Loans at White Mountains Community College
Federal Perkins Loan
The Federal Perkins Loan program provides funding for the neediest students. This loan program carries a 5 percent interest rate. Students are generally awarded $200-1500 per year, with repayment beginning nine months after leaving college.
Federal Stafford Loan (Subsidized)
The Federal Stafford Loan program is subsidized by the federal government. Freshman-level students may borrow up to $2625 per year at a variable rate of interest, with repayment beginning six months after leaving college or if enrolled for less than six credits. Senior-level students (32+ credits) may borrow up to $3500. First-time borrowers must do entrance counseling at mapping-your-future.org
Federal Unsubsidized Stafford Loan
This is a loan program similar to the subsidized Stafford loan except that the student is liable for the interest while in school. Freshman students may borrow up to $2625 per year, combined with the subsidized Stafford, at a variable rate of interest, and senior students may borrow up to $3500. Independent students may borrow up to $4000 in addition to the above amounts if needed to meet educational costs. First-time borrowers must do entrance counseling at mapping-your-future.org
Federal Parent Loans for Undergraduate Students (PLUS)
Parent Loans for Undergraduate Students are meant to provide additional funds for educational expenses. These loans are made to parents of undergraduate, dependent students. Parents of dependent undergraduates may borrow up to a student's cost of attendance less estimated financial assistance. The interest rate for these loans is variable and set annually, not to exceed 9 percent. Pre-approval applications are available online at www.nhheaf.org
Alternative Loans for Parents and Students
These programs are developed by various agencies to assist parents and students meet their educational expenses. Such funds may assist families that do not qualify for, or need to supplement, other forms of financial aid. Additional information and application may be obtained by contacting Granite State Management & Resources, PO Box 2097, Concord, NH 03302, 1-800-719-0708 or online at www.nhheaf.org. Another alternative loan is also available through TERI, 330 Stuart Street, Suite 500, Boston, MA 02116-5237 or 1-800-255-TERI.
New Hampshire Tech Loan
NH Tech Loans are low-interest (five percent) loans made through the Financial Aid Office at the college. Students may borrow up to $1000, depending on the availability of State funds. Repayment begins and interest accrues six months after leaving the college. Priority consideration is given to full-time students who demonstrate financial need.
