Student Loans

Federal student loans

Federal student loans are a common way to pay for college. You borrow the money directly, and are responsible for paying it back after leaving the university or dropping below a half-time credit load.

To qualify for a loan, first complete the Free Application for Federal Student Aid, or FAFSA.

There are two types of federal student loans:

  • Subsidized loans based on financial need; the federal government pays the interest that accrues while you are in school.
  • Unsubsidized loans are not based on need. The interest that accrues while in school must either be paid monthly or deferred and added to the original loan balance.

First-time borrowers of federal loans must complete requirements including promissory notes, entrance counseling and exit counseling when completing or departing the university.

Loan Requirements

Conditions of Award

 

Federal Perkins loans

Subsidized Perkins loans are available to undergraduate students who demonstrate exceptional need. They bear a fixed, 5-percent interest rate. Repayment begins nine months after a student graduates, leaves school, or drops below half-time enrollment.

 

Federal Direct Loans

Direct loans are available to both undergraduate and graduate students. For undergraduate students, these loans may be subsidized, unsubsidized, or a combination of both; only unsubsidized loans are available for graduate students.

There is a six-month grace period prior to repayment following graduation, withdrawal or a drop below half-time status.

 

Additional loan options

Direct PLUS Loans
These loans offer alternative financing options for students and their families. Both loans require the FAFSA and good credit. Students must be enrolled at least half-time. You can find more information and apply for Direct PLUS loans online.

Direct PLUS Loans for Parents
Loans in the parents’ name for dependent undergraduate students. The maximum PLUS Loan amount that parents can borrow on a yearly basis is the cost of education minus any other financial aid received.

The interest rate is fixed at 7 percent, with a loan fee of 4.276 percent of the principal amount charged for each loan you borrow.

Direct Graduate PLUS Loans
A loan in the student's name for graduate and professional studies.

Summer Loans
Students who wish to use a portion of their Direct Loan eligibility, an Alternative Loan or a PLUS Loan to pay for summer classes must complete a FAFSA and a Summer Course Form through WebCat ( https://my.unh.edu/ ), then submit it to the Financial Aid Office.

Using Direct Loan funds for the summer will impact your academic year (fall and spring) financial aid balance.

Alternative loans
You’ll want to exhaust your maximum federal student loan eligibility before considering private student loans. The terms and conditions of these credit-based private loan programs vary and students are encouraged to review the details carefully.

You may want to consider a private loan if any of the following situations apply:

You or your parents are unable to borrow federal student/parent loans.

You alone are responsible for financing your education and need borrow additional funds.

Funds are needed for a previous semester and it is too late to borrow federal loans. (Some private loans allow students or parents to borrow funds to repay overdue university charges from previous semesters.)
 

Preferred lender list

This is a partial list of private, non-federal loans that may be used to help you finance your education. Because alternative loans can carry higher interest rates than their federal counterparts, we recommend exploring all other forms of education financing before considering alternative options.

UNH has a formal process that reviews different loans offered by private lenders and has selected these lenders based on their competitive rates, borrower benefits and superior customer service. This list is provided for informational purposes only — the university does not endorse any of the loans listed below, nor does it receive benefits from the lenders listed.

All of these loans require at least half-time enrollment and a minimum loan amount of $1,000.

Citizens Bank
citizensbank.com/student-loans | 1-800-708-6684 | Instructions & Disclosure
Eligibility: Undergraduate and graduate students enrolled in a degree program

Discover Student Loan
discoverstudentloans.com | 1-800-788-3368 | Instructions & Disclosure
Eligibility: Undergraduate, graduate and non-degree students

EDvestinU Private Student Loan
Edvestinu.com | 1-855-887-5430 | Instructions & Disclosure
Eligibility: Undergraduate and graduate students enrolled in a degree program

Smart Option Student Loan
salliemae.com/unh | 1-800-472-5543 | Instructions & Disclosure
Eligibility: Undergraduate, graduate or non-degree students