Closing the Gap: Parent's Guide to Paying for Your Student's College Education
Are you a parent wondering how to pay for your student's college education? Are you wondering how to pay the rest of your college bill after financial aid has been applied?
Welcome back to our Parents Guide blog series, where we help you guide and support your student on the college application and admissions journey. Here at UNH, we understand the difficulty of financing a college education and our staff in the Student Financial Services office is here to help you. In this blog post, we will answer some of your questions about how to pay for your student’s college bill.
UNH students walking on campus
Can UNH increase my financial aid?
Many students and their families reach out to ask if we can increase their financial aid package. Your student's aid has already been packaged using the information we have received from the FAFSA and according to the guidelines set by the University administration. UNH makes the best possible offer for each student using these guidelines while acknowledging that we are not filling your entire demonstrated need. We do not negotiate aid packages based on competing schools’ offers.
If you think the information that we received from the FAFSA is incorrect, please reach out to Student Financial Services. Some families have had changes in their circumstances since the tax year the FAFSA considers. If that is the case for you, there is a form on our website that you can complete.
UNH students hanging out on campus
How can I pay the remainder of my bill?
Even after scholarships and financial aid are applied, families may still find it difficult to cover the remainder of their bill. If this is the case, here are a few options for you to consider. Feel free to combine any of these options to fit your family goals and needs.
UNH Payment Plan Option:
- UNH offers a payment plan for each semester, which takes the net balance due and splits it equally into five portions. The first payment is due when you enroll in the plan and the subsequent payments are due on the first of the month for the next four months. We recommend enrolling as soon as you get your bill. There is an enrollment fee of $60, but there is no interest charged for these payments. If paid with the routing and account number of your checking or savings account, there will be no additional fee. However, credit card transactions carry a 2.85% service charge.
UNH students studying on campus
Parent PLUS Loan:
- The application for this loan can be found in the same place where you completed your FAFSA. This is a loan in your name as a parent. It is credit-based and may require a cosigner.
Private Loan:
- A private loan will be in your student’s name, but most loan servicers require a cosigner. We recommend shopping around for the best interest rates. There are a lot of options available.
Home Equity Loan:
- Some families tap into the equity in their homes through home equity loans or home equity lines of credit. These can be obtained from local credit unions or banks.
UNH students in front of Murkland Hall
What about scholarships?
We encourage you and your student to explore every available avenue for scholarships outside of UNH. This can include your place of employment, church, city hall, Moose or Elks Clubs, or local American Legion. If you are from New England, consider the Stephen Phillips Memorial Scholarship. New Hampshire Residents can also apply to the New Hampshire Charitable Foundation.
UNH students on campus
Still feeling overwhelmed?
Here at UNH, we know that financing a college education can be overwhelming. Our Student Financial Services staff are happy to answer any questions you may still have. Please feel free to email us, call our offices or book an appointment.
UNH Student Financial Services
603-862-2230 – Student Accounts
603-862-3360 – Financial Aid
related posts:
As you help your student make the right college choice, you may be wondering how to guide them toward the most valuable education option for their future. How do you make sure their college experience is worth it? Find out how the value of a UNH education includes research and internship opportunities starting in the first year, life-changing scholarships and financial aid and so much more in this Parents Guide blog post. read the guide
