All private loan applications are processed by the SFS Boston team. SAC does not have access to application details. All private loan applicants must monitor their status updates via their online portals.

Private loan applications can take approximately eight to twelve-plus weeks for processing. applications are processed in date order and cannot be expedited. Once the application status has been updated to reflect funding eligibility, a disbursement date will be made available.

Please be advised that once your loan has been certified by Northeastern University, it is imperative that you complete the final forms in your lender’s portal, as instructed. The timely completion of these forms is essential for your lender to confirm the disbursement date and release your funds.

Please note that finalized/processed private loan applications will not have funding disbursements released until at least two weeks after the start of the term. It should also be noted that funding disbursement dates from the lender are not the same date that funds are received by NU. Generally speaking, NU receives funds approximately 1-2 weeks after the lender’s disbursement date.

For the 2024/2025 academic year, students will no longer need to complete the SAC Private Loan form to receive their funds. Student accounts will be monitored regularly to identify where Private Loan funding has been allocated. If all fees are paid in full by the Private Loan funding at the time of the transfer, any credit balance remaining (if applicable) will be sent to the student via a CIBC outbound payment.  SAC will send emails directly to students, so please ensure that you are checking your NU email for updates.  We ask that the details are not shared, as the process will not work for students who have not reached that stage in processing.

NOTE: Prior to July 1, 2024, all Private Loans were exchanged from USD to CAD at an annual, pre-set amount. However, effective July 1, 2024, all Private Loan funds are now disbursed in accordance with the Federal Reserve Exchange Rate for the previous month of the disbursement. ie. Funds disbursed in September 2024 will be exchanged at the rate set for August 2024. This new policy applies only to new disbursements as of July 1, 2024 onwards.

Information regarding private loan application details can be directed to the SFS Student Inquiry form.  If you need to make changes to your budget, you can go to the Contact Us section of the SFS Student Inquiry form to submit your revised details for consideration.  Please note that all updates will require supporting documentation (i.e., a change in rental amounts will require a copy of your Rental Agreement, etc.). All submissions should include the term, your NUID, and your lender in the description box.