Undergraduate Catalog 2010-2011 - SNHU Academic Archive ...

Financial Aid
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 office 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 its lender 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 lender.
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.
Additional terms and limitations are printed on the Master
Promissory Note. For more information on Stafford Loans
please visit www.snhu.edu/1212.asp.
Federal PLUS Loans
Parent Loans for Undergraduate Students (PLUS) is a program
designed to provide assistance to parents who wish to
borrow money to help pay for their dependent child’s education.
The maximum loan amount is equal to the total cost
of attendance minus the amount of financial assistance
received by the student. Repayment of principal and interest
begins immediately with minimum monthly payments of
$50 plus interest. Repayment may be spread over 10 years.
The university Office of Financial Aid determines eligibility
based upon federal need analysis procedures; the lender
determines credit worthiness. A Free Application for Federal
Student Aid (FAFSA) must be on file to receive a PLUS Loan.
Alternative Loans for Parents and Students
There are several alternative loan programs available for
parents and students. These programs should be explored
only after Stafford and PLUS loan eligibility has been
exhausted. Please view information on the alternative loans
at www.snhu.edu/1212.asp.
Federal Work Study Program (FWSP)
The Federal Work Study Program is an employment program
funded by the federal government and the university. It
allows students with financial need to work on- or off campus
and receive an hourly wage. The 2010-2011 minimum rate
is $7.25 per hour. The Office of Financial Aid sponsors an
employment fair prior to the start of fall classes to assist students
in locating employment; however, neither employment
nor earnings are guaranteed. Typical jobs are found in the
library, cafeteria, department offices, gymnasium and in
maintenance. Community service positions are available off
campus at several local nonprofit organizations. Please
review the Office of Financial Aid Web site for up-to-date
employment opportunities.
Southern New Hampshire University Student
Part-time Payroll
In addition to the university Work Study Program, Southern
New Hampshire University maintains a student part-time
payroll. Pay periods, pay rates and job duties are the same as
with the Work Study Program; however, there is no total
earnings ceiling per academic year.
Off-campus Employment
Manchester is New Hampshire’s Queen City and the population
center of the state. Part-time, non-work-study employment
opportunities also exist in the local area and, although
not part of the university’s aid program, earnings from such
sources can contribute significantly toward meeting university
costs. The university’s Career Development Center coordinates
information concerning these opportunities and acts
as a liaison with local employers.
International Students and Financial Aid
Financial Aid is not available to International Students.
International Students may work on campus up to 20 hours
per week with potential earnings of up to $5,000 per year.
Some private student loans are available to international students
provided they can obtain a co-signer living permanently
in the United States. Details are available in the
International Office of Admission.
Computer Purchase Policy
The Office of Financial Aid at Southern New Hampshire
University (SNHU) does not offer grant aid for the purchase
of a computer, however students and parents may borrow
additional loan funding, up to $1,500, to cover this expense.
If a family would like to borrow additional loan funding to
cover this required expense, they should contact the Office of
Financial Aid.
Veterans’ Benefits
Southern New Hampshire University is approved for the education
of veterans and the children of veterans. Questions
regarding benefits for veterans should be directed to the
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