New Hampshire Student Loan: Everything You Need to Know

Greetings, students and parents! If you are a resident of New Hampshire and planning on pursuing higher education, then you must be concerned about how to finance it. If you are looking for a student loan, you have come to the right place. This article will help you navigate the world of student loans and provide you with all the necessary information you need to know about New Hampshire student loans.

What is a Student Loan?

A student loan is a type of loan designed specifically for students who need financial assistance to pay for their education. This type of loan helps students pay for tuition fees, books, room and board, and other related expenses. Unlike other loans, student loans have lower interest rates and more flexible repayment options.

Types of Student Loans

There are two types of student loans: federal and private loans. Federal loans are provided by the government, while private loans are provided by private lenders such as banks and credit unions. Federal loans are generally more preferable due to their lower interest rates and more flexible repayment options.

New Hampshire Student Loans

New Hampshire offers several student loan options to residents, including federal and state-based loans. These loans have different eligibility requirements, interest rates, and repayment options. Let us take a closer look at some of the most popular options.

Federal Student Loans

The federal government provides several student loan options, including Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. These loans have fixed interest rates and flexible repayment options. To qualify, you must file a Free Application for Federal Student Aid (FAFSA).

New Hampshire Higher Education Loan Corporation (NHHELCO)

NHHELCO provides fixed-rate, low-interest loans to New Hampshire residents. The interest rates for these loans are generally lower than those of private loans, and they have flexible repayment options. To be eligible, you must be enrolled in an accredited institution and meet certain credit requirements.

New Hampshire Charitable Foundation

The New Hampshire Charitable Foundation offers several scholarship and loan programs to New Hampshire residents. These programs aim to increase access to higher education for low-income students and students from underrepresented groups. The eligibility requirements and loan terms vary depending on the program.

New Hampshire Student Loan FAQs

What is the interest rate for federal student loans?
Federal student loans have a fixed interest rate of 2.75% for the 2020-21 academic year.
What is the interest rate for NHHELCO loans?
The interest rate for NHHELCO loans varies depending on the creditworthiness of the borrower.
What is the difference between a subsidized and unsubsidized loan?
Subsidized loans are need-based and do not accrue interest while the borrower is in school. Unsubsidized loans are not need-based and accrue interest while the borrower is in school.
What is the maximum amount I can borrow from a federal student loan?
The maximum amount you can borrow depends on your status as a dependent or independent student, and your grade level. For example, dependent undergraduate students can borrow up to $31,000.
What is the repayment period for federal student loans?
The repayment period for federal student loans is between 10 and 25 years, depending on the type of loan.
What happens if I cannot repay my student loan?
If you cannot make your student loan payments, you may be eligible for deferment or forbearance. You can also explore other repayment options such as income-driven repayment plans.
How do I apply for a student loan?
You can apply for federal student loans by filing a FAFSA. Private lenders may have their own application process.
Can I refinance my student loans?
Yes, you can refinance your student loans through private lenders. However, refinancing may affect your eligibility for certain benefits and repayment options.
What is the difference between a private loan and a federal loan?
Private loans are provided by private lenders and have higher interest rates and less flexible repayment options compared to federal loans.
Can I use my student loans for anything I want?
No, you can only use your student loans for educational purposes such as tuition fees, books, and room and board.
Can I cancel my student loans?
You can cancel your federal student loans within 14 days of disbursement.
What is the difference between a scholarship and a loan?
A scholarship is a financial award that does not have to be repaid, while a loan is a type of financial aid that must be repaid with interest.
What is the grace period for federal student loans?
The grace period for federal student loans is six months after graduation or dropping below half-time enrollment.


As you can see, there are several student loan options available to New Hampshire residents. Whether you choose a federal loan, NHHELCO loan, or scholarship program, it is important to understand the eligibility requirements, interest rates, and repayment options. Before applying for a student loan, make sure you understand the terms and conditions and have a plan in place for repayment.

Don’t let financing your education be a burden. Explore your options and take advantage of the resources available to you. With the right information and planning, you can achieve your academic goals and build a better future.

Take Action Now!

If you are interested in applying for a student loan, visit the websites of the lenders mentioned in this article to learn more about their programs and application processes. Remember to file your FAFSA and explore scholarship opportunities as well.


This article is intended for informational purposes only and does not constitute financial or legal advice. Please consult with a financial advisor or student loan expert for personalized advice for your situation. The information provided in this article is accurate to the best of our knowledge at the time of publication, but may be subject to change. We are not responsible for any errors or omissions in this article or for any actions taken based on the information provided.