Federal Student Loans
are a common way to pay for college. Students borrow the money directly, and are responsible for paying it back after leaving the university or dropping below a half-time credit load.
To qualify for a loan, first complete the Free Application for Federal Student Aid, or .
There are of federal student loans:
- Subsidized loans are based on financial need; the federal government pays the interest that accrues while you are in school.
- Unsubsidized loans are not based on financial need; interest accrues while you're in school.
First-time borrowers of federal loans must complete requirements including promissory notes, entrance counseling and exit counseling when completing or departing the university.
Direct loans are available to both undergraduate and graduate students. For undergraduate students, these loans may be subsidized, unsubsidized, or a combination of both; only unsubsidized loans are available for graduate students.
There is a six-month grace period prior to repayment following graduation, withdrawal or a drop below half-time status.
Loan Requirements
If you plan to use and are a first-time borrower at UNH, you will be required to complete a Master Promissory Note (MPN) and a one-time online Entrance Counseling. UNH will be notified once you have completed and submitted these requirements. Federal loan funds will not be credited to your UNH bill with Student Financial Services until these items are completed.
The MPN is your promise to repay your federal direct loan. The Direct Loan MPN is valid for ten years.
The online counseling session assures that you understand your rights and responsibilities when borrowing federal loans.
Both of these requirements may be completed at , using the same you used to sign the FAFSA. Once logged in, please click the tab for āComplete Aid Processā and choose the links for āComplete Entrance Counselingā and āComplete Master Promissory Noteā as needed.
Note: Your MPN is not considered complete until you reach the screen with the following message: āThank you for submitting the MPN. You may view/download the PDF version of your completed MPN.ā
The U.S. Department of Education requires borrowers of Federal Direct loans who are no longer enrolled at least half-time or cease enrollment to complete federally mandated exit counseling. This is a federal regulation and applies to all students who have graduated, officially withdrawn, dropped below half-time enrollment, transferred to another institution, or simply ceased enrollment at Ā鶹app. While you may have been required to complete exit counseling in the past, federal regulations require that you complete exit counseling every time you meet one of the above conditions, even if you plan to enroll again at a later date.
The purpose of this counseling is to help you to understand your rights and obligations as a student loan borrower. Exit Counseling includes:
- Information about the importance of repaying you loan(s)
- Loan repayment options
- Deferment and forbearance information
- Loan forgiveness and cancellation
Exit Counseling may be completed online at . Log in using the same Federal Student Aid (FSA) User ID and password that you used to complete your FAFSA. Counseling will take approximately 20-30 minutes to complete and UNH will receive an electronic record of your successful completion within 48 hours.
Declining Loans
Please complete the to decline loans.
