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Financing Options

 In addition to the programs described below, many families obtain funds for financing educational costs through normal consumer credit channels such as personal loans, borrowing against life insurance or other such options. Home equity loans may also provide a useful source of funds, particularly if the interest is deductible for federal income tax purposes. The "best" program(s) for an individual student or family can be determined only after a careful review of the various options as they apply to that particular situation.

Direct PLUS Loan

Once Direct Loan funds are exhausted, the next financing option would be the Direct PLUS Loan for parents of dependent undergraduate students and for graduate students. The interest rate for Parent Direct PLUS is fixed at 7.21% and 6.21% for the Graduate PLUS Loan. There is a loan fee of 4.288% of the principal amount charged for each Direct PLUS Loan that you borrow. 

Direct PLUS Loan for Parents is a loan in the parent's name for dependent undergraduate students enrolled at least half-time in a degree program. It is not necessary to demonstrate financial need in order to receive a PLUS Loan. 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 education minus any other financial aid received.

Direct Graduate PLUS Loan is a loan in the student's name for graduate and professional studies. In order for a graduate or professional student to receive a Federal PLUS Loan they must file the Free Application for Federal Student Aid (FAFSA). Filing the FAFSA enables the student to be considered for 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.

To apply for the Direct PLUS Loan or the Graduate Direct PLUS Loan, you need to:

  1. File the Free Application for Federal Student Aid (FAFSA)
  2. Sign in at studentloans.gov using your FAFSA pin #
  3. Choose REQUEST A PLUS LOAN
  4. Choose either PARENT  PLUS (parents of dependent undergraduate students) or GRADUATE PLUS (graduate students only)

In addition to this request form, if you are borrowing a Direct PLUS Loan for the first time, a Master Promissory Note (MPN) must be signed. This can be signed electronically with your federal PIN. The federal PIN is the same you used when you signed the FAFSA. If you do not already have a PIN, you can go to www.pin.ed.gov.


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 and parent 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:

  • The student or parent has exhausted their federal loan options and needs to borrow additional funds 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 his or her education, and he or she needs to borrow additional funds.
  • The student or parents need to borrow funds 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).

Preferred Alternative Lender List

The lenders below are listed alphabetically by lender name, so no inference should be made based upon the order of the listing. Borrowers are encouraged to review the terms and conditions of each program prior to selecting a lender. The criteria listed below will be reviewed periodically to determine if loan programs may be added to, or removed from, the list of programs.

 

Citizens Bank TruFit Student Loan
Lender: Citizens Bank
Interest Disclosure Information
Customer Service: 1-800-708-6684
APPLY NOW

 

Discover Student Loans
Lender: Discover
Interest Disclosure Information
Customer Service: 1-877-728-3030
APPLY NOW

 

Smart Option Loan
Lender: Sallie Mae
Interest Disclosure Information
Customer Service: 1-888-272-5543
APPLY NOW

 

New regulations require all private loan borrowers to complete, sign, and return a Private Loan Applicant Self-Certification form to their lender before any funds may be disbursed to the school. This form was designed to assist students in making an informed decision about borrowing, giving students the opportunity to review information about their financial aid eligibility. This form may be part of the online application process with your lender, or it may be a paper form that you must submit to your lender. Your lender will inform you of their process. The Self-Certification form requires information about the borrower as well as the Cost of Attendance (COA) for the loan period covered by the loan. From the COA, you will deduct the amount of your estimated financial aid, and the amount remaining will be the total that you are able to borrow from your private loan lender. Click here for the Self-Certification Form.

 

Please be advised that The University of New Hampshire adheres to the NASFAA Code of Conduct and Statement of Ethical Principles. Our list of alternative loan lenders has been carefully researched using a variety of criteria. These factors include customer service, borrow benefits, interest rates, fees, repayment options, and lender stability- lender information on these topics is available upon request.. Each year we review information from lenders with regard to private loans in order to provide what we believe are the best options. Students are not obligated to use any lender on this list and may apply for a private loan with any lender they choose. This list is provided as a good place to start your search to compare private loan options. Do not hesitate to visit our office to discuss alternative loans in greater detail.

 

Tuition Payment Plans

Although the University does not offer a deferred payment schedule, information on an approved commercial service will be mailed to you by the end of May. For more information, contact Business Services at 603-862-2230.

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