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Understanding your loans
Financial aid comes in a few different forms: grants and scholarships, which you don't repay; work-study, money you earn through a job; and loans, money you borrow and pay back — generally starting six months after you graduate, withdraw, or drop below half-time enrollment.
Your loans aren't a separate process from your other aid — they're one part of a single financial aid offer you'll see after completing the FAFSA. UNH's federal school code is 002589. Whether you need to borrow, and how much, depends on your other aid, your Student Aid Index (SAI), and your total cost of attendance.
Federal loans require U.S. citizenship or eligible non-citizen status. If you're an international student at any UNH campus, you won't qualify for federal loans. Explore here for otehr resources.
This page applies to all UNH students, whether you're at Durham, Manchester, online through the College of Professional Studies, at Franklin Pierce School of Law, or in a UNH graduate program.
Before you assume you need to borrow, check whether you're eligible for the Granite Guarantee — it covers full tuition for Pell-eligible NH students at Durham, Manchester, and CPS Online.
Types of federal loans
Federal loans are available after you complete the FAFSA. Direct loans are available to both undergraduate and graduate students; for graduate and professional students, unsubsidized loans are the only Direct Loan option. There's a six-month grace period before repayment begins after you graduate, withdraw, or drop below half-time.
Beginning with the 2026-27 academic year, federal regulation requires Direct Loans to be reduced for students enrolled less than full-time — check Federal Student Aid's latest updates for current guidance.
Direct subsidized loans
Available to undergraduate students with demonstrated financial need. The federal government pays the interest that accrues while you're enrolled at least half-time.
Direct unsubsidized loans
Available to both undergraduate and graduate students, regardless of financial need. Interest begins accruing as soon as the loan is disbursed. For graduate and professional students, unsubsidized loans are the only Direct Loan option available.
Direct Grad PLUS loans
A federal loan in the student's own name for graduate or professional students, used to cover costs up to the full cost of attendance after other aid is applied. Approval requires a credit check.
Direct Parent PLUS loans
A federal loan in a parent's name to help cover costs for a dependent undergraduate student. Requires a credit check; does not require demonstrated financial need.
Grad PLUS is being phased out starting 2026-27 under the OB3 act. A limited legacy provision may apply — see current federal guidance before relying on this loan.
Alternative loan information
Students should not consider borrowing private student loans until they have exhausted their maximum federal student loan eligibility. The terms and conditions of these credit-based private loan programs vary, and students are encouraged to review the details of each program before selecting one.
You should consider a private loan if any of the following apply:
- All federal loan options have been exhausted and additional funds are needed to meet your cost of education
- You or your parent are unable to borrow federal student/parent loans
- You're responsible for financing your own education and need to borrow additional funds
- Funds are needed for a previous semester and it's too late to borrow federal loans
ELMSelect lets you compare private lenders UNH reviews annually for competitive rates and terms. Lenders listed are not ranked or recommended by UNH — you're free to borrow from any lender, not only those listed. Begin the private loan process several weeks before your payment due date to allow time for processing, certification, and disbursement.
If you're a Franklin Pierce School of Law student
- Summer aid requires enrollment at least half-time — six credits for J.D. students, four or five credits for most graduate programs — to receive a Direct Loan or Grad PLUS loan for the summer term.
- Loan Repayment Assistance Program (LRAP): the Phinney Fund reimburses a portion of loan payments for J.D. graduates working full-time in qualified public interest jobs earning under $55,000/year.
Before your loan can be disbursed
If you plan to use Federal Direct Loans 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.
When you leave UNH
Federal regulation requires Exit Counseling any time you graduate, withdraw, drop below half-time, or otherwise stop attending — even if you've completed it before and plan to re-enroll later. Exit Counseling covers your repayment options, deferment and forbearance, and loan forgiveness programs, and takes about 20–30 minutes at studentaid.gov.
Once you're repaying, use these resources:
- Repayment options
- Loan consolidation
- National Student Loan Data System (NSLDS)
- Durham students: complete the Declining Aid Form to decline all or part of a loan