Ask Financial Aid

Yes. There are three basic types of financial aid available: grants (free money), work-study (money you earn), and student loans (money you pay back).

The Free Application for Federal Student Aid (FAFSA) is available as early as October 1 each year. The UNM FAFSA priority date is the first week of January, with a requirement to have all additional documentation submitted by the last week of January. Not meeting the priority date excludes you from being considered for certain types of priority aid (work-study, certain limited grants and loans). Submission after the priority date is allowed; however, you will only be considered for the Pell Grant (if eligible) and federal loan programs (if eligible).

Complete the FAFSA form . The UNM school code 002663.

Yes. However, this does not guarantee your financial aid eligibility. You must have a complete Financial Aid File, be making satisfactory academic progress, and be enrolled in the correct number of credit hours for your financial aid award(s) to be disbursed.

1. Go to my.unm.edu 
2. Login by entering your NetID and Password
3. Click “Enter LOBOWEB”
4. Click on “Financial Aid” tab
5. Click “Overall Status of Your Financial Aid” from the menu

Please note: At this point, you will see various options depending upon your individual status:

• If you see a line that reads: "You have unsatisfied student requirements for this aid year," then your Financial Aid file is not complete, and you should contact the College of Nursing Financial Aid Office.
• If you do NOT see this line, then your Financial Aid application is complete. You should click on your award info to see what you have been offered in your Financial Aid package.

If you register for enough credits and you have a complete Financial Aid File, all of your accepted aid will appear in your Bursar Student Account. Grants, scholarships, and loans will be disbursed to your Bursar Student Account prior to the start of the semester for every program except the RN-BSN program.

If you are meeting the three requirements (correct enrollment, complete Financial Aid File, and making Satisfactory Academic progress [SAP]), your aid will begin to disburse to your student account the Wednesday before your nursing courses begin. For all nursing programs except the RN-BSN program, if your financial aid exceeds what you owe to UNM, you will receive a refund of the excess financial aid funds. Funds remaining after paying debts owed to the University are paid directly to you by either a direct-deposit link to your bank account through https://financialaid.unm.edu/about/resources/account/direct-deposit.html or by mailing a check to your address on file with UNM. UNM strongly encourages you to establish direct deposit.

You may have an incomplete Financial Aid File. To be considered for federal aid, you must have a valid Free Application for Federal Student Aid (FAFSA) application on file, in addition to submitting any required documents requested by the College of Nursing Financial Aid Office.  You will not be awarded any financial aid until you have submitted all required additional documentation. Please email HSC-CON-FinancialAid@salud.unm.edu with questions.

You can contact us via email at HSC-CON-FinancialAid@salud.unm.edu OR In person, Monday through Friday, 8am to 5pm. To schedule an appointment, click here and select “Student Financial Aid” from the appointment type. Appointments can be in person, over Zoom, or by telephone depending on your preference. Walk-ins welcome!

Your College of Nursing financial aid team is comprised of…

• Kris Samora, Financial Aid Operations Manager
• Whitney Cockrill, Financial Aid Officer
• James Wheeler, Financial Aid Officer

The Free Application for Federal Student is an online application for financial aid offered yearly by the Department of Education. Many scholarships make direct use of FAFSA information in order to determine eligibility, and students must fill it out in order to receive Pell Grants and Federal Student Loans.

You can submit your FAFSA online at this url: https://studentaid.gov/h/apply-for-aid/fafsa

In order to complete it, you will need UNM’s school code, which is 002663. Once you’ve done submitted your FAFSA, you will need to allow 3-5 business days for processing; and once it’s been processed you will receive an email notification.

Anyone who is a US Citizen or a Permanent Resident is eligible to submit a FAFSA. Students who do not meet either criterion are ineligible, but can still receive other forms of financial aid!

Ineligible students seeking financial aid should submit the UNM Application for State Aid available online here. We also encourage you to visit our website for scholarship resources for International and DACA student, and UNM Offers an internal, online form to help our office assess your eligibility for state-funded and intuitional aid. In addition, the University’s Office of Global Education can provide information to you regarding scholarship opportunities for Undergraduate and Graduate Students.

You’ve got plenty of time! Tuition is billed each term. For payment deadlines and information regarding payment plans, please visit the University of New Mexico Bursar's Office website.

A payment plan will help you avoid the monthly service charge on unpaid balances and a past due bursar hold allowing you to add or drop courses as needed. Four plans are offered during the Fall and Spring semester and two plans are offered during the Summer semester. You can view set-up fees and due dates here.

Information on New Mexico residency for tuition purposes can be found at the following UNM Office of the Registrar website:

Residency Information https://registrar.unm.edu/residency/index.html

Petition for Residency http://registrar.unm.edu/forms/petitionforresidency.pdf

Overt Checklist http://registrar.unm.edu/forms/residencychecklist.pdf

Residency FAQ’s http://registrar.unm.edu/residency/FAQS.html

To submit forms or ask questions about residency petitions, please email us at hsc-con-financialaid@salud.unm.edu. 

In some cases, yes. If your home of residence is in the western half of the United States, you may qualify for in-state tuition rates. The Western Regional Graduate Program (WRGP) is a tuition-reciprocity arrangement for students who are considered residents of a Western Interstate Commission of Higher Education (WICHE) state (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming and the Commonwealth of the Northern Mariana Islands).

Please complete the WRGP form here and submit directly to the College of Nursing Financial Aid office at HSC-CON-FinancialAid@salud.unm.edu.”

Step 1: Complete Free Application for Federal Student Aid (FAFSA)

Step 2: Complete your Financial Aid File

Step 3: Accept the loan online (view instructions)

Step 4: Complete the Federal Direct Student Loan Master Promissory Note and Entrance Counseling online at

MPN: https://studentaid.gov/mpn/

Entrance Counseling: https://studentaid.gov/entrance-counseling/

(view instructions)

How much you receive in loans depends on several factors, including: whether you are a undergraduate or a graduate student; whether you filed taxes as a dependent or an independent; whether your loans are subsidized or unsubsidized; and how far along you are in school. Information on standard loan amount can be found here: https://financialaid.unm.edu/types-of-financialaid/loans/index.html

While payments for all Federal Student Loans are deferred while you are enrolled in your program, a subsidized loan does not accrue interest during deferment while an unsubsidized one does. Because interest is deferred, your lifetime limit for subsidized loans is lower, and you cannot receive them at all if you are in a graduate program.

The current fixed interest rate for loans is 6.54%.

Loan fees are assessed at the time of disbursement. The loan fee is deducted proportionately from each loan disbursement you receive. Click HERE to learn more about current interest rates, fees, and how loan interest is calculated.

Are your earbuds in? Here’s a YouTube video on how to borrow responsibly, and here’s another YouTube video on managing your student loans. Fun, right?

Good question! The Lifetime aggregate borrowing limit of Title IV Federal Subsidized/Unsubsidized loans is $138,500. Recipients of these loans can access loan information on the National Student Loan Data System (NSLDS) at studentaid.gov.

Graduate Plus loans are federal loans available to graduate students who have met their limit on unsubsidized loans. The Graduate Plus loan is available only after the Unsubsidized Student Loan has been maximized. Loan awards cannot exceed your cost of attendance. Annual Interest is 7.28%, effective July 1, 2022-June 30, 2023; future interest rates are yet to be determined.

Graduate Plus Loan origination fees, 4.272%. Loan fees are accessed at the time of disbursement. The loan fee is deducted proportionately from each loan disbursement you receive. Information pertaining to the Graduate Plus loan (such as credit requirements) is available here. Please contact our office if you would like to be considered for this loan.

It's never too early to think about the future! Studentaid.gov offers an interactive loan repayment calculator tool HERE. Manage your student loans with studentaid.gov's tools HERE.

Per UNM Policy, UNM charges will be paid in full with your financial aid first, then the remaining amount will be refunded to you. Fall semester financial aid disbursements are scheduled to begin in July. If you have set up direct deposit, you will receive an e-mail from the Bursar's Office indicating the initiation of the deposit. If you have not set up direct deposit, the Bursar’s Office will mail refunds (in the form of paper checks). Information on setting up Direct Deposit (e-refund) can be found here.

The Authorization to Pay Form is what allows us to put your loans and scholarships towards your tuition, fees, and other university charges; so it’s very important to fill it out and submit it ASAP. The Authorization to Pay Allowable Charges Form can be found by following the link, and the completed form can be uploaded to the UPLOAD BOX below NM residency information

Always be on the prowl for scholarships! We communicate scholarships year-round that are applicable to you and the Nursing program. Students will be informed of any scholarships offered through the College of Nursing Student Financial Aid Office.

External scholarship opportunities are listed on the College of Nursing website, and here’s a list of trustworthy Search Engines for scholarships. You can also search for scholarships based on YOU as an individual here.

Please reach out to us if you need a form completed for a scholarship application; we can help!

Yes! Here are some additional funding opportunities that may be worth looking into:

The New Mexico Health Professions Loan-for-Service Program

The New Mexico Higher Education Department loan-for-service program is a state-funded award for New Mexico residents who are willing to commit to practice in an underserved area of NM in exchange for financial aid of up to $25,000 per academic year.

Further information on the program can be obtained at https://hed.nm.gov/financial-aid/loan-service-programs/medicalor (800) 279-9777. The application is available on May 15.

National Health Service Corps (NHSC) Scholarship

A federal grant program designed to encourage future health professionals to practice in designated NHSC sites nationwide. Willingness to provide primary health care services is essential.

Some preference is given to applicants from disadvantaged backgrounds. The scholarship covers full tuition, fees, and a monthly stipend. Further information on the program can be obtained at https://nhsc.hrsa.gov/scholarships or (800) 221-9393.

Indian Health Service Scholarship

A scholarship program for Native American students who are willing to commit to professional service at an IHS-approved facility.

The scholarship covers; full tuition and fees, an allowance for other reasonable educational expenses and monthly stipend. Further information on the program can be obtained at https://www.ihs.gov/scholarship/index.cfm or (800) 382-3027.

VA Health Professions Scholarship

Provides financial assistance to students receiving education or training in a direct or indirect health-care services discipline (Title 38 and Hybrid Title 38 occupations); and assists in providing an adequate supply of such personnel for the Department of Veterans Affairs (VA).

HPSP helps the Veterans Health Administration (VHA) meet its need for qualified health care professionals for which recruitment or retention is difficult. Further information can be obtained here https://www.usajobs.gov/job/561156300

Federal regulations governing student financial aid require that an institution develops standards to measure academic progress toward a degree. All students will be monitored for financial aid Satisfactory Academic Progress (SAP) whether or not financial aid was applied for or received during any academic period in which the student was previously enrolled. You will not be eligible for financial aid if you do not meet the financial aid SAP requirements. Student academic progress is reviewed at the end of each academic year for programs at least 2 years in length. For programs shorter than 2 years in length, academic progress is reviewed at the end of each semester. SAP is reviewed each semester for students who are within 23 credits of the maximum time frame allowed. For students not meeting the minimum standards, financial aid will be not be disbursed.

The three components of the Satisfactory Academic Progress (SAP) policy are explained below. Academic renewal does not satisfy academic progress standards for financial aid.

1. Course Completion Rate

Students must successfully complete at least 67% of the total credit hours they attempt. Classes in which grades of A, B, C, D, and CR are earned will be considered completed. Repeated courses are counted as completed, and credit cannot be earned twice. All attempted credit hours are counted whether or not financial aid was received. This calculation includes all hours in which a student is registered at the time of withdrawal. All earned transfer hours are considered to be earned and attempted for this calculation as well (whether aid was received or not).  Remedial classes and English as a Second Language (ESL) classes are also counted as attempted credit hours. Courses taken for Audit are not counted in the student's total course load for purposes of financial aid eligibility. For graduate students, 100- and 200-level classes count as hours attempted, but not hours earned, because they will not count toward the completion of a graduate degree.

2. Minimum Grade Point Average (GPA) Requirement

Students must meet the following grade point average (GPA) requirements to maintain their eligibility for financial aid:

• Undergraduate students with fewer than 31 credits must have at least a 1.7 cumulative GPA.
• Undergraduate students with 31 or more credits must have at least a 2.0 cumulative GPA.
• Graduate students in the Anderson School of Management must have at least a 3.0 cumulative GPA.
• Graduate students in the College of Nursing must have at least a 3.0 cumulative GPA.
• Law students must have at least a 2.0 cumulative GPA.
• Medical students must have at least a 2.0 cumulative GPA.
• Students in the College of Pharmacy must have at least a 2.0 cumulative GPA.

3. Maximum Time Frame (most common)

Undergraduate students must complete their program of study within 150% of the published length of the program, measured in credit hours attempted. For example, if the published length of an academic program is 128 credits, the maximum timeframe for completion is 192 attempted credits. All attempted credit hours from any university, including non-degree hours and hours attempted in completing a prior certificate or degree, will count toward the maximum allowable credits regardless of whether financial aid was received. Courses with assigned grades of F, WF, W, WP, I, NC, and "repeated" courses all count as attempted credit hours. In addition, remedial classes and ESL classes are counted in this calculation, even though these classes do not count toward students' graduation requirements. To receive financial aid, graduate students must complete their degree within the maximum time frame allowed by their graduate program.

Students may request an exception when failing satisfactory progress standards by submitting a Petition for Exception to Standards of Satisfactory Academic Progress form to the Student Financial Aid Office. A committee will review each petition. Students may not request an exception to fund a semester that has already ended except for Federal Direct loans. The Petition for Exception to Standards of Satisfactory Academic Progress can be found on the Financial Aid website. Under the forms menu, choose the corresponding aid year, and print and complete the form.

1. Your petition requires:
   1. Petition form -  http://financialaid.unm.edu/forms/cas-script.php?q=sap-2020: completed and signed with attached documentation and statement.
2. Personal statement:
   1. Exceeded or Close to Maximum Timeframe
      • Detail whether you have any previous degrees, what nursing program you’re in, and when you will graduate with your nursing degree.
   2. Course Completion Rate/Minimum GPA Requirement
      • Detail the reasons for poor academic performance, specifically addressing extenuating circumstances beyond your control, such as personal injury or illness that occurred during an enrollment period, death of an immediate family member or legal guardian, or other documented circumstances that were unexpected in nature.
      • Include an action plan, specifically addressing issues or circumstances that you indicate had a negative impact on your prior academic performance. Include what you plan to do to return to good standing. This is not to be simply a statement of "good intentions."
3. Degree Summary- link to (Non-Fillable/Fillable) (only if you are failing for maximum timeframe):  Degree summaries are completed by College of Nursing Academic Advisors for students who are close to, or exceeding, the maximum time frame. This form informs financial aid of the timeframe and number of credits still required before you complete your degree.
4. Submit the completed petition packet via online form. For any questions, email HSC-CON-FinancialAid@salud.unm.edu.

The Financial Aid Academic Plan is a possible outcome when you appeal for an Exception to the Standards of Academic Progress. If your petition is approved on an academic plan, you may continue to receive financial aid funds for the beginning term of your plan and each subsequent term afterward in which you meet the minimum standards agreed to in your plan. Your academic performance will be monitored on a semester-by-semester basis. The requirements and standards of performance are different for each student and will be outlined when you sign your Financial Aid Academic Plan with a Financial Aid Officer. Generally, the plan involves a minimum semester GPA, a minimum completion percentage (e.g., completing all courses you attempt), and at times, the strict following of your degree plan.

Failure to meet your academic plan will result in losing your financial aid eligibility for all future semesters until you meet the overall standards of academic progress. Per federal regulation, the UNM Financial Aid Office cannot grant an additional appeal, except in cases where a new unexpected extenuating and documented circumstance exists.  Even in this case, an additional approval to receive financial aid is not guaranteed. If you have failed your plan and have a NEW extenuating and documented circumstance that contributed to you failing your plan, please submit a new Petition for Exception to Standards of Satisfactory Academic Progress form with new supporting documentation. Only submit a new petition form once you have been notified by our office that you have failed to meet the agreed-upon terms of your Financial Aid Academic Plan. You'll receive an email notification to your UNM email account. Any SAP appeals must be submitted by fax to 505-272-3970; in-person to the College of Nursing Financial Aid Office, located in the HSLIC building, Room 130A; or via email to HSC-CON-FinancialAid@salud.unm.edu.

• If you drop during the add/drop period during the first few weeks of the semester, the dropped classes will not impact your Financial Aid Academic Plan. If you drop after the add/drop period and receive a grade ("W" counts as a grade), these dropped classes may impact your Financial Aid Academic Plan.
• If you were required to complete 100% of your classes when you signed your Financial Aid Academic Plan, receiving a "W" or any non-passing grade ("F," "NC") will mean you have failed your Financial Aid Academic Plan, and you will be ineligible for financial aid for the next semester. 
• If you were required to complete only 67% of your classes attempted, then you may or may not remain eligible, depending on the number of credits you drop and the total number you attempted at the beginning of the term. When failing a Financial Aid Academic Plan because of dropping classes, you will receive official notice from our office only after the term has been completed and all grades have been reported. This means that your future aid will be impacted, and you will be ineligible for financial aid for future semesters.