Stafford Loan Information
Federal Stafford Loans are subsidized and unsubsidized depending on financial need.
Subsidized Stafford Loans are based on financial need with a 6.0% fixed interest rate. Repayment of principal is deferred until 6 months after you graduate or cease half-time enrollment. The interest is paid by the government while you are enrolled at least half-time status in a degree program.
Unsubsidized Stafford loans are not based on financial need with a 6.8% fixed interest rate. Repayment of the principal is deferred until 6 months after you graduate or cease half-time enrollment. Interest accrues while enrolled. Deferment options are available for interest payments.
Award amounts are based on cumulative credits earned toward a specific degree program. Annual borrowing limits for dependent undergraduates are $5,500 for freshman (zero to 29 credits), $6,500 for sophomores (30-59 credits), and $7,500 for juniors and seniors 60-or more credits).
Independent undergraduates can borrow additional Unsubsidized Stafford loans up to $6,000 in their freshman and sophomore years and up to $7,000 in their junior and senior years.
The current interest rate, established by the federal government, varies but will not exceed 8.25 percent.
All first time borrowers at SNHU are required to complete a Master Promissory Note (MPN) and Entrance Loan Counseling (ELC) before loan funds will be distributed. The ELC is designed to educate loan borrowers of their rights and responsibilities. Students will be guided through the Stafford MPN process with the lender of their choosing. Information and directions for Stafford ELC are availble under the Loan Counseling section.
Should you have any questions regarding this process, please contact the Office of Financial Aid.