Student Loans

Undergraduate students who complete a FAFSA and are enrolled at least half-time in a degree program may be eligible for need-based subsidized direct federal loans. If you qualify, the government will pay the interest on your loan while you are a student.

If you do not qualify for a subsidized loan but still complete your FAFSA and are enrolled at least half-time, you may borrow unsubsidized direct federal loans. Interest will accrue throughout the loan, but you are not required to pay interest while in school. Learn more about interest rates and fees on federal student loans.

The federal government sets loan limits for undergraduate students based on how many college credit hours they have completed:

• Students with 0–29 completed college credit hours can borrow up to $3,500 per year in a subsidized loan and $2,000 per year in an unsubsidized loan.
• Students with 30–59 completed college credit hours can borrow up to $4,500 per year in a subsidized loan and $2,000 per year in an unsubsidized loan.
• Students with 60 or more completed college credit hours can borrow up to $5,500 per year in a subsidized Stafford Loan and $2,000 in an unsubsidized Stafford Loan.

You do not have to make payments on your direct federal loans while in school. Repayment begins six months after you cease to be enrolled at least half-time (six credits for undergraduate students) and lasts at least 10 years. However, your loan servicer may provide other options for deferment or graduated repayment depending on your financial circumstances when you are no longer in school. There is no penalty for prepayment.

If you have never borrowed a direct federal loan, you must complete a Direct Loan Master Promissory Note (MPN) and Direct Loan Entrance Counseling. You can complete these online at studentaid.gov using your FSA ID and only need to fill them out once. They will work for all the direct federal loans you borrow while attending North Park.

Traditional undergraduate nursing students in their third and fourth years of the program may qualify for the need-based Federal Nursing Student Loans (FNSL) program. Amounts vary based on need, and you do not pay back the loans while in school.

The current interest rate is 5%, which will accrue once you start repayment. Repayment begins nine months after you cease to be enrolled at least half-time (six credit hours per semester) and lasts at least 10 years.

North Park University maintains the promissory notes for this federal loan program, and ECSI is the loan servicer. You must complete a FNSL Master Promissory Note (once), nursing loan entrance counseling (annually), and self-certification form (annually) before ECSI can process your loan. You must create a login and password with ECSI to complete the documents.

If you are a dependent student, your parent(s) may borrow Parent PLUS loans to help cover the cost of your attendance. The maximum amount they may borrow is your cost of attendance minus any other aid you are receiving. Cost of attendance includes tuition, personal expenses, transportation, and books. It is usually higher than your direct costs so that you can borrow funds for additional expenses. Your financial aid cannot exceed your cost of attendance.

For your family to apply for a Parent PLUS loan, you must complete the FAFSA as a dependent student, and your parent must not have adverse credit. If the federal government denies your parent, you will qualify for an additional unsubsidized direct federal loan.

Repayment for Parent PLUS loans begins 60 days after the final loan disbursement is received, and the repayment term is up to 10 years. Parents can defer payment while you are enrolled at least half-time (six credits per semester). They can select this when completing the loan application or contact Direct Loan Servicing at (800) 557-7394) to set it up after disbursing funds. Learn more about interest rates and fees on federal student loans.

Each student must have a PLUS Loan MPN on file. Your parent may not use the same PLUS promissory note for more than one student.

If your parent wants to borrow a PLUS loan on your behalf and has never done so, they must complete the PLUS loan application and MPN online at studentaid.gov using their FSA ID. If your parent has borrowed a PLUS loan on your behalf in the past, they only need to complete the loan application.

Parents who have borrowed a PLUS Loan for the current academic year and wish to change the loan must submit a PLUS loan change form (students cannot fill this out on behalf of their parents).

Graduate students may be eligible for unsubsidized direct federal loans. Interest will accrue throughout the loan, but you are not required to pay interest while in school. Learn more about interest rates and fees on federal student loans.

The federal government sets the amount of money graduate students can borrow in direct federal loans, but it directly ties to your academic program’s cost of attendance. Your admissions recruiter and the Office of Financial Aid can inform you about the loan amount for which you may qualify.

You do not have to make payments on your Stafford Loans while you are in school. Repayment begins six months after you cease to be enrolled at least half-time (four credits for graduate students) and lasts at least 10 years. However, your loan servicer may provide other options for deferment or graduated repayment depending on your financial circumstances when you are no longer in school. There is no penalty for prepayment.

If you have never borrowed a direct federal loan, you must complete a Direct Loan Master Promissory Note (MPN) and Direct Loan Entrance Counseling. You can complete these online at studentaid.gov using your FSA ID and only need to fill them out once. They will work for all the direct federal loans you borrow while attending North Park. The North Park Office of Financial Aid must receive the MPN and entrance counseling before processing your loan.

If you are a graduate student and have borrowed your annual limit of direct federal loans, you can apply for a Graduate PLUS loan, a credit-based loan the federal government guarantees.

Repayment begins 60 days after North Park receives the final disbursement, and the repayment term is up to 10 years. You can defer payment while enrolled at least half-time (four credit hours per semester). You can choose this option when you complete the loan application or after the loan has been disbursed by calling Direct Loan Servicing at (800) 557-7394d. There is no penalty for prepayment. Learn more about interest rates and fees on federal student loans.

You must complete two documents online at studentaid.gov using your FSA ID to process this loan: the Graduate PLUS loan application and, if approved, the Graduate PLUS Loan Master Promissory Note.

The Graduate PLUS Loan program is ending for new borrowers as of July 1, 2026.

We recommend exhausting all federal financial aid options before applying for a private loan, as North Park nor the government regulates them. They are often less favorable than the PLUS and/or unsubsidized direct federal loans regarding fees, interest rates, and repayment schedules.

If you determine you need access to private loans as part of your college funding plan, consider:

• Most dependent students need a credit-worthy cosigner.
• The loan application process and terms are set individually and usually relate to the borrower’s and cosigner’s credit. Ensure you read and understand the loan terms before you agree to borrow.
• Some private loans require a school certification, so the loan is added to your account as pending aid, and the funds are sent directly to North Park. Others do not, so the funds are sent directly to you. Once you receive loan funds sent directly, you must make a cash/check payment to North Park. Be advised that direct-to-consumer loans are often more expensive than loans that require school certification.
• ELMSelect is a valuable tool for finding the right private loan to meet your needs.

Students who leave North Park must complete exit counseling for their federal student loans, which explains your rights and responsibilities as a student loan borrower. While you may have already paid off your loans, made payment arrangements with your lenders and servicers, or will continue your education elsewhere (which means you will not begin repayment now), the exercise will provide valuable information about your loans.

You likely borrowed multiple types of federal and/or private loans and may have borrowed funds from various lenders, or loans may have since been sold to another lender/servicer. It is important to keep track of what you borrowed and who currently owns your loans to remain current on your accounts. You can access your federal loan history online using your FSA ID.

You can complete exit counseling online, including that for direct federal loans. You must complete an exit session for each loan type you borrowed while at North Park, as each program has specific rules and regulations. The Office of Financial Aid will receive relevant notifications electronically.

You must complete all Federal Nursing Student Loan and Perkins Loan Exit Counseling sessions at ECSI using a login and password.

Ensure that you keep your contact information up to date with your lender/servicer, as North Park will not forward name and address updates to your lender/servicer.