Federal Direct Student Loans

Loan Programs

UNM participates in the Federal William D. Ford Direct Loan program (known as Direct or Stafford Loans). The lender is the U.S. Department of Education rather than a bank or other financial institution. UNM also participates in the Federal Direct PLUS Loan Program. 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 the federal student aid programs. Below are the types of loans you are considered for and possibly offered upon completing your FAFSA and your Financial Aid file.

Subsidized Direct Loan

  • Based on financial need
  • Undergraduate students only
  • Loan origination fee varies by year, currenly 1.069%
  • Interest does not accrue while at least half time in-school
  • Repayment begins six month after you graduate, drop below half time, or withdraw.  Learn more about managing repayment of your student loans

Unsubsidized Direct Loan

  • Are not based on financial need
  • Loan origination fee varies by year, currently 1.069%
  • Interest accrues while you are in school or in deferment
  • Repayment begins 6 months after you graduate, drop below half time, or withdraw. Learn more about managing repayment of your student loans.

PLUS Loans

  • Parent of a dependent student can borrow for the student.  Follow the instructions on how to apply.
  • Graduate student eligilbe for GradPLUS.  Follow the instructions on how to apply.
  • This loan requires a credit check. If it is determined that you have an adverse credit history there is a way to appeal the decision, please read the ‘Options for PLUS Denial’ in the How to Apply section below.
  • Interest does accrue while student/borrower is in school or in deferment.
  • Repayment begins 6 months after student/borrowers graduates, drop below ½ time (5 credit hours), or withdraw.
  • You may borrow up to the full Cost of Attendance, less other financial aid received.

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 options for PLUS Denial

Loan Limits

  • College of Nursing
  • College of Pharmacy
  • MD
  • Health Professions & Public Health Programs
  • College Population Health