In order to be eligible for this loan, a student needs to demonstrate financial need, complete the appropriate loan application and be enrolled in the Northeastern University Graduate College of Nursing. Though the loan is made with government funds, repayment is made to Northeastern who serves as the lender. Interest does not start to accrue until a student graduates or falls below half-time status. The Federal Work-Study Program is a need based, federally subsidized program which provides jobs for graduate students, allowing them to earn money to help pay educational expenses. The hourly rate of pay is at least the current federal minimum wage, but may be higher based on the type of work.
Students receive a weekly check for the hours completed.
MEFA considers the student's and the co-applicant's credit history when determining a student's eligibility to borrow. Re-payment can be deferred up to 5 years while attending graduate school. There is an interest only re-payment option for the first five years of repayment. The NU Signature Loan is a private non co-signed loan that requires certain credit history. Students must be enrolled at least half-time, be a U.S. Citizen or permenent resident and meet specific credit criteria.