Education is Affordable at UNM. What Is Financial Aid? Scholarships Grants Loans Student Employment opportunities.

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

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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