Additional Loan Options

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. The maximum PLUS Loan amount that parents can borrow on a yearly basis is the cost of attendance minus any other financial aid received.

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. Approval for the PLUS Loan is based on good credit and the student being enrolled at least half-time in a graduate or professional degree program.

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. 

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.