $6,500 for sophomores, and $7,500 for juniors and seniors. Independent freshmen or sophomores may borrow an additional $4,000 above regular Stafford limits, and independent juniors and seniors may borrow an additional $5,000 above regular Stafford limits.
  • Details:
    • Available to students who don’t qualify for the Direct Subsidized Stafford Loan or who aren’t eligible for the full subsidized Stafford amount.
    • Fixed interest rate of 4.45% for loans made during the 2017-2018 academic year.
    • Loan is repaid within 10 years with payments no less than $50 per month when the standard repayment plan is used.
    • Repayment is deferred until six months after a student graduates, withdraws, or drops below half-time status.
  • Exit Counseling: You’re required to complete exit counseling when you:
    • Graduate from North Central University.
    • Withdraw or decide not to return to North Central University.
    • Take fewer than 6 credits during a regular fall or spring term.

How to Apply

  1. Complete the Free Application for Federal Student Aid (FAFSA).
  2. Complete entrance counseling.
  3. Sign a Master Promissory Note (MPN) with the Department of Education.
  4. North Central’s Financial Aid Office will send you an email indicating that your financial aid has been awarded.  Sign into Skyline to accept the amount of loan you wish to borrow.
Alternative (Private) Loans

Federal regulations exist to guide schools and students in regards to the private loan process.  The goal of these regulations and the school’s efforts is to ensure:

  • Informed student loan borrowing
  • Borrower choice of lender
  • Transparency and high ethical standards in the student lending process
  • Selection of preferred lender based on best interest of borrowers

Based on these guidelines North Central University has developed a list of recommended lenders to assist families in making an educated financial decision.  Lenders were evaluated based on their ability to meet the following criteria:

  • Dedicated contact and support personnel available for resolving issues on behalf of the school and the student
  • Proven track record of stability within the industry and commitment to North Central students
  • Ability to process and disburse loans electronically
  • No membership or association requirement
  • Competitive interest rates and benefits offered to students

North Central is able to process loans through other lenders; however, the lenders on our list have been selected based on their ability to deliver the best services to our students. We encourage you to review the list before making your financial decision.

See your alternative (private) loan options.

North Central grads have less debt.

You may have heard the shocking stories of six-figure college debt. But at North Central, students are graduating with 21% less debt than the national average.

In fact, 19% of NCU students graduate with NO debt at all!

At North Central you’ll have access to programs and tools that will help you  maximize the power of your hard earned dollars:

  • Scholarships, grants, and loans can help you pay for your education and keep your debt manageable after you graduate.
  • Finish in four years. Most of the academic programs North Central offers are structured to require approximately just 124 credits, permitting students to quickly and efficiently accumulate the credits they need to graduate on time with less debt.
  • Also known as a “flat-rate” plan, North Central’s Block Tuition program lets students take 12-18 credit hours each semester (fall and spring) for the same price. Consequently, families can reduce the amount of time it takes students to complete their degrees, budget more efficiently, save money each year, and minimize debt upon graduation.
  • Financial Boot Camp. Students can sign up for this four-day intensive workshop that addresses key areas of personal financial management like budgeting, saving, and reducing debt. In addition, many of these students continue on with North Central staff-and-faculty-led “Financial Accountability in Leadership Clubs,” where attendees receive monthly instruction on giving to the Kingdom, building personal wealth, and overall support in setting and meeting their personal financial objectives.