Types of Aid - Federal Programs
UNH Manchester participates in all of the federal financial aid programs. In order to apply for federal financial aid the student must complete the 2012-2013 FAFSA Form.
Federal Pell Grants
Federal Pell Grants are designed to assist students demonstrating exceptional financial need. During the 2012-2013 academic year, grants are expected to range from $555 - $5,550.
Federal Perkins Loan Program
The Federal Perkins Loan Program is a low-interest loan made to students is who demonstrate financial need and have filed a FAFSA by the priority deadline of March 1st. The interest rate is fixed at 5% for the life of the loan. Repayment and interest accumulation begins nine months after a student ceases to attend college at least half-time.
Federal Supplemental Education Opportunity Grant
The Federal Supplemental Education Opportunity Grant (SEOG) is available to undergraduates who demonstrate exceptional financial need and have filed a Free Application for Federal Student Aid by the priority deadline of March 1st. Grants range from $100 to $2,250 per year.
Subsidized Federal Direct Loan
The Subsidized Federal Direct Loan is a low-interest loan made to a student borrower by the Department of Education.
- First-year undergraduate students may borrow up to $5,500 per academic year. No more than $3,500 of this amount can be in subsidized loans.
- Second-year undergraduate students may borrow up to $6,500 per academic year. No more than $4,500 of this amount can be in subsidized loans.
- Third and fourth-year undergraduate students may borrow up to $7,500 per academic year. No more than $5,500 of this amount can be in subsidized loans.
- The overall maximum debt for undergraduates is $31,000
The interest rate for subsidized Federal Direct Loans disbursed between July 1, 2013 and July 1, 2014 will carry a fixed interest rate of 3.4%. The federal government pays the interest on this loan while the student is enrolled at least half-time. Repayment and interest accumulation begins six months after a student ceases to attend college at least half-time.
Unsubsidized Federal Direct Loans
The Unsubsidized Federal Direct Loans carry a fixed interest rate of 6.8% and have the same terms and conditions as the subsidized Federal Direct Loan except that the borrower is responsible for interest that accrues while s/he is in school. The interest can be paid quarterly or can be capitalized; meaning the interest will build on the principle. An unsubsidized Federal Direct Loan is available to students regardless of financial need. Dependent borrowers may receive both subsidized and unsubsidized Federal Direct Loans totaling up to the applicable loan limit if they do not qualify for the full amount under the subsidized program.
In addition to the borrowing limits established for dependent students, independent undergraduate and graduate students may be eligible to borrow up to:
- An additional $4,000 per year during the first and second year
- Up to $5,000 per year for undergraduates in their third year and beyond (the aggregate total for independent undergraduates is $57,500)
The Federal Work-Study Program (Academic Year): With the aid of federal funds, UNH Manchester provides employment opportunities on campus or in nonprofit agencies off-campus for students who demonstrate financial need. Job openings throughout the year are posted in our office and on bulletin boards throughout University Center. An award of Federal Work Study is not a guarantee of a job. These positions are competitive and it is up to the student to be pro-active in pursuing employment. Approved students may interview for such positions on their own. Students are paid every two weeks and expected to budget these earnings for educational expenses. Pay rates are set by the employing office/agency and vary with job responsibility, difficulty, and the employee's qualifications and experience. Students are assigned a total earning ceiling for the academic year based on need. Once students have reached their awarded earnings, the employer may choose to continue their employment as a regular student hourly employee.
The Federal Work-Study Program (Summer): With the aid of federal funds, UNH Manchester provides limited summer employment opportunities for students with financial need. All students are assigned a total earning allotment for the summer. Students interested in applying for work-study during the summer are encouraged to complete their application material prior to the financial aid application deadline (March 1st) to ensure adequate processing time for such applications.