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Financial Aid Department

College Loans

Student Loan Information

Perkins Loan - Principal and interest are deferred while student is enrolled at least half time. Interest rate is locked at 5%. See Note 1 below .

Federal Subsidized Stafford Loan - Principal is deferred and interest is paid (subsidized) by government while student is enrolled at least half time. Interest is locked at 3.76% for loans disbursed on or after 7/1/16 and before 7/1/17. See Note 1 below.

Federal Unsubsidized Stafford Loan - Principal is deferred while student is enrolled at least half time. Interest accrues while student is in school. Interest is locked at 3.76% for undergraduates and 5.31% for graduates for loans disbursed on or after 7/1/16 and before 7/1/17.See Note 1 below

Federal Parent Loan for Undergraduate Student (PLUS) - Repayment of principal and interest begins immediately after loan is fully disbursed. Interest is locked at 6.31% for loans disbursed on or after 7/1/16 and before 7/1/17. See Note 1 below.

Student Loans

Notes

Note 1: Satisfactory Academic Progress must be maintained by each student in order to maintain eligibility for any financial aid program (grants, work study, loans).

Note 2: A student may borrow no more than the annual limit shown for his/her combined subsidized and unsubsidized Stafford Loans.

Note 3: Additional loan amounts may be available to independent students and to student whose parents are ineligible for the Parent PLUS loan program.

*FAFSA is the Free Application for Federal Student Aid. New Mexico Tech's Title IV code for federal financial aid applications is 002654.

**Deadlines represent risk dates. Students who apply after these dates may find they are eligible, but may not be awarded certain types of aid due to limited funding.