Financial Aid for financial aid by filing the FAFSA, some of the application information is verified with federal agencies. This includes the Department of Homeland Security, Social Security Administration, Selective Service, Veteran’s Administration and the National Student Loan Data System (NSLDS). If the information does not match, the discrepancy must be resolved before federal student aid can be disbursed. The university reserves the right and recognizes the responsibility to cancel awards and re-bill the student and/or parents in cases where financial aid is awarded on the basis of incorrect or incomplete information.
Loans and Jobs Federal Perkins Loan Program The Perkins Student Loan Program is a long-term, low-interest educational loan program administered by the university through a revolving fund comprised of contributions from the federal government, previous borrowers and the university. The maximum annual loan amounts are $1,500 for undergraduate students. Loans are based on financial need, and the current interest rate when in repayment is 5 percent.
Federal Stafford Loans Federal Pell Grant For academic year 2010-11 Federal Pell Grants range from $555 to no more than $5,550. Applicants must be enrolled in a baccalaureate or associate degree program and not already have obtained a baccalaureate degree. Student eligibility and grant amounts are determined by the U.S. Department of Education but vary with enrollment status and program of study.
Federal Supplemental Educational Opportunity Grant (FSEOG) The FSEOG is a campus-based federal grant program with awards ranging from $200 to $1,200 per year, depending on demonstrated need and availability of funds. Grants are awarded to students with exceptional financial need, and typically to students receiving Federal Pell Grants.
State Student Incentive Grant (SSIG) New Hampshire has a reciprocal agreement with Maine, Vermont, Massachusetts, Rhode Island, Connecticut and Pennsylvania through which residents of those states may be eligible for state aid for attendance at a postsecondary institution in New Hampshire. New Hampshire also has an incentive grant program for its residents. The state agency in your state can provide eligibility requirements.
Governor’s Success Grant The Governor’s Success Grant program provides assistance to full-time undergraduate students from New Hampshire who have completed 30 credits. The State of New Hampshire provides funds with a matching contribution from Southern New Hampshire University. Funds are not awarded or disbursed until the middle of the spring semester.
UNIQUE Allocation and Endowment Grants Both grants are funded through earnings from the New Hampshire College Tuition Saving Plan (New Hampshire 529 Plans) managed by Fidelity. Grants may be renewable in future years pending funding availability. The Unique Allocation Grant is for New Hampshire residents enrolled in an undergraduate degree who are true “first time” freshmen with an EFC of $1,000 or less. Grants are $1,300 for fulltime students. The Unique Endowment program is for New Hampshire residents enrolled in an undergraduate or postbaccalaureate program with a Pell eligible EFC. The minimum grant is $1,000.
The Federal Stafford Loan program offers both subsidized and unsubsidized loans. For students who qualify for a subsidized loan, the federal government pays the interest on the loan (“subsidizes” the loan) until repayment begins and during authorized deferment periods thereafter. An unsubsidized loan is not awarded on the basis of financial need; however, a student must complete the financial aid application process, and One Stop must determine whether or not a student is eligible for need-based aid before awarding an unsubsidized Stafford Loan. Interest begins to accrue immediately once the loan proceeds have been disbursed. The student can then choose to pay the interest or allow it to accumulate. If the student chooses to let the interest accumulate, it will be capitalized (added to the principal amount) and will increase the amount the student must repay. To determine eligibility for this federally regulated loan, the student must file the FAFSA and have completed a Federal Stafford Loan Master Promissory Note. Only a university financial aid associate can determine the student’s eligibility based on the cost and financial need at the particular university. Maximum loans for dependent undergraduates are $5,500 ($3,500 subsidized/$2,000 unsubsidized) for students who have fewer than 30 credits, $6,500 ($4,500 subsidized/$2,000 unsubsidized) for students who have at least 30 credits but fewer than 60 credits and $7,500 ($5,500 subsidized/$2,000 unsubsidized) for students who have 60 or more credits in a baccalaureate degree program. A Master Promissory Note is a renewable serial loan note that must be completed for your first Stafford Loan at SNHU. In succeeding years, additional funds may be added to this note by the student after the student has applied for financial aid through the FAFSA process. A Stafford Loan will be processed for the amount listed on the award notification or a lower amount if indicated in writing by the student. Written notifications of loan approvals will be mailed to the student by the loan servicer. The current interest rate, established by the federal government, varies but will not exceed 8.25 percent. No repayment of interest or principal is required on either subsidized or unsubsidized Stafford loans until six months after the student graduates or withdraws from the university. 19