Grants & Loans
Grants: The foundation for the financial aid is the Federal Pell Grant, a federal grant available to undergraduate students with documented financial need. Pell Grants range from $400 to $4050, though these figures are subject to change each year. If a Pell Grant is insufficient to pay educational expenses, the student may be eligible to receive other types of aid, including a Federal Supplemental Educational Opportunity Grant or Leveraging Education Assistance Partnership Program Grant. These grants are awarded to undergraduate students who show exceptional financial need. Typically, all three types of grants do not have to be repaid, if the sudent continues to attend class.
Loans: Available to undergraduate students with financial need, Federal Perkins Loans are long-term, low-interest loans that must be repaid to the lender according to federal guidelines. Repayment begins six or nine months after graduation or after enrollment drops below six credits.
Subsidized and unsubsidized Federal Stafford Loans are need-based, long-term loans available to undergraduate students. Students receiving a subsidized or unsubsidized Federal Stafford loan or a Perkins must complete a debt-management session before NMSU will issue a check. In addition, students must complete an exit interview upon graduation or withdrawal from the university. Repayment of a Stafford loan begins six months after graduation or six months after enrollment drops below 6 credits. The interest rate is variable but will not exceed 8.25%. More information will be available at the time the loan is made.