by Elizabeth A. Desi, Senior Associate Director of Financial Aid
You already know that a college education is a valuable investment and, while you must carefully consider the commitment it demands, a University of New Haven education is an investment in your student’s future.
Financing a college education is one of the most significant investments for a family. Although the thought of financing a college education may seem overwhelming, it can become more affordable with financial aid. Our financial aid staff is here to assist you, so please don’t hesitate to contact us!
To apply for financial aid:
- Complete and submit the FAFSA (Free Application for Federal Student Aid) at www.fafsa.gov.
It is available each year on January 1.
- For students planning to enter UNH in the fall of 2014, complete the 2014–2015 FAFSA.
- The UNH priority date for completing the 2014–2015 FAFSA is March 1, 2014.
- The UNH School Code for the FAFSA is 001397.
- UNH will communicate with accepted students via email to request additional paperwork if necessary. You may be required to submit a Tax Return Transcript (obtained directly from the Internal Revenue Service (IRS)) and a UNH Verification Worksheet.
- Additional paperwork requested by UNH is required by May 1, 2014.
- The FAFSA must be completed each year for which the student is seeking financial assistance.
Financial Aid awards based on the results of the FAFSA are sent to students beginning in February and reflect the maximum financial aid for which the student has been determined eligible.
Families seeking additional financial assistance to help with educational expenses can consider:
1. Searching for private scholarships.
These are scholarships from sources outside of the University. Private scholarships are awarded by businesses, organizations, civic groups, high schools, churches, religious organizations, and many other agencies. To search for private scholarships:
- Check with your high school guidance counselor’s office.
- Check with community service organizations, civic groups, and religious organizations in which you are involved.
- Check with a parent’s employer or union.
- Search online at:
Beware of Scholarship Scams! You should NOT pay money to apply for scholarships! Never give your credit card or checking account information when applying for scholarships!
2. The 10-month payment plan through Tuition Management Systems (TMS).
This is an interest-free alternative to lump-sum payments that are due at bill time. This option allows you to spread out your payments over a period of 10 months (July–April) and can limit the amount of loan money you may need to borrow. The enrollment fee is $75. For more information, select “Payment Options” from the Bursar’s Office webpage www.newhaven.edu/bursar.
3. The Federal Direct Parent Loan (PLUS).
A financing option is available to parents of a dependent undergraduate student who is enrolled at least half-time and is making satisfactory academic progress. For 2013–2014, the interest rate is fixed at 6.41%. Parents who do not have an adverse credit history may borrow up to the annual total Cost of Attendance, less other financial aid received. More information about the PLUS loan is available on the Financial Aid website www.newhaven.edu/affordable under “Paying.”
4. A Private Alternative Loan.
These are credit-based loans where the student is the borrower. These loans will likely require a credit-worthy co-signer for the student to be approved. These loans must be repaid, and typically the student must be 18 years old to apply. Private loans offer varying terms and conditions set by the individual lender of the loan program and typically cost more than the educational loans offered by the federal government. The interest rates are pegged to either the Prime Lending Rate or the LIBOR index and may be fixed or variable. More information about Private Alternative Loans is available on the Financial Aid website www.newhaven.edu/affordable under “Paying.”
Counselors in the Financial Aid Office are available to meet with parents and students Monday through Friday, 8:30 a.m.–4:30 p.m. as well as on all Accepted Student Days. We look forward to meeting with you!