Federal Student Aid

Application and Process:

The FAFSA becomes available on October 1 each year. Please visit studentaid.gov to complete the FAFSA, and ensure that NMT's school code (002654) is added. We strongly encourage students to have the FAFSA on file and all unsatisfied requirements completed in Banweb by March 1 in order to be considered for limited funding programs
Students who have not yet been admitted can still complete the FAFSA; however, please note that an award cannot be made until the student has been admitted
Once the FAFSA has been completed, NMT Financial Aid will review the student's information to determine if any additional documents are required. We will typically begin emailing students in mid-to-late November regarding unsatisfied requirements. If the student has unsatisfied requirements, it is recommended to submit items as soon as possible, but no later than March 1st for priority consideration.
Typically, NMT Financial Aid will begin making awards around mid-March; students will receive an email notification once awards are ready to view in Banweb.
If the student wishes to utilize Federal Direct Student Loans, and is a first-time loan borrower, Loan Entrance Counseling and a Master Promissory Note must also be completed at studentaid.gov before funds can be disbursed
Students who wish to apply for federal student aid must complete a new FAFSA each academic year
Satisfactory Academic Progress must be maintained by each student in order to maintain eligibility for any financial aid program (grants, work study, loans).

Federal and State Grants

GRANT	DEADLINE	NOTES
Federal Pell Grant	None	The Pell Grant is a need-based federal grant that does not need to be repaid. Students must complete the FAFSA annually in order to determine eligibility. Amounts can vary each year. The amount a student is awarded depends on: Expected Family Contribution (EFC) from the FAFSA, cost of attendance (varies at each school), enrollment status, and whether or not the student plans to attend for the full academic year. Detailed information regarding the Pell Grant can be found at: Department of Education Website
Federal Supplemental Educational Opportunity Grant (FSEOG)	March 1, 2023	The Federal Supplemental Educational Opportunity Grant (FSEOG) is a need-based federal grant that does not need to be repaid. This is a limited funding program; it is strongly recommended that students complete the FAFSA as soon after October 1 as possible, but no later than the priority deadline (March 1) in order to be considered. The student must be eligible for the Pell Grant; beyond that, students who have exceptional need and who have the FAFSA and all other required documents (if applicable) on file by March 1st will be considered for this grant. Detailed information regarding FSEOG can be found at: Department of Education Website
New Mexico Incentive Grant	March 1, 2023	The New Mexico Incentive Grant is a need-based state grant that does not need to be repaid. This is a limited funding program; it is strongly recommended that students complete the FAFSA as soon after October 1 as possible, but no later than the priority deadline (March 1) in order to be considered. The student must be eligible for the Pell Grant and be a NM resident; beyond that, students who have exceptional need and who have the FAFSA and all other required documents (if applicable) on file by March 1st will be considered for this grant. Detailed information regarding the NM Incentive Grant can be found at: New Mexico Higher Education Department Website

GRANT

DEADLINE

NOTES

Federal Pell Grant

None

The Pell Grant is a need-based federal grant that does not need to be repaid. Students must complete the FAFSA annually in order to determine eligibility. Amounts can vary each year. The amount a student is awarded depends on: Expected Family Contribution (EFC) from the FAFSA, cost of attendance (varies at each school), enrollment status, and whether or not the student plans to attend for the full academic year.

Detailed information regarding the Pell Grant can be found at:

Department of Education Website

Federal Supplemental Educational Opportunity Grant (FSEOG)

March 1, 2023

The Federal Supplemental Educational Opportunity Grant (FSEOG) is a need-based federal grant that does not need to be repaid. This is a limited funding program; it is strongly recommended that students complete the FAFSA as soon after October 1 as possible, but no later than the priority deadline (March 1) in order to be considered. The student must be eligible for the Pell Grant; beyond that, students who have exceptional need and who have the FAFSA and all other required documents (if applicable) on file by March 1st will be considered for this grant.

Detailed information regarding FSEOG can be found at:

Department of Education Website

New Mexico Incentive Grant

March 1, 2023

The New Mexico Incentive Grant is a need-based state grant that does not need to be repaid. This is a limited funding program; it is strongly recommended that students complete the FAFSA as soon after October 1 as possible, but no later than the priority deadline (March 1) in order to be considered. The student must be eligible for the Pell Grant and be a NM resident; beyond that, students who have exceptional need and who have the FAFSA and all other required documents (if applicable) on file by March 1st will be considered for this grant.

Detailed information regarding the NM Incentive Grant can be found at:

New Mexico Higher Education Department Website

Work-Study

The federal and state work-study programs provide funding for part-time jobs for undergraduate and graduate students with financial need (a small amount of state work-study is also available for students who do not demonstrate financial need), allowing them to earn money to help pay education expenses. Work-study is different than other financial aid; it will never pay directly to a student's account. Rather, students will receive a paycheck every other week for their hours worked. Students must complete the FAFSA by the priority deadline (March 1) in order to be considered for work-study. Work-study is a limited funding program; funds will be awarded on a first-come, first-served basis.

If a student has work-study as part of their award and would like to utilize it, the following steps should be completed:

Accept work-study award in Banweb
Search for a job on campus via Career Services' Handshake portal or by contacting a department directly to see if they are hiring
Once hired for a position, the student will need to come to the Financial Aid Office in order to complete a work authorization
Students will be paid biweekly for hours worked

Please review the Student Employment Handbook for further information regarding working on campus.

Federal Student Loans

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.

LOAN TYPE	NOTES
Federal Direct (Stafford) Subsidized Loan	Federal Direct Loans are considered self-help aid, as the student must repay the loan with interest. The federal government pays the interest on subsidized loans while the student is attending at least half-time. Subsidized loans are awarded to students with financial need, not to exceed the student's financial need or the annual limit (see table below). The interest rate for a direct loan disbursed on or after July 1, 2022, and before July 1, 2023 is 4.99%. Detailed information regarding Federal Direct Loans can be found at: Department of Education Website
Federal Direct (Stafford) Unsubsidized Loan	Federal Direct Loans are considered self-help aid, as the student must repay the loan with interest. Unsubsidized loans begin accruing interest from the day that they are disbursed. Unsubsidized loans are awarded to students regardless of financial need, not to exceed the annual limit (see table below). The interest rate for a direct loan disbursed on or after July 1, 2022, and before July 1, 2023 is 4.99% for undergraduate students and 6.54% for graduate students. Detailed information regarding Federal Direct Loans can be found at: DEPARTMENT OF EDUCATION WEBSITE
Parent PLUS Loan	The Federal Direct PLUS Loan Program allows parents of undergraduate students to borrow up to the cost of attendance (minus other financial aid). For Parent PLUS loans first disbursed on or after July 1, 2022, and before July 1, 2023 is 7.54%. In order to apply for a Parent PLUS loan, the student must have a completed FAFSA on file, and the parent must complete a PLUS application, credit check, and Master Promissory Note. Detailed information regarding Federal Direct PLUS Loans can be found at: Department of Education Website
Direct Loan Disclosure	Direct Loan Disclosure information available here

Annual Loan Limits

Dependent Undergraduate Students

Classification	Base Amount (SUB/UNSUB)	Additional Loan (UNSUB)	Total
Freshman	$3,500	$2,000	$5,500
Sophomore	$4,500	$2,000	$6,500
Junior	$5,500	$2,000	$7,500
Senior	$5,500	$2,000	$7,500

Independent Undergraduate Students and Dependent Undergraduate Students Whose Parents Cannot Borrow PLUS

Classification	Base Amount (SUB/UNSUB)	Additional Loan (UNSUB)	Total
Freshman	$3,500	$6,000	$9,500
Sophomore	$4,500	$6,000	$10,500
Junior	$5,500	$7,000	$12,500
Senior	$5,500	$7,000	$12,500

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.

Loan Repayment Information

If you have borrowed student loans to assist in financing your education, the Financial Aid Office encourages you to periodically visit the National Student Loan Database System to view your loan history and lender information. Please also take some time to review the resources below to help plan for repayment. You can contact our office at any time so that we can review your options, and answer any questions you may have regarding repayment.

Federal Student Loan Repayment Information The Department of Education's overview of basic loan repayment information

Federal Student Loan Repayment Guide A detailed guide explaining federal student loan repayment information, options, and timeframes

Federal Student Loan Repayment Checklist A handy tool to keep you on track with the loan repayment process

Loan Repayment Estimator We recommend using this estimator before deciding to take out loans, and during your time as a student, so that you fully understand the implications of each additional loan that you take out. The estimator allows you to see different repayment plan options and amounts that you would pay under each plan

Trouble Making Payments? This page will guide you as to your options if you are confused about or unable to make loan payments.

New Mexico Tech's Student Loan Code of Conduct for Education Loans

Video: Responsible Borrowing