Student Loan Programs

Federal Direct Loan

UNM participates in the Federal William D. Ford Direct Loan programs. Below are the types of loans you are considered for and possibly offered upon completing your FAFSA and your Financial Aid File.

  • Based on financial need
  • Undergraduate students only
  • Loan origination fee varies by year, currently 1.057%
  • Interest does not accrue while enrolled at least half time in school.
  • Repayment begins six months after you graduate, drop below half time enrollmennt, or withdraw.

To learn more about the differences between Direct Subsidized and Direct Unsubsidized Loans, click here.

  • Are not based on financial need
  • Loan origination fee varies by year, currently 1.057%
  • Interest accrues while you are in school or in deferment.
  • Repayment begins 6 months after you graduate, drop below half time, or withdraw.

To learn more about the differences between Direct Subsidized and Direct Unsubsidized Loans, click here.

  • Parent of a dependent student can borrow for the student. Follow the instructions on how to apply.
  • Graduate student eligible for Grad PLUS. 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 way to appeal the decision.
  • Interest does accrue while student/borrower is in school or in deferment.
  • Repayment begins 6 months after student/borrower graduates or drops below half time.
  • You may borrow up to the full Cost of Attendance, less other financial aid received.

Interest Rates and Fees

Interest rates are fixed, based upon the date of the first disbursement of the loan. For current interest rates and fees for each type of Federal Direct Loan, click here.

Loan Limits

MD Annual Limits

  • Year One - $44,944
  • Year Two - $47,167
  • Year Three - $47,167
  • Year Four - $42,722
  • Graduate students: $138,500
  • Undergraduate students
    • Independent: $57,500
    • Dependent: $31,000
  • Graduate students: $138,500
  • Graduate students: $138,500
  • Undergraduate students
    • Independent: $57,500
    • Dependent: $31,000