Although May 1 is the deadline for summer Guaranteed Student Loans, two other loan programs with higher interest rates are available after this date.

Students who apply for a GSL before the May 1 deadline have a good chance of having the forms processed before May 15, said Financial Aids counselor Carol Dombeck. Students who have their forms processed before that date will have the amount of the loan deferred from summer tuition bills.

The GSL provides loans up to $2,625 for undergraduates, but students are unlikely to receive that amount for the summer, Dombeck said. It usually takes NIU about two weeks to process loan applications, she said.

Five types of forms are needed to apply for a summer GSL, Dombeck said. A GSL application is needed from the lending institution. She said the summer semester is the last semester students will need an application from the lender. Students must fill out a Financial Aid Form and an NIU application. Certification that the student is not in default also is needed along with 1985 parental tax returns, she said.

If students miss the May 1 deadline, they still are eligible to receive the Parental Loan for Undergraduate Students and the Auxiliary Loan to Assist Students. Both programs provide up to $4,000 per year at an interest rate of 12 percent, Dombeck said. The GSL carries an eight percent interest rate, she said.

Other financial aid available for next fall includes the DeKalb-Sycamore Panhellenic’s scholarships to women active in nationally affiliated sororities at NIU. Two of the $300 scholarships will be awarded to education majors while a third has no restrictions on major, said Financial Aid counselor Cheryl Schaffer.

Applications for the scholarships are available at the Financial Aid Office and must be returned by May 15, Schaffer said. Applicants also must file a Financial Aid Form so the student’s need can be determined, although the scholarship is not entirely need-based, she said.