Education is Affordable at UNM. What Is Financial Aid? Scholarships Grants Loans Student Employment opportunities.
Post on 13-Jan-2016
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Education is Affordable at UNM
What Is Financial Aid?
• Scholarships
• Grants
• Loans
• Student Employment opportunities
Financial Aid is Available…
from the following:
• Federal government
• State of New Mexico
• University of New Mexico
• Tribal agencies
• Scholarships
Free Application for Federal Student Aid (FAFSA)
The Dept. of Education compiles student and family information used to calculate the student’s Expected Family Contribution (EFC)
File the FAFSA on the Web at www.fafsa.gov
UNM’s priority filing date is March 1st
FAFSA on the Web Worksheet
FAFSA Worksheet
10-page booklet
Print to use as a “pre-application” worksheet
Questions follow order of FAFSA on the Web
FAQ is available within the worksheet
Requires a PIN to sign on-line:
www.pin.ed.gov
www.fafsa.ed.gov
-File online
-Use the worksheet
-Obtain your pin number
Information Needed for FAFSA Worksheet
• Social Security Number• Taxed and Untaxed Income• Family information
• File your taxes as early as possible
• You may use estimated tax information to meet the priority date
Expected Family Contribution
The Expected Family Contribution (EFC) is used to determine your eligibility for financial aid.
Cost of Attendance
• Tuition and Fees• Room and Board• Books and Supplies• Transportation• Miscellaneous• Costs vary between
universities
Cost of attendanceminus
Expected family contribution
equals
“Financial need”
What is Financial Need?
Dependent student
living with parent
Dependent student living offcampus
Independent student living Off campus
Tuition & Fees 1434 1434 1434
Room & Board 2858 7948 7948
Books & Supply 944 944 944
Transportation 1660 1660 1660
Miscellaneous 1860 3044 3044
Total $8756 $13846 $15474
UNM VC Undergraduate Budget
2010/2011
Grants
– Does not have to be paid back– Usually awarded on the basis of
financial need• Federal Pell Grant• Federal Supplemental Educational
Opportunity Grant• State Student Incentive Grant (SSIG)• UNM Legislative Grants
Loans
– Money students and parents borrow to help pay educational expenses.
– Repayment usually begins six months after graduation• Subsidized Stafford
• Unsubsidized Stafford
• Parent Loan (PLUS)
Student Employment
•Workstudy (Need & No-Need)– Requires FAFSA
•Student Employment– No FAFSA needed
Allows students to earn money to help pay educational costs
Student Employment Website
http://www.unm.edu/~wsestudy/
Satisfactory Academic ProgressFederal regulations require that students maintain satisfactory academic progress.
•2.0 Cumulative GPA
•67% Completion Average
•150% of required degree hours
Scholarships
– Eligibility requirements vary– May require FAFSA– Deadlines and application
procedures vary– Where can I find
scholarships?• Internet: www.fastweb.com• Scholarship Office – Scholarship
binder• Check with your tribal higher
education office
Legislative Lottery Scholarship
Pays tuition onlyBegins 2nd semesterNo application required
Requirements:•NM Resident•Graduate of NM High School or NM GED•Full-time student•Minimum 2.5 GPA
http://www.unm.edu/~unmvc/finaid/finaid.htm
LoboWebEnter LoboWeb through https://my.unm.edu
Self-Service - LoboWeb
Important Web SitesFinancial Aid
https://my.unm.edu
http://www.unm.edu/~unmvc/
Scholarships
http://www.fastweb.com
Loan Counseling and Promissory notes
https://studentloans.gov
FAFSA on the Webhttp://www.fafsa.ed.gov
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