Undergraduate Financial Aid

Types of Financial Assistance

Grants - These are sources of funding that a students does not pay back. Eligible undergraduate students may quality for :

  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity Grant (Based on January 6, 2017, deadline and Pell eligibility)
  • Federal Academic Competitiveness Grant (ACG) - for specific year one and year two Pell Grant recipient
  • State Student Incentive Grant - need based grant for NM residents ( Based on January 7, 2017, deadline)
  • NM College Affordability Grant - grant awards available to NM residents who receive no other state funded aid (excludes NM Work Study and based on January 6, 2017, deadline)
  • UNM Graduation Initiative Grant - for NM residents working on their 1st baccalaureate degree who are not awarded Legislative Lottery
  • UNM Grant - NM residents with exceptional need and enrolled in at least 6 credit hours (based on January 6, 2017, deadline)

Student Loans

Subsidized Loans

  • Need-based and do not have interest accruing while you are in school or in deferment.
  • Loan award is capped by a certain grade level.
  • Repayment begins 6 months after you graduate, drop below half time, or withdraw. Learn more about managing repayment of your student loans.
  • Subsidized loans disbursed on or after July 1, 2012, and before July 1, 2014 are not eligible for subsidized interest benefits during the six-month grace period after a student graduates or falls below half-time enrollment.
  • Subsidized loans have a time limitation that affects the number of years a subsidized loan can be received.

Unsubsidized Loans

  • Are not based on financial need.
  • Loan origination fee  same as the subsidized.
  • Interest accrues while you are in school or in deferment, unlike the subsidized loan.
  • Repayment begins 6 months after you graduate, drop below half time, or withdraw. Learn more about managing repayment of your student loans.

Perkins Loans

  • Are based on Financial Need and only offered to high-need early applicants.
  • Maximum annual award is $2000,
  • There is no separate application, only the FAFSA. Funding is extremely limited not every early high-need applicant can be offered a Perkins Loan.
  • Interest does not accrue while you are in school or in deferment.
  • There are no loan origination fees, the interest rate is a fixed 5.0% when the loan enters repayment.
  • The University of New Mexico is your lender for this loan so once your loan enters repayment, you will make payments back to the University.
  • Repayment begins 9 months after you graduate, drop below half-time or withdraw.

Interest Rates and Fees

  • Interest rates are fixed and locked in at the date of the first disbursement of the loan
  • Click here for current interest rates and fees for each type of Federal Direct Loan (Subsidized or Unsubsidized)
  • Interest on a Perkins loan is fixed at 5% and there is no lender fee or other charges associated with this loan

nursingdegree.org/the-big-list-of-nursing-scholarships

Nurse Scholars Program