Northwestern Institute accepts payment plans in three (3) options:
1) Self-pay through an installment system pre-arranged with the Accounting Office
2) WIA Funding through the Mayor’s Office of Workforce Development
3) Student loan through the SLM Financial, a Sallie Mae Company

SELF-PAY STUDENT:

Self-pay students can make payments in any of the following forms:
1) Cash
2) Check
3) Credit Card

An initial down payment of $250.00 (two hundred fifty dollars) is required to register for a single course application. The rest of the tuition can be paid on installment basis up until the final examination date. No final examination will be given unless the balance has been cleared with the Accounting Office. A clearance needs to be presented to the Instructor on the day of the final examination to be allowed testing.

WIA FUNDING:

The WIA (Workforce Investment Act) Funding is made possible through the Chicago Mayor’s Office of Workforce Development and/or the President’s Office of Education and Training. Students who wish to get funding through WIA must course their applications with a workforce career center nearest their home location. For a list of workforce career center, please check with your Admissions Officer or visit the website:
www.cityofchicago.org/mowd

SALLIE MAE STUDENT LOAN
Northwestern Institute offers student loans through Sallie Mae.
www.salliemae.com
www.salliemae.com/careertrainingloans

Eligibility

• You must be a U.S. citizen or permanent resident and have an established credit history.
• The institution you are attending must be licensed or accredited by the department of education in the states where they do business.

Benefits

• Competitive interest rates that reward creditworthy borrowers.
• If you do not have an established credit history, applying with a creditworthy cosigner may help you qualify for the loan. Even if you have an established credit history, you may be eligible for a lower interest rate if you apply with a creditworthy cosigner.
• Creditworthy borrowers may request a cosigner release from the loan obligation after making the first 24 consecutive payments of principal and interest on time.(1)

Features

• Easy online application with fast credit decision and electronic signature.
• Borrow for both tuition and other education-related expenses
• No prepayment penalty
• 24/7 online account management.
• Combined billing when you have multiple Sallie Mae-serviced student loans.

Loan terms

• There is no aggregate loan limit.
• Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received.*

Interest rate

• Manage your credit well and you may qualify for a lower interest rate
• The Career Training Loan has interest rates that reward good credit. Interest rates are variable and reset monthly.

Repayment

• You may take up to 15 years to repay your loan.
• With the standard repayment option, you make level, monthly payments of principal and interest. The minimum monthly payment is $30.
• With the interest-only repayment option, you make interest-only payments while you are in school and begin standard repayment of principal and interest once school is completed.
• With the $10 deferred repayment option, you may defer payments for up to 12 months, not to exceed the anticipated graduation date on the application. You are required to make a $10 monthly payment during deferment. This $10 payment will be applied toward the interest that accrues on the account during deferment. After deferment, you will begin standard repayment of principal and interest. (2)

Another way to help pay down your loan

With Upromise Loan Link student and parent borrowers who join Upromise can link their Sallie Mae loan account to their Upromise account and use their Upromise rewards to help pay down their eligible Sallie Mae-serviced student loans. Visit www.salliemae.com/upromise to learn more and enroll today.

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(1) The account must remain current until the request for release is processed. Borrower credit qualification applies. Borrower must be a U.S. citizen or permanent resident at the time the cosigner release request is processed.

(2) Deferring payment while in school will increase the overall loan costs. Unpaid interest that accrues while you are in school and in the grace period will be capitalized (added to your loan amount) at repayment.

• Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.

The Career Training Loan is made by Sallie Mae Bank or a Sallie Mae lender partner.

Access to Upromise is not limited to Sallie Mae loan customers. Terms and conditions apply.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS, UPROMISE LOAN LINK AND BORROWER BENEFITS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN DISBURSEMENT DATE TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING LOAN PROGRAMS, INCLUDING BORROWER BENEFITS.

Subject to the above, Career Training Loan information applies to loan applications received on or after June 22, 2008 and is subject to change.

Sallie Mae and Sallie Mae Bank are registered service marks and Career Training Loan is a service mark of Sallie Mae, Inc. Upromise and Upromise Loan Link are service marks or registered service marks of Upromise, Inc.