North Central College participates in Direct Lending through the U.S. Dept. of Education for processing both Federal Direct and PLUS loans. With this program, the federal government provides funding and their servicing agency collects payment on the loans when they go into repayment.
Federal Direct loans are offered to students through the federal government's program, Direct Lending.
Subsidized:Awarded to students with financial need. You’re not charged interest while registered as a student (at least half time). The federal government subsidizes or pays the interest during this period.
Unsubsidized:Awarded to students without financial need (you still must file for financial aid). You’re charged interest from the time the loan is disbursed until it’s paid in full. You may choose to pay the interest while in school, or if you don’t, the interest will accumulate and be added to the loan principal balance.