Federal Student Aid
- 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
- NMT Financial Aid will begin making awards around mid-June; 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: |
| Federal Supplemental Educational Opportunity Grant (FSEOG) | March 1, 2024 |
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: |
| New Mexico Incentive Grant | March 1, 2024 |
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: |
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 4.48% for loans disbursed on or after 7/1/24 and before 6/30/25. 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 4.48% for undergraduates and graduates for loans disbursed on or after 7/1/24 and before 6/30/25. 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 9.08% for loans disbursed on or after 7/1/24 and before 6/30/25. See Note 1 below.
| LOAN TYPE | NOTES |
|---|---|
| Federal Direct (Stafford) Subsidized and Unsubsidized Loans |
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). 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 Detailed information regarding Federal Direct Loans can be found at: Department of Education Website Information about interest rates can be found at: |
| 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, 2024, and before July 1, 2025 is 9.08%. 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: |
| Direct Loan Disclosure |
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
Video: Repayment Plans Guide
Contact Financial Aid
Office Hours: new hours until further notice Monday - Friday 8 AM-4 PM
Location: Second floor of Fidel Center. Bear left at the top of the stairs; we are just past the Cashier's Office
Email: [email protected]
Mailing Address:
New Mexico Tech - Financial Aid
801 Leroy Place
Socorro, NM 87801
Phone: 575-835-5333
Fax: 575-835-6519