Financial aid consists of grants, scholarships, work-study and loans. These funds are used to help students pay college expenses.
Grants are a type of need-based financial aid that typically do not need to be repaid.
Pell Grants are usually only awarded to undergraduate students who display exceptional financial need and have not earned a bachelor’s, graduate, or professional degree. You may not receive Pell Grant funds from more than one college at a time. Please note that you can receive the Federal Pell Grant for no more than 12 terms full-time terms or the equivalent (roughly six years). You’ll receive a notice on your Student Aid Report if you’re getting close to your limit. If you have any questions, contact your Financial Aid Office.
The SEOG grants are awarded to students with exceptional financial need. These funds are administered by the Financial Aid Office at each college. To be eligible for this fund, a student must be enrolled at least half-time (6 or more credits) for the semester. The amount students receive will depend on financial need, when the FAFSA is processed, the other types of aid received, and the availability of funds at the college.
There is an online application for scholarships available through the individual Colleges and/or The Foundation for New Hampshire Community Colleges at https://ccsnh.awardspring.com.
Federal Work-Study jobs help students earn money to pay education expenses. Work-study is available to full-time or part-time students. It is administered by the Financial Aid Office. Contact the Financial Aid Office to find out more information on this program.
A loan is money you borrow and must pay back with interest. You may be offered loans as part of your financial aid offer.
Federal student loans are made by the government, with terms and conditions that are set by law, and include many benefits (such as fixed interest rates and income-driven repayment plans) not typically offered with private loans.
In contrast, private loans are made by private organizations such banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans.
The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available:
Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college.
Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
Aggregate Federal Student Loan Limits
There are aggregate federal loan limits. Students who qualify may borrow up to the following amounts to complete an undergraduate degree:
- Dependent Students – up to $31,000 of which only $23,000 may be subsidized
- Independent Student – up to $57,500 of which only $23,000 may be subsidized
Direct PLUS Loans are loans made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
Alternative Student Loans
These loans are offered by various lenders (credit check required) to assist parents and students with meeting their educational expenses. Such funds may assist families that do not qualify for or need to supplement other forms of financial aid. Information is available at https://www.elmselect.com/v4/.
Lender Code of Conduct
Lender Code of Conduct Information is available here.