Financial aid loans are available to NAU students
After submitting the FAFSA, you may be offered loans as part of your financial aid package. A loan is money you borrow and must pay back with interest.
If you decide to take out a loan or loans, make sure you understand who is offering the loan and the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans offered by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.
Types of loans
- Direct Subsidized Loans
- Loans offered to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
- Direct Unsubsidized Loans
- Loans offered to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan.
- Federal PLUS Loans
- Loans offered to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid.
- Federal Perkins Loans
- A program for undergraduates and graduate students with exceptional financial need. Funds for this program are limited.
- Private Alternative Loans
- A low-interest federal student loans for undergraduate and graduate students with financial need.
- Federal Nursing Loans
- Loans available to eligible students in the Northern Arizona University Nursing Program.