Navigating Financial Aid Options at Southern New Hampshire University

Choosing to pursue a college degree is a significant step towards a successful career and personal fulfillment. A crucial part of this decision involves understanding how to finance your education. Southern New Hampshire University (SNHU) offers a variety of financial aid options to help students manage the costs associated with earning their degree. This article provides a comprehensive overview of the financial aid resources available at SNHU, including grants, scholarships, loans, and work-study programs.

Understanding the Cost of Attendance

Knowing what a school costs is the first step in managing college expenses. The "Cost of Attendance" is the total amount of money the average student has to pay, without any financial aid, to attend a particular school. This is a school’s sticker price. At Southern New Hampshire University, the total cost is $41,388. Understanding this "sticker price" is essential. Fees differ by institution and may fund library services, student gym facilities, student centers, technology resources and campus health centers.

Types of Financial Aid Available at SNHU

SNHU offers several types of need- and non-need-based grants and scholarships that typically don’t need to be paid back. Many federal and private funding resources are available to help you with the costs associated with earning your degree. Financial aid could look like grants, work-study, loans or scholarships.

Grants: Free Money for College

Grants are almost always awarded based on financial need and may be considered "free money,” or money that does not need to be repaid. SNHU offers several types of need- and non-need-based grants. The average need-based scholarship or grant awarded to first-year students at Southern New Hampshire University was $10,199.

Scholarships: Rewarding Achievement

Many organizations and individuals offer scholarships of varying amounts pertaining to an array of qualifications. Scholarships are a type of funding that you don’t need to pay back. Need-based scholarships take a student’s financial status into account. Merit-based scholarships are awarded to students for academic or athletic achievement. You might also qualify for a scholarship based on your community service involvement, unique hobbies or traits, your personal background, or a parent’s employer or military affiliation. Some students receive enough in scholarship money to cover their tuition and living expenses. Tools such as Scholarship Universe, a database with a variety of pre-vetted scholarships, can help SNHU students simplify the scholarship search process. The average non-need-based scholarship or grant awarded to first-year students at Southern New Hampshire University - excluding any athletic scholarships, if applicable - was $3,111.

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Federal Student Loans: Investing in Your Future

Funded by the government, federal student loans have a fixed interest rate, meaning the interest rate will not fluctuate over time. If you accept federal or private loans to help you pay for college, know that you will need to pay them back over time. According to the Integrated Postsecondary Education Data System (IPEDS) by the National Center for Education Studies (NCES), 85.6% of first-time students attending college full-time received financial aid in the 2022-2023 school year.

Direct Loans

Southern New Hampshire University participates in the Federal Direct Loan program. Direct Loans are fixed-rate student loans for undergraduate and graduate students attending college at least half time. Direct loans are available to eligible students who file a valid Free Application for Federal Student Aid (FAFSA). Review your SNHU financial aid offer to understand your eligibility for direct loans. Annual borrowing limits for dependent undergraduate students are $5,500 for a freshman (zero to 29 credits), $6,500 for a sophomore (30-59 credits) and $7,500 for a junior or senior (60 or more credits). Independent undergraduate students may borrow an additional Direct Loan of $4,000 in their freshman year and up to $5,000 in both their junior and senior years. SNHU promotes responsible borrowing and encourages students to borrow only what they need to assist with the cost of their education as opposed to borrowing the maximum amount they are eligible to receive. Repayment for direct loans typically begins six months after a student ceases attendance or their enrollment status is less than half time. Students should contact their loan servicer directly to review repayment responsibilities. The standard repayment term is 10 years. *Students enrolled in the Master in Public Health (MPH) program may be eligible for additional Direct Unsubsidized funds.

Parent PLUS Loan

The Parent PLUS Loan is a federal loan that allows parents of undergraduate students to borrow up to the cost of education, less any financial aid.

Work-Study: Earning While Learning

If you qualify, work-studies provide you with part-time job opportunities, preferably in your field of study. If you demonstrate financial need through the filing of the FAFSA, you may qualify for Federal Work-Study (FWS).

The FAFSA: Your Gateway to Financial Aid

To receive financial aid, students must complete the Free Application for Federal Student Aid (FAFSA). You can complete your FAFSA beginning on October 1 each year, and deadlines vary by state and school. To maintain your funding or seek new funding, you'll need to reapply for financial aid each year you attend college. If you've applied to FAFSA in the past, you might notice the process has changed. In 2024, the FAFSA Simplification Act reduces the number of questions that parents and students need to answer.

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Understanding the Student Aid Index (SAI)

The Department of Education doesn't award or deny funds; rather, it uses a formula to calculate your Student Aid Index (SAI) based on your self-reported family resources, family size and number of family members in college. This process ensures that all students are treated consistently and fairly. You should know that your SAI is not the amount of money your family will have to pay for college, nor is it the amount of student aid you’ll receive. SFS evaluates your SAI and offers all types of grants, scholarships and loans that you may qualify for through a financial need calculation first and then a non-need-based aid calculation. You'll always be considered for grants first and loans last.

FAFSA Verification and Secondary Confirmation

In some instances, SNHU is required by federal and state regulations to review financial aid applications through the process of verification. Verification requires that the university review additional documents to verify the information reported on the FAFSA for the student, parent(s) and/or spouse (if applicable). Failure to submit requested documents in a timely manner may result in a delay or cancellation of a financial aid offer. If during the verification process data is found to be incorrect, the data may be corrected and the offer revised. If a student is found to have knowingly submitted false or intentionally misleading information, SNHU shall reserve the right to (1) refuse to offer financial aid, (2) cancel all aid that was previously offered even if aid has already disbursed and/or (3) dismiss the offending student from the university. Department of Education. An applicant who is selected for verification for the 2025-2026 aid year must complete the process no later than 120 days after the last date of student's enrollment or Sept. In addition to the verification process, SNHU reserves the right to select any student’s file for secondary confirmation. While the Secondary Confirmation process is ongoing, students will be prevented from receiving any financial aid requiring certification by SNHU, including but not limited to Title IV financial aid. Failure to submit all required items for the initial inquiry within the allotted 30-day timeline will result in the Secondary Confirmation process closing. This can result in withdrawal from courses as well as removal from future courses until alternative payment is secured or the process is re-opened and cleared. Submission of information to SNHU, generally or directly, through the Secondary Confirmation process that cannot be authenticated will result in a failed review. Failed reviews will result in permanent loss of financial aid eligibility at SNHU, withdrawal from course(s), administrative dismissal and/or permanent expulsion from the university. Following a successful review for secondary confirmation prior to enrollment, a previously selected student shall be expected to maintain strict adherence to course participation requirements for online students in their first term of enrollment. Failure to comply with these requirements will result in loss of financial aid eligibility, withdrawal from course(s) and removal from the university.

Additional Ways to Reduce the Cost of Your Degree

On top of Southern New Hampshire University’s (SNHU) already low tuition rates, there are lots of ways to lower the overall cost of your degree.

Transferring Credits

Transferring previously earned college credits to save time and money. We’ll accept up to 90 toward your bachelor’s and 12 toward your master’s. We'll start the process of obtaining your transcripts (for free!) when you apply to SNHU.

Employer Tuition Assistance

Seeking out employer tuition assistance. Your employer may pay for some or all of your degree. According to a 2022 employee benefits survey by the Society for Human Resource Management (SHRM), 48% of employers offered tuition assistance for undergraduate or graduate programs in 2022.

Military Benefits

Since WWII, SNHU has helped military service members reach their goals. We accept Tuition Assistance (TA), Post-9/11 GI Bill® and Montgomery GI Bill® benefits, and scholarships for spouses through MyCAA programs.

Understanding Your Financial Aid Offer

After your FAFSA form is processed, you will receive a personalized financial offer letter containing any federal loans, grants or scholarships you can accept. The amount of aid you receive each year depends on your level of financial need. Since financial needs and circumstances can fluctuate, your financial offer might also look different from year to year. You may also discover that your financial offer varies by school.

College Financing Plan

The College Financing Plan is a standardized form that is designed to simplify the information about costs and financial aid so students can make informed decisions about where to attend school. This is in addition to the SNHU offer for all military-identified students who file a FAFSA and are offered federal aid. The College Financing Plan also comes with a supplemental guide to assist with projecting estimates for total costs, costs covered by military benefits, availability of financial assistance, estimated student loan debt, graduation rates, placement information, acceptance of transfer credits, additional program information and consumer tools for college choice.

Maintaining Financial Aid Eligibility

To remain eligible for federal financial aid programs, students must maintain Satisfactory Academic Progress (SAP). Federal regulations require Student Financial Services to monitor the progress of each student toward degree completion. Students who fail to achieve the defined minimum standards for grade point average and/or fail to maintain the standards for pace and completion of their program may lose eligibility for all types of federal and/or institutional aid.

Responsible Borrowing

If you’re thinking about taking out one or more federal or private student loans, talk to Student Financial Services about smart borrowing practices and to get all the information you need to fund your education. Learning how to understand student loans is a crucial step in paying for college. And remember, you'll be responsible for paying back any student loans you take, even if you don't complete your degree. That's why it's important to borrow responsibly - keeping in mind that you don't need take out loans for the full amount you're approved for.

Loan Entrance and Exit Counseling

Students who borrow under a Federal Loan Program (Direct Loans and Grad PLUS) for the first time at the university are required to complete entrance loan counseling. If you’re leaving the university (withdrawal or graduation), you must complete exit loan counseling. Loan Entrance Counseling: assists in learning about Direct Loans, how the borrowing process works, how to manage educational expenses and how to understand the rights and responsibilities of a borrower.

Financial Aid Disbursement and Refunds

Financial aid is disbursed during each payment period or academic term (based on academic program) throughout the academic year or remaining period of study. At the time of disbursement, student eligibility is checked to confirm attendance, program of study, enrollment status and completion of loan requirements (Master Promissory Note, Loan Entrance Counseling, etc.). SNHU does not require affirmative confirmation from students to disburse Direct Loans and/or Federal Pell Grant. Students should review their account for the types of loans disbursed (subsidized, unsubsidized, PLUS), dollar amount and date of disbursement. SNHU applies all financial aid directly to institutional charges (charges may include but are not limited to tuition, fees, housing, book vouchers, etc.). Following deduction of these charges, any remaining financial aid funds will be released to the student in the form of a refund. Parents may provide authorization to apply federal student aid to non-institutional charges. Please contact Student Financial Services to obtain an authorization form. Students and parents have the right to cancel or modify the authorization at any time. For campus students, funds are moved to the student's Penmen Cash account 10 days prior to the start of the term to be used at the campus or online campus bookstore. Students may opt out of either program by not using the process or funds provided. Opting out will not result in an expedited refund. When the disbursed financial aid and/or payments made on a student account total more than the billed cost, the additional amount will be returned to the student as a credit balance. Department of Education requirements for refunding financial aid. For more information, visit the BankMobile Disbursements Refund Choices page. If financial aid funds are disbursed in error, the student agrees to repay the full amount to SNHU. SNHU may use a current credit balance created by financial aid to satisfy a past due balance for allowable unpaid charges within the current academic year. SNHU can apply up to $200 from a current financial aid credit balance to pay prior year charges.

Seeking Guidance from Student Financial Services

To better understand the steps involved in receiving financial aid and approximately what a degree will cost, reach out to the Student Financial Services team at the college or university you attend or hope to attend. At SNHU, finance counselors focus on helping students understand all their options and gain financial literacy along the way.

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