Navigating Financial Aid at The University of New Mexico
The University of New Mexico (UNM) Student Financial Aid Office is dedicated to empowering students with the financial resources they need to pursue higher education. With a wide range of aid programs and personalized support, the office aims to make college more accessible and affordable for all eligible students.
Types of Financial Aid Available
Grants and Scholarships
- Pell Grants: Up to $6,895 per year for qualifying low-income students.
- Federal Supplemental Educational Opportunity Grants (FSEOG): Up to $4,000 per year for students with exceptional financial need.
- New Mexico Lottery Scholarship: Up to $6,000 per year for New Mexico high school graduates.
- UNM Lobo Scholarship: Up to $10,000 per year for exceptional academic performance and financial need.
Loans
- Federal Direct Subsidized Loans: Up to $3,500 per year for undergraduate students with financial need.
- Federal Direct Unsubsidized Loans: Up to $12,500 per year for undergraduate students and $20,500 per year for graduate students.
- Federal PLUS Loans: Up to $20,500 per year for parents of undergraduate students.
Work-Study Programs
- Federal Work-Study: Provides students with part-time on-campus jobs to earn money towards their education expenses.
Application Process
To apply for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is available online at fafsa.gov. UNM’s school code is 002606.
The FAFSA deadline for the upcoming academic year is March 1st.
Financial Aid Pain Points and Motivations
Pain Points
- Rising Tuition Costs: The cost of college has skyrocketed in recent years, making it difficult for many students to afford.
- Complex Application Process: The FAFSA can be daunting for students and their families, especially if they are unfamiliar with financial aid terminology.
- Limited Funding: The availability of financial aid can be competitive, and students may not receive enough to cover all their expenses.
Motivations
- Accessibility and Affordability: Financial aid reduces the financial burden of college, making it more accessible for low-income and middle-class students.
- Student Success: Studies have shown that students who receive financial aid are more likely to graduate from college and have higher incomes in the long run.
- Economic Mobility: Financial aid can help students from disadvantaged backgrounds break the cycle of poverty and achieve economic success.
Effective Strategies for Maximizing Financial Aid
- Apply early: The sooner you apply for financial aid, the more likely you are to receive the full amount you are eligible for.
- Be thorough and accurate: Fill out the FAFSA completely and accurately, including your financial information and any supporting documentation.
- Explore all options: Research different types of financial aid and apply for all that you qualify for.
- Consider work-study: Work-study can help you earn money towards your education expenses and gain valuable work experience.
- Appeal denial letters: If you are denied financial aid, you can file an appeal explaining your circumstances.
Frequently Asked Questions (FAQs)
What is the Expected Family Contribution (EFC)?
The EFC is a measure of your family’s financial circumstances, calculated using the FAFSA. Your EFC is used to determine your eligibility for financial aid.
What is the difference between a grant and a loan?
Grants do not need to be repaid, while loans must be repaid with interest.
How much financial aid can I receive?
The amount of financial aid you can receive depends on your financial need, your cost of attendance, and the availability of funding.
What is the FAFSA renewal deadline?
The FAFSA renewal deadline is February 15th.
Can I apply for financial aid as an international student?
International students are generally not eligible for federal financial aid. However, they may be eligible for limited university-based financial aid.
Where can I get more information about financial aid?
You can contact the UNM Student Financial Aid Office by phone at (505) 277-2771 or by email at [email protected]. You can also visit their website at https://financialaid.unm.edu/.
Tables
| Type of Financial Aid | Maximum Award | Eligibility Criteria |
|---|---|---|
| Pell Grant | $6,895 | Low-income students |
| FSEOG | $4,000 | Exceptional financial need |
| New Mexico Lottery Scholarship | $6,000 | New Mexico high school graduates |
| Federal Direct Subsidized Loan | $3,500 | Undergraduate students with financial need |
| Academic Year | Tuition and Fees for New Mexico Residents | Tuition and Fees for Non-Residents |
|---|---|---|
| 2021-2022 | $7,880 | $18,212 |
| 2022-2023 | $8,196 | $18,876 |
| 2023-2024 | Estimated $8,518 | Estimated $19,550 |
| Type of Work-Study Job | Average Hourly Wage | Hours per Week |
|---|---|---|
| Student Assistant | $12.00 | 10-15 |
| Library Aide | $14.00 | 15-20 |
| Research Assistant | $16.00 | 20-25 |
| FAQ | Answer |
|---|---|
| What is the difference between the FAFSA and the CSS Profile? | The FAFSA is a federal financial aid application, while the CSS Profile is a more detailed application used by some private colleges and universities. |
| Can I get financial aid if I am undocumented? | Undocumented students are generally not eligible for federal financial aid. However, they may be eligible for state-based financial aid or university-based scholarships. |
| What happens if my parents refuse to complete the FAFSA? | You can still apply for financial aid without your parents’ information. However, you may need to provide additional documentation to verify your financial circumstances. |
