Listed below are some of the loans that SNHU students may be eligible to receive as part of a financial aid package.
SNHU participates in the William D. Ford Federal Direct Loan Program. Stafford Loans are fixed-rate student loans for undergraduate and graduate students attending college at least half-time. Federal loans are the most common type of financial aid to assist with paying for school and are available to all students who submit a FAFSA.
The Perkins Loan is a federally-subsidized (no interest while in school), fixed low interest (5%) loan that is offered to full-time undergraduate day students. Repayment begins nine months after the student ceases to be enrolled at least half-time. SNHU is the Lender. A Perkins Loan is awarded to undergraduate day students who demonstrate financial need.
Parent PLUS Loan
The Parent PLUS Loan are unsubsidized loans for the parents of dependent students. Parent PLUS Loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. Southern New Hampshire University requires the FAFSA application to be completed and a student be awarded federal aid before processing a Parent PLUS Loan application. The lender is the U.S. Department of Education through the William D. Ford Federal Direct Loan Program.
Approval for the Parent PLUS Loan is based on a parent’s good credit and the undergraduate student being enrolled at least half-time in a degree program. Your parent can complete a PLUS Request on the Department of Education’s website to apply for the Parent PLUS Loan (A parent is required to use their Parent Student Aid PIN to complete the PLUS Request).
Graduate PLUS Loan Information
Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in the FFEL Loan Program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFEL program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.
Alternative loans are private education loans through a private lender to help finance the unmet cost of attendance at Southern New Hampshire University. We recommend that you apply for financial aid by completing the FAFSA (Free Application for Federal Student Aid) before applying for an alternative loan.
Approval and interest rates are based on the credit worthiness of the student borrower and cosigner and vary from lender to lender. You should exhaust all federal, state and university options including the Federal Parent PLUS Loan and Federal Graduate PLUS Loan before borrowing an Alternative loan. Alternative loans are not federally guaranteed and have less favorable terms and conditions. Alternative loans also carry a variable interest rate with no cap.