In addition to federal student loan programs, as a Northern student you and/or your parents may take out alternative loans for educational expenses. Eligibility criteria, loan limits, interest rates, and repayment terms will vary from one program and lender to the next.
Because the interest rates don't have a maximum limit, and the federal government doesn't guarantee the loans, we recommend that you consider these loans only after exhausting eligibility for the federal loan programs.
A list of all alternative-loan lenders used by Northern students in the past five years is available at the Alternative Lender List link below. There, you'll also find information about interest rates, fees, repayment terms, and application instructions.
We don't endorse specific lender(s), and you're free to borrow from any participating lender, not just those identified. Be sure to compare benefits, and select the program that best fits your borrowing needs.
Federal regulations now require lenders to send three disclosure notices to borrowers and co-signers to ensure borrowers are properly informed regarding the terms and conditions of the loan. This process will lengthen the time it takes from applying for a loan until the funds are received, so please allow 3-4 weeks for processing time.
If you take out an alternative loan, you're required to fill out a Self-Certification of Private Loans form. Most lenders will provide this; however, you also may use the form linked below: