FINANCIAL AID

At the University of New Mexico, we believe that the opportunity for a post-secondary education should not be denied to a student who has limited financial resources. Financial aid staff are available to assist with questions regarding the application process or eligibility for specific types of student financial aid. More than half the students at UNM receive some form of financial aid.

Angela Marie King Latin American Studies Juneau, Alaska

"Students at UNM not only pay a very low tuition, but they also have opportunities for financial aid. There are also scholarships from both the University and the community."

DETERMINING NEED

Students applying for Federal student assistance programs must complete a Free Application for Federal Student Aid (FAFSA) which is provided by the U.S. Department of Education, or by completing the FAFSA on the web or on the UNM Financial Aid home page.

The information reported on the FAFSA is used in a formula, established by Congress, that calculates an Expected Family Contribution (EFC), an amount the student and their family is expected to pay toward educational expenses. Financial need is defined as the difference between the cost of attending college and the EFC and other available resources. The costs generally considered in the cost of an education are:

1. tuition and fees,
2. room and board,
3. books and supplies,
4. transportation,
5. personal expenses,
6. and child care.

Dependent or Self-supporting Status

The financial need of a dependent student is calculated on the basis of the student's and the parents' financial resources. The financial need of an independent or self-supporting student is calculated on the basis of the student's own financial resources (and those of a spouse, if applicable).

For more information, see How and when do I apply?.

FINANCIAL AID PROGRAMS

Except for certain institutionally based scholarships, a student must meet certain criteria to qualify for financial aid at UNM:

1. demonstrate financial need,
2. be a citizen of the United States, and
3. show academic promise.

For maximum student financial aid consideration, students should apply prior to March 1.

For more information, see Who is eligible for federal student financial aid?

Certifications and Student Aid

To be considered for most financial aid programs, applicants must sign a statement indicating they have complied with Selective Service requirements, and default or repayment requirements of the U.S. Department of Education.

For more information, see Who is eligible for federal student financial aid?

Federal Pell Grants

This is a federal grant intended to be the "foundation" of a student's financial aid package and is usually combined with other forms of student financial aid to meet a student's full financial need. This and other grants do not need to be repaid.

For more information, see What aid is available for undergraduate students? or the Student Guide to Financial Aid from the U.S. Department of Education (ED).

New Mexico Student Incentive Grant

The NMSIG is a grant that combines federal and state funds to permit bona fide, extremely needy New Mexico residents to pursue a higher education. Awards range from $200 to $2000.

Student Employment

Student employment is provided to students who wish to work part-time while pursuing their educations. The types of jobs normally found on a campus range from the very general to the highly technical. The two main student employment programs are:

• Federal College Work Study (CWS) The Federal CWS program provides jobs for students who need financial aid and who must earn part of their educational expenses. For more information see the Student Guide to Financial Aid from the U.S. Department of Education (ED).
• New Mexico Work-Study Program (NMWS) The purpose of this program is to help provide employment opportunities for qualified students. Although the program parallels the federal College Work Study program, an eligible student may not have to show financial need to participate. Eligible students must: 1) be New Mexico residents, 2) have minimum 2.0 GPAs, and 3) be enrolled for at least six credit hours.
• Federal Supplemental Educational opportunity Grants (SEOG) The Federal SEOG program is for students of exceptional financial need who, without the grant, would be unable to continue their education. Awards range from $200 to $2000. For more information see the Student Guide to Financial Aid from the U.S. Department of Education (ED).
• Federal Perkins Loan (formerly National Direct Student Loan) The Federal Perkins Loan program is for undergraduate and graduate students enrolled in a participating post-secondary institution who need a loan to meet their educational expenses. The current interest rate is 5 percent. For more information see the Student Guide to Financial Aid from the U.S. Department of Education (ED).
• Ford Federal Direct Student Loan Program (formerly GSL) The Federal Direct Loan program enables eligible students, regardless of the family's income, to borrow from the U.S. Department of Education at a low variable interest rate to meet their educational expenses. The student must be attending on at least a half-time basis. The minimum number of hours considered half-time is six credit (non-audit) hours per semester. For any portion of the Federal Direct Loan that is based on need, the federal government pays the interest on the loan while the student is in school or in deferment (the loan is "subsidized"). Any non-need-based Federal Direct Loan is "unsubsidized" and the student is responsible for the interest. For more information see The Direct Loans Information Page and What is the William D. Ford Federal Direct Loan Program?

Professional Programs

For students who are admitted into a nursing program, health profession, medical or pharmacy academic program, there are additional student financial assistance programs. The UNM Office of Student Financial Aid has details on these programs. For more information see School of Medicine, Allied Health, What Aid is Available for Undergraduate Students? and What Aid is Available for Graduate Students?

Bureau of Indian Affairs (BIA)/ Tribal Grants

Each year the BIA provides grants to assist eligible Native American students in meeting their educational costs. The amounts of the grants vary according to the financial need of the student and the funds available to the student's BIA area office or tribal scholarship office. For more information see Tribal Scholarships.

How to Apply for BIA/Tribal Grants

First apply for student financial aid as early as possible. Contact your BIA agency or Tribal Higher Education office for specific application materials and deadlines.

VA Benefits

Students attending UNM are eligible to apply for VA benefits. contact Lucy Hill at (505) 277-3514.

APPLYING FOR FINANCIAL AID

To be considered for any form of financial aid, inlcuding student employment, you must be admitted as a regular, degree-seeking student. Students in non-degree status are eligible for financial aid only if they are enrolled in teacher certification courses or in prerequisite courses required for admissoin into a degree-granting college.

A. All Applicants:

1. You and your parents or guardians must complete a Free Application for Federal Student Financial Aid (FAFSA) and return it to the Financial Aid Office.
2. After completing the FAFSA, mail it to: Federal Student Aid Programs, P.O. Box 6006, East St. Louis, IL 62206-6006, or by completing FAFSA Express. For more information see Financial Aid Home Page.

SATISFACTORY PROGRESS

The University of New Mexico is required to define and maintain a standard academic progress for financial aid recipients. Complete information is available from the Student Financial Aid Office and What is Satisfactory Academic Progress?.

FOR MORE INFORMATION

For more information about specific financial aid programs at the University of New Mexico, please write or call: Student Financial Aid, Mesa Vista Hall/North, The University of New Mexico, Albuquerque, NM 87131-2081, Tel. (505) 277­2041. Outside Albuquerque, call toll-free 1-800-CALL UNM (225-5866).

For general information about the University of New Mexico, such as admission requirements, application procedures, and transfer policies, please write or call: Office of Student Outreach Services, Student Services Center, The University of New Mexico, Albuquerque, NM 87131-2006, Tel. (505) 277-2260. Outside Albuquerque, call toll-free 1-800-CALL UNM (225-5866).

Copyright 1998, The University of New Mexico, Division of Student Affairs

The University of New Mexico is an Affirmative Action/Equal Opportunity institution. In accordance with the Americans with Disabilities Act, the information in this brochure is available in alternate formats upon request.