The One Big Beautiful Bill Act (OB3) has introduced significant changes to Federal Student Aid and will be effective starting July of 2026. All below information is subject to changes or delays, as final rules have not been published. This is not intended to be an exhaustive list of all the proposed changes, but instead a high-level summary of a few significant proposed changes. See the FSA webpage for updates: https://studentaid.gov/announcements-events/big-updates.
Direct PLUS Loans
Direct Parent PLUS Loans are loans in a parent's name for a dependent undergraduate student enrolled at least half-time in a degree program. It is not necessary to demonstrate financial need in order to receive a PLUS Loan, however the student must file a Free Application for Federal Student Aid (FAFSA). Filing the FAFSA may qualify the student for Federal and Institutional aid. Approval for the PLUS Loan is based on good credit.
- To apply for the Parent PLUS Loan, click here.
- If this is your first time borrowing, you will need to complete a PLUS MPN for Parents, found here.
- If you have adverse credit history and have obtained an endorser or documented extenuating circumstances, you will need to complete PLUS Credit Counseling.
Effective 26-27, Graduate PLUS loans are being phased out. Some continuing students may still be eligible. Direct Graduate PLUS Loans are loans in the student's name for graduate or professional studies. For a graduate or professional student to receive a PLUS Loan they must file the Free Application for Federal Student Aid (FAFSA) that provides consideration for the unsubsidized Federal Direct Loan.
A legacy provision exists for some current borrowers, for a limited amount of time, if the student is enrolled in the same program of study in 2026–27 as in 2025–26; and, the student borrowed and received funds in the Direct Grad PLUS Loan Program prior to July 1, 2026. Following the One Big Beautiful Bill Act (OB3), students who go on a Leave of Absence or Withdraw from UNH will lose their Legacy loan status and be subject to new loan borrowing limits upon reenrollment. See the Federal Student Aid webpage for updates: https://studentaid.gov/announcements-events/big-updates.
- To apply for the Graduate PLUS Loan, click here.
- If this is your first time borrowing, you will need to complete a MPN for Direct PLUS Loans, found here.
- If you have adverse credit history and have obtained an endorser or documented extenuating circumstances, you will need to complete PLUS Credit Counseling.
Current interest rates for Parent PLUS and the Graduate PLUS loans can be found here.
Please note: PLUS loan applications for the new financial aid year are typically available in April.
Student Financial Services is awaiting final rules and guidance from the Department of Education as to who qualifies for legacy provisions and who will be subject to the new loan borrowing limits. Please visit Federal Student Aid for the latest updates. (https://studentaid.gov/announcements-events/big-updates)
Alternative Loan Information
Should You Borrow a Private Loan?
Students should not consider borrowing private student loans until they have exhausted their maximum federal student loan eligibility. The terms and conditions of these credit-based private loan programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program.
You should consider a private loan if any of the following situations apply:
- All federal loan options have been exhausted and additional funds are needed to meet the student's cost of education.
- The student or parent is unable to borrow federal student/parent loans.
- The student is responsible for financing their education, and they need to borrow additional funds.
- Funds are needed for a previous semester and it is too late to borrow federal loans. (Many private loans allow students/parents to borrow funds to repay overdue university charges from previous semesters).
ELM Select
UNH encourages students to complete the FAFSA (Free Application for Federal Student Aid) to apply for federal aid before applying for alternative loans. The terms and conditions on a federal loan may be more favorable than the provisions in alternative loans. These types of loans require a completion of an application and a valid credit check.
After federal loan options are exhausted, we recommend students and families explore and compare alternative loan terms before applying for any loan. The alternative loan options are designed specifically to help you fill the gap between your financial aid award, your federal loans, and what your total educational costs will be. You should begin the application process for your alternative educational loan several weeks before your payment due date. This is to ensure that there is sufficient time for your loan to be processed, certified, and disbursed. ELMSelect offers students the ability to compare and select the loan product that best fits their needs.
The lenders listed in ELMSelect are not ranked in any way nor can we recommend a particular lender to you. The lenders listed in ELMSelect are based on a three-year average of volume and net dollars disbursed to the university. Additionally, staff meet with these lenders regularly to review the average interest rate and repayment options available to our students. Within ELMSelect, you are able to sort and filter by different repayment types, fixed vs variable rates, and other requirements. Additionally, you have the right to borrow through any lender, even those not on this list.
