Guide to Northwestern University’s Financial Aid & Student Loan Options

With a mind-boggling array of student loan and financial aid options available to students today, paying for an education at Northwestern University is achievable, but can be confusing.

Scholarships are a great way to make an education at Northwestern University much more affordable, and when they don’t cover the full cost of tuition, grants and loans can be used to pick up the slack. For everything you need to know to make the best decision on which financial aid and student loan options are best for you, continue reading.

Northwestern University Scholarships

By far, the best way to decrease tuition costs is through the use of scholarships. Northwestern University offers students plenty of scholarship opportunities for students to take advantage of, some of which we’ve outlined below. 

Northwestern University 

In the 2018-19 school year, Northwestern University alone awarded $190 million in scholarships to its undergraduate students. Scholarships available to you from Northwestern University include the following:

• Northwestern University Scholarship
  
  Award: From $250 to over $40,000 per year
  Eligibility: Students eligible for the Northwestern University Scholarship have a demonstrated financial need.

• Northwestern Endowed Scholarships
  
  Award: From $250 to over $40,000 per year
  Eligibility: Similar to the Northwestern University Scholarship, students eligible for the Northwestern Endowed Scholarship have a demonstrated financial need.

• Good Neighbor, Great University
  
  Award: From $1,000 to $5,500 per year
  Eligibility: To be eligible for the Good Neighbor, Great University scholarship, you must have graduated from a high school in the Cities of Chicago and Evanston. Additionally, you must have a demonstrated financial need.

For more details, click here.

• Questbridge National College Match Scholarship
  
  Award: Covers financial need with federal, state, and institutional assistance, including student employment, after students’ contribution has been figured in.
  Eligibility: For students to be eligible for Questbridge, they must have a demonstrated financial need, and show exceptional academic prowess.

• National Merit Scholarships
  
  Award: From $500 to $2,500 per year
  Eligibility: Students must be National Merit Finalists who list Northwestern University as their first choice school.
  
  For more details, click here.

• Founder’s Scholarship
  
  Award: Average award of $13,200 annually for up to four years.
  Eligibility: This scholarship is available to students from middle-income families. Students must maintain a cumulative GPA of 3.0 and be enrolled at least half-time to maintain eligibility.
  
  Additional criteria used include:
  
  • Academic credentials
  • Student essays
  • Recommendations
  • Leadership experience/potential
  • Academic interests

• Fermi Scholarship
  
  Award: $5,000 per year
  Eligibility: This scholarship is available to the children of full-time Fermi Lab employees. Students who have already completed their sophomore year, and have a demonstrated financial need are given preference.

• Argonne Scholarship
  
  Award: $5,000 per year
  Eligibility: This scholarship is available to the children of full-time Argonne Lab employees. Similar to the Fermi Scholarship, preference is given to students with a demonstrated financial need who have completed their sophomore year.

• Karr Achievement Scholarship
  
  Award: $2,500 per year
  Eligibility: Students who have been admitted to Northwestern University for the 2013-2014 school year and on are eligible.

Outside Scholarships

Aside from scholarships that Northwestern University offers its students, many outside scholarships are available as well. As Northwestern University awards students aid to meet their full demonstrated need, federal regulations mandate that outside scholarships are figured in first.

Outside scholarships work to benefit students at Northwestern as they reduce the necessity of students taking out larger loans or working during their time in school. 

Northwestern doesn’t recommend any specific outside scholarships, but suggests these free scholarship search tools:

• FastWeb
• Scholarships.com 

Federal and State Grants for Northwestern University Students

The federal government and the state of Illinois offer grants to help make Northwestern University more affordable for those with a demonstrated need.

To be considered for these grants, you must first file a Free Application for Federal Student Aid (FAFSA). After that, different grants may have some additional requirements.

For more information on the federal and state grants available to Northwestern University students, see below:

• Federal Pell Grant
  Award: Up to $6,195
  Eligibility: Eligible recipients for the Federal Pell Grant have an Expected Family Contribution (EFC) on the FAFSA between $0 and $5,487. Additional considerations are the cost of attendance, enrollment status, and length of attendance.

• Federal Supplemental Educational Opportunity Grant (SEOG)
  
  Award: $100 to $4,000 per year
  Eligibility: Undergraduate students with an exceptionally high need for assistance are considered.

• Illinois Monetary Award Program (MAP)
  
  Award: Up to $5,340 per year for full-time students
  Eligibility: To be eligible for the MAP grant, you must be an Illinois resident with a demonstrated financial need who is enrolled at least half-time at Northwestern University. You must submit a FAFSA by the state deadline and also meet other Illinois Student Assistance Commission (ISAC) criteria.

Federal Work-Study at Northwestern University

If you have demonstrated sufficient financial need, you may be eligible for the Federal Work-Study program at Northwestern University.

At Northwestern University, approximately 2,000 students take part in the program each year, where students work between six and ten hours a week. Wages earned can be spent at the student’s discretion, though they are intended to help pay for books and other supplies necessary for a successful experience at Northwestern University.

To obtain a work-study job, you must either attend the annual Northwestern University’s Work-Study Job Fair and apply for available positions, or search for and apply for jobs through their Federal Work-Study Office website.

Student Loans for Northwestern University Students

Student loans are available to students and their parents from both Northwestern University and the federal government.

Federal Student Loans

• Federal Direct Subsidized Stafford Loan
  Loan Amount: Up to $3,500 for the freshman year, $4,500 for the sophomore year, and $5,500 for each of the junior and senior years.
  Interest Rate: 4.53% for 2019-20. While enrolled at least half-time, the federal government pays the interest.
  
  These loans are available to students who have demonstrated a financial need on the FAFSA. Being subsidized means that the Federal government covers the interest while you are actively enrolled at least half-time at Northwestern University.

• Federal Direct Unsubsidized Loans
  Loan Amount: Up to $5,500 for the freshman year, $6,500 for the sophomore year and $7,500 for each of the junior and senior years (minus any subsidized loans they have received).
  Interest Rate: 4.53% for 2019-20.
  
  These loans are available to students who don’t qualify for subsidized loans, or to students who have partial need-based Stafford eligibility. Unsubsidized student loans begin accruing interest at the date of disbursement. While students are not required to pay the interest while in school, the accrued amount will be added to the principal and increase the total amount that needs to be repaid.
  
• PLUS Loans
  Loan Amount: Up to the cost of attendance, minus any other aid received.
  Interest Rate: 7.6% for 2018-19. 7.08% for 2019-20.
  
  If you either weren’t eligible for the previous loan options, or they didn’t cover the remainder of your tuition costs, consider PLUS Loans. These loans are available to parents, or Graduate students, with satisfactory credit history.

Northwestern University Institutional Loans

• Northwestern University Loan
  Loan Amount: Varies based on the program of study
  Interest Rate: 4.50% for both 2018-19 and 2019-20.
  
  This loan is available to both students and their parents.

• Northwestern Parent Loan
  Loan Amount: Up to the cost of attendance, minus any other aid received.
  Interest Rate: 4.50% for both 2018-19 and 2019-20.
  
  This loan is available only to the parents or legal guardians of students who have a satisfactory credit history.

Private Student Loans

If you’ve exhausted all other financial aid and student loan options, you may consider taking out private student loans as a last resort. Private student loans have different terms, depending on which lender you choose.

Before committing to a private student loan, Northwestern University recommends revisiting the other aid options outlined above to be sure you have not missed any available options. 
For a list of private student loan lenders provided by Northwestern University, see here.