Loans

FEDERAL STAFFORD LOANS

Federal Stafford loans are a primary financial aid source for Graduate students.  Stafford loans are available to U.S. citizen and eligible non-citizens who are enrolled on a minimum half time basis (5 credits per trimester).

There are two types of Stafford loans: need based Subsidized Stafford loans and non-need based Unsubsidized Stafford loans.  Each student's individual financial need is calculated based on the following formula:

Cost of Attendance (COA)- Expected Family Contribution (EFC) = Need 

The Expected Family Contribution (EFC) is calculated by the Federal Department of Education from the financial information reported on the FAFSA. The EFC formula considers income, assets, family size and number of family members in college. 

Subsidized Stafford Loans—is a federally subsidized loan program available on the basis of financial need.  For students who are eligible for a Subsidized Stafford Loan, the U.S. Department of Education pays the interest while you are in school at least half-time, for the first six months after you leave school (your grace period) and during periods of deferment (a postponement of loan payments).  A FAFSA must be completed to qualify for a Stafford Loan. 

Unsubsidized Stafford Loans—A loan program created for students who do not qualify, in whole or in part, for Subsidized Federal Stafford Loans. The U.S. Department of Education does not pay the interest on this loan. The interest rate is currently fixed at 6.8% as of July 1, 2006 and the interest will start accruing on the date of your first disbursement.  There is an option to pay the interest while in school if the student should want to.  The Unsubsidized Stafford Loan does not go into repayment until you have dropped below half-time status, six months after your leave school (your grace period) and during periods of deferment (a postponement of loan payments).  A FAFSA must be completed to qualify for a Stafford Loan.

Stafford Student Loan Maximum Amounts For Graduate Students
Maximum Total Loan Amount per Academic Year up to Cost of Attendance=   $20,500. 

Maximum of Total Loan Amount in Subsidized Stafford Loan (based on need)=  $8,500.

Maximum Total Debt from Stafford Loans  (Undergraduate + Graduate) = $138,500

Stafford Loan Counseling

Stafford Loan Entrance Counseling - First time Stafford loan borrowers are required to complete an entrance counseling session prior to receiving their first disbursement. The session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities.

Stafford Loan Exit Counseling - Student loan borrowers are also required to complete an exit counseling session when they cease attendance on at least a half-time basis. The session is to review your rights and responsibilities as a borrower.

HOW TO APPLY FOR A STAFFORD LOAN:

Step 1:  Complete Your Entrance Counseling

First time Stafford Loan borrowers must complete the required Stafford Loan Entrance Counseling Session at http://www.mappingyourfuture.org/. The UNH Financial Aid Office receives automatic confirmation from Mapping Your Future that you have properly completed the session.

Step 2: Select a lender and complete your Master Promissory Note

You have the right to choose any lender you prefer for your Stafford loans. We encourage you to carefully research and review various lenders and choose the one that you feel offers you the best benefit(s). 

Review our Suggested Lender List below. Many of our lenders use SallieMae as the main servicer of their Stafford Loans.

Click here to search for and review other lenders.

Once you have selected a lender you will need to complete a Master Promissory Note.  The Master Promissory Note will only have to be completed once, at the start of your first year in school and will remain valid for the entire length of your academic career at UNH.   You will need the following information to complete the Promissory Note:

- Your social security number and birthdate

- An email address

- Your general contact information i.e. permanent address, phone number etc.

- Your driver's license number and the state that issued the license 

- Name, complete address and phone number for two references (one of why may be a parent)

- University of New Haven school code: 001397

2008-2009 Suggested Stafford Loan Lender List (click on the bank name to review their specific borrower benefits and in some cases complete the MPN). 

Academic Management Service (AMS) Lender Code: 833067

Bank of America Lender Code: 824421

Citizens Bank Lender Code:810240

Chase  Lender Code:803000

Wells Fargo Education Financial Services Lender Code: 807176 

Remember you may opt out of this process at any time by either selecting "cancel" on screen or escaping out of the website. In addition, you can cancel the pending Stafford Loan Application after the Promissory Note has been submitting by contacting the Lender or the UNH Financial Aid Office .  

If you choose to use a lender not presently on our Suggested Lender List you should contact that lender directly and follow their procedures for completing the Master Prommisory Note. You can notify the Financial Aid Office of your selection by providing the name of the lender you have chosen (and their six-digit lender code) in the appropriate spot on your UNH aid award letter. 

GRADUATE PLUS LOAN

The Graduate PLUS loan is a supplemental alternative financing option for students.  This federal program permits Graduate students to apply for up to their Cost of Attendance minus any financial aid.  As such, a student must be considered for their Stafford Loan eligibility prior to a PLUS loan.  Financial need is not a requirement of the PLUS loan, but to be approved for this credit based loan, the student borrower can not have an adverse credit history.  The interest rate is fixed at 8.5%.  

As with the Federal Stafford program you have the right to choose any Graduate PLUS loan lender.  We encourage you to carefully research and review various lenders and choose the one that you feel offers you the best benefit(s).  

Please review our suggested PLUS Lender List below. If you are interested in applying you can contact the lender at the telephone number listed to learn more about their benefits and to be pre-approved for the PLUS loan.  Our office will be automatically be notified of your approval or denial. 

2008-09 Suggested PLUS Loan Lender List 

Academic Management Service (AMS)  1-888-272-5543

Citizens Bank  1-888-272-5543

Nelnet  1-866-463-5638

For information on how we choose our Suggested Lender List, please click here . 

Graduate PLUS Loan Counseling:

PLUS Loan Entrance Counseling - First time PLUS loan borrowers are required to complete an entrance counseling session prior to receiving their first disbursement. The session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities.

PLUS Loan Exit Counseling - PLUS loan borrowers are also required to complete an exit counseling session when they cease attendance on at least a half-time basis. The session is to review your rights and responsibilities as a borrower.