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The Office of Student Financial Aid and Scholarship Services Grants | Loans | Scholarships | Workstudy | Veterans | FAQs | Contact Us School Code: 002659 Loans Debt Management/ Entrance Counseling Exit Counseling | E-sign (MPN) | E-Sign (Perkins) Both undergraduate and graduate students may borrow loan money, which of course, have to be paid back with interest. Parents may also borrow money to pay education expenses for dependent undergraduate students. Maximum loan amounts increase with each year of completed study. Before you decide to borrow on student loan programs, be sure to look into available scholarships and grants. The less money you have to borrow while in school, the better off you will be when it comes time to repay those loans. Types of Loans The Federal Perkins Loan is a five percent, simple-interest federal loan program available to help with educational expenses and is awarded to both undergraduate and graduate students with demonstrated exceptional need. Repayment on the Perkins Loan begins nine months after you graduate or cease to be enrolled half-time. The Federal Stafford Student Loan Program (FSSLP) is a combination of two loans, the subsidized and unsubsidized Stafford student loans. Both loans are fixed-interest loans that allow you to borrow money from eligible private lenders (e.g., banks or credit unions). The subsidized Stafford loan requires demonstrated financial need. The unsubsidized Stafford loan does not require demonstrated financial need. However, you pay the interest on the unsubsidized Stafford loan during your in-school, grace, and deferment periods. Repayment on both loans begins six months after you graduate or cease to be enrolled half-time. To apply, complete the Free Application for Federal Student Aid (FAFSA) form. A separate loan application, provided by the lending institution, may also be required. The Federal Plus Loan is a fixed-interest federal loan that enables parents with good credit histories to borrow money from eligible private lenders (e.g., banks or credit unions). The Federal PLUS Loan does not require demonstrated financial need. Repayment begins 60 days after the last loan disbursement. To apply, parents complete a separate PLUS loan application provided by the lending institution or contact NMSU-Carlsbad Financial Aid for an application. Nursing Student Loan-For-Service What is it? The purpose of the Nursing Student Loan-for-Service Program is to increase the number of nurses in areas of the state which have experienced shortages, by making educational loans to students seeking certification or licensure in nursing. As a condition of the loan, a student must declare their intent to practice as a nurse in a designated health professional shortage area in New Mexico. Penalties apply for failure to provide service. Details and applications may be found at: http://hed.state.nm.us/collegefinance/nursestud.asp The annual deadline is July 1. All application materials must be postmarked by that date. Teacher Loans, Cancellation & Deferments Southeastern New Mexico Teachers' Loan - For - Service What is it? The purpose of the Southeastern New Mexico Teachers' Loan-for-Service Program is to increase the number of ethnic minority and physically disabled teachers to serve as role models to K-12 students in New Mexico. As a condition of the loan, a student must declare their intent to provide teaching service for a specified period of time at a public preschool, elementary or secondary school in a designated county in New Mexico. Details may be found at:http://hed.state.nm.us/collegefinance/teachers.asp The annual deadline is July 1. All application materials must be postmarked by that date. Debt Management/Entrance Counseling Federal regulations specify that all students who are borrowing a Federal Stafford Loan for the first time must complete a Debt Management/Entrance Counseling session before your advisor will certify your loan and you receive a promissory note. An Exit Counseling session is required after you graduate, leave school, or drop below half-time enrollment. You have a six month "grace period" before you begin repayment on your loan (you may have longer than six months if you are on active duty with the military). Student Loan Websites |
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