Welcome back to our Admitted Students Guide blog series, where we take you through everything you need to know about being a UNH Wildcat.
We know that making sense of your financial aid award and determining your best value can be one of the most important steps in deciding where to go to college.
This week, we’re helping you out by breaking down your financial aid award. Read on to learn about the different types of financial aid and how to calculate affordability and value.
Explore the financial aid stop on our virtual tour
What types of financial aid are there?
Grants. Scholarships. Work study. Loans. What’s the difference? You’ll see a variety of aid types in your award package that will impact your financial responsibility differently both in the short and long-term. Let's start by breaking it down by types of aid you need to pay back and types you don't need to pay back.
1) Types of aid you need to pay back
- Loans (There are two federal loans associated with the FAFSA):
- Subsidized loans – where the federal government pays the interest that accrues while you’re in school
- Unsubsidized loans – where interest that accrues while in school and payment of this interest is the student’s responsibility (interest does not need to be paid while in school)
Should you take out a loan?
Loans are a useful (and common) tool to help pay for college. They are also a long-term investment that will influence your post-grad life as you build your career.
2) Types of aid you don't need to pay back
- Merit scholarships: scholarships based on high school academic performance and other factors
- Need-based grants: aid in the form of grants based on student financial need
- Work study: The Federal Work-Study Program provides part-time jobs for students with demonstrated financial need.
How does affordability add up?
Affordability goes beyond the sticker price of tuition and what’s offered in your financial aid award. It also includes how much you’ll have to pay to bridge the difference of what’s not covered. This is what you’ll hear financial aid pros call net cost.
What is net cost?
Net cost =
price of tuition
+ all additional expenses (housing, dining etc.)
- total amount of your financial award
Net cost is how much you will actually pay after grants, scholarships and loans. The equation is always the same, but the variables are not always equal. So, when you calculate the above equation, make sure you plug in out-of-state tuition for a private versus public school, or rent in a city versus in a suburb.
What is affordability?
When it comes to your education, you are investing in your future. Not everyone’s goals look the same. Maybe you value having access to the greatest number of life-changing opportunities for the lowest actual cost. Maybe you value staying closer to home – or a college that feels like home. Maybe you value your post-grad financial freedom. The point: value means something different for everyone. The best value is the right one for you.
Did you know?
- On average, individuals with a college degree earn $32K more each year than those with only a high school diploma.
- 88% of first-year UNH students receive merit scholarships and/or financial aid.
- UNH is a top-10 best value public university (U.S. News & World Report).
- 94% of recent UNH grads are employed or furthering their education.
Where do I direct my UNH financial aid questions?
The UNH financial aid office is full of people who care about future and current Wildcats. They are here to answer any questions that may come up. Visiting campus? Schedule an appointment with a financial aid counselor. Exploring colleges from home? Reach out for a virtual appointment or stay tuned for upcoming virtual information sessions for admitted students.
Ready to learn more?
- Learn more about how to navigate your financial aid award.
- Discover more about our amazing student outcomes.
- Make it official: enroll today.
related posts:
What is the Granite Guarantee?
If you’re a Pell-eligible New Hampshire student wondering how to afford college, you should check out the Granite Guarantee, UNH’s signature financial assistance program. read more about the granite guarantee
What is a Best Value Public University?
U.S. News & World Report recently named UNH the #1 best value public university in New England and a top-10 best value public university in the U.S. Being a best value public university means that UNH offers its students access to life-changing scholarships, world-class research opportunities and internships that lead to strong resumes. read more about unh's value
