Lori Meadows
The University of New Mexico (UNM) offers a range of financial aid options for students, including loans, scholarships, grants, and work-study programs. Repayment for student loans typically begins six months after graduation, or if a student drops below half-time enrollment (5 credit hours) or withdraws. Interest rates are fixed and locked in at the date of the first disbursement of the loan. Students can receive their financial aid funds through direct deposit or by check, and the funds are applied directly to their UNM Bursar's Account to cover tuition, fees, housing, and other charges. Short-term loans are also available for emergency expenses, with a maximum loan amount of $800.
| Characteristics | Values |
|---|---|
| Repayment begins | 6 months after graduation, dropping below half-time, or withdrawing |
| Interest rates | Fixed and locked in at the date of the first disbursement of the loan |
| Lender | U.S. Department of Education |
| Eligibility | Enrolled at least half-time (5 credit hours) in a graduate or professional program, and meeting other general eligibility requirements |
| Requirements for disbursement | Correct enrollment, complete financial aid file, and making Satisfactory Academic Progress |
| Direct Loan Recipients | Complete a Master Promissory Note and Pre-Loan Counseling at studentloans.gov |
| Work-Study funds | Earned by working in positions with eligible employers; paid bi-weekly through the employer's payroll system |
| Short-Term Loans | Maximum loan amount of $800; may impact the ability to register for classes; not eligible for new/transfer students without a UNM GPA before the semester census date |
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What You'll Learn
Repayment begins six months after graduation or withdrawal
Repayment for student loans at UNM begins six months after graduation, withdrawal, or dropping below half-time (5 credit hours). This rule applies to both undergraduate and graduate loan programs. Interest rates are fixed and locked in at the date of the first disbursement of the loan.
For first-time borrowers, it is necessary to complete the Federal Direct Student Loan Master Promissory Note and Entrance Counselling online at www.studentaid.gov. Direct Loan Entrance Counselling teaches students how to borrow wisely and monitor their loan debt. It is important to understand that interest accrues while in school or in deferment.
If a student drops below half-time status before graduating, their aid will be adjusted, and they will receive a revised award amount. Students must be enrolled at least half-time to be eligible for loans. In the case of a withdrawal, once the loan has been removed from the student account, repayment can be made directly to the Bursar's Office.
It is worth noting that UNM participates in the Federal William D. Ford Direct Loan program, where the lender is the US Department of Education rather than a bank or other financial institution. This provides an additional option for students seeking financial assistance.
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Interest rates are fixed and locked at the first disbursement
Interest rates on student loans at UNM are fixed and locked at the first disbursement. This means that the interest rate is set when the loan is first given out and remains the same throughout the life of the loan.
Interest accrues while the student is in school or in deferment, and repayment of the loan begins 6 months after graduation, or if the student drops below half-time (5 credit hours) or withdraws. The only exception to this is the Perkins Loan, which has a 9-month grace period before repayment begins.
The Federal Graduate PLUS Loan is available to students enrolled at least half-time (5 credit hours) in a graduate or professional program and who meet all of the other general eligibility requirements for federal student aid programs. The lender for UNM student loans is the US Department of Education, rather than a bank or other financial institution.
The interest rate for a loan is fixed and locked in at the date of the first disbursement of the loan. This means that the interest rate will not change during the life of the loan. The interest rate for a Federal Direct Loan can be found on the UNM Financial Aid Office website, along with the interest rates and fees for each type of Federal Direct Loan (subsidized or unsubsidized).
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Direct Loan Recipients must complete a Master Promissory Note
At the University of New Mexico (UNM), repayment of student loans begins six months after graduation, dropping below half-time, or withdrawing. Interest rates are fixed and locked in at the date of the first disbursement of the loan.
If you have been awarded a Direct Loan at UNM, you will need to complete a Master Promissory Note and Pre-Loan Counseling at studentaid.gov. This is a requirement for first-time borrowers of Federal Direct Student Loans, and the loan cannot be disbursed until this is completed. The Master Promissory Note is an electronic document that must be signed using your FSA ID, which can be created on the same website. This ID serves as your legal signature and provides access to Federal Student Aid's online systems. The process involves four steps and can take up to 10 days to be viewable on your Anchor Access account.
Additionally, Entrance Counseling must be completed at studentaid.gov before disbursement. If you have previously borrowed, your promissory note remains valid for 10 years, unless you have been out of school for a year or more.
Once you have completed these requirements, you will receive your aid within two weeks. Grants, scholarships, and loans are applied directly to your UNM Bursar's Account to pay for tuition, fees, university housing, and other charges. Any excess funds will be refunded to you, which can be used for other education-related expenses.
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Work-Study funds are paid bi-weekly by employers
The University of New Mexico (UNM) offers Work-Study funds to students who work in positions with eligible employers. Students earn their Work-Study funds by working for them, and the funds are not disbursed in a lump sum. Wages are typically paid bi-weekly through the employer's payroll system. This means that students are paid regularly for their work, rather than receiving a single payment.
The Federal Work-Study Program is a financial aid program that provides part-time employment to students. It is designed to allow students to balance their work and school commitments, with employers planning work hours around students' class schedules. Students can find Work-Study jobs both on and off campus, with many nonprofits offering community-based work opportunities. Each job has a different pay rate and provides a unique work experience, allowing students to choose positions that meet their needs and goals.
The frequency of payments may vary, with some schools paying students weekly, bi-weekly, or monthly. Undergraduate students are typically paid by the hour, while graduate and professional students may be paid by the hour or receive a salary, depending on the position. It is important for students to maintain adequate timesheets or records of hours worked, as required by the program.
Students interested in Work-Study funds should contact their school's financial aid office and student employment center for guidance. These offices can provide valuable resources and information to help students navigate the Work-Study process and find suitable positions. By participating in the Federal Work-Study Program, students can gain valuable work experience while also earning funds to support their education.
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Short-term loans are available for emergency expenses
When considering a short-term loan, it is important to carefully review the interest rates, fees, and loan amounts offered by different lenders. Some short-term loans may have high-interest rates and fees that can make your financial situation worse if you are unable to repay the loan on time. Additionally, taking on additional debt can have long-term effects on your finances and credit score. It is also important to note that some lenders may require collateral or a good to excellent credit score to qualify for the best terms and rates.
To apply for a short-term loan, you will typically need to provide identification, proof of income, and personal information such as your address. The approval process can vary, with some lenders offering same-day approval and funding, while others may take a day or two. It is recommended to compare different lenders and loan terms and conditions before deciding on a short-term loan.
In addition to short-term loans, there may be other options to consider for covering emergency expenses. For example, some emergency costs can be paid using a payment plan, such as working with a hospital to pay medical bills in installments. If you have a credit card, you could also use a cash advance, but be aware that the interest rate may be higher. Building an emergency fund with at least three to six months' worth of living expenses can also help prepare for unexpected costs.
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Frequently asked questions
Repayment begins 6 months after you graduate, drop below half-time, or withdraw.
Grants, scholarships, and loans are applied directly to your UNM Bursar’s Account to pay for tuition, fees, university housing, and other charges. If you have excess funds, you will receive a refund that may be used to pay other education-related expenses.
If your scholarship sponsor sends your scholarship check directly to you, inform the Scholarship Office at 505-277-8900.
