How To Pay For College

Financial Aid

is Available…

• • • • • • From the following: Federal government State of New Mexico University of New Mexico Tribal Agencies Scholarships Private Sources

www.fafsa.gov

UNM’s Priority Deadline is March 1st

FSA ID

    An FSA ID username and password used to login to Federal Student Aid websites Parents will need their own FSA ID You will no longer need a pin Apply for aid at fsaid.ed.gov

Information Needed for FAFSA o o o o o o Social Security Number Driver’s License Taxed and Untaxed Income File your taxes as early as possible You may use estimated tax information to meet the priority date Also above information for student (if available)

Expected Family Contribution

The Expected Family Contribution (EFC) is used to determine your eligibility for financial aid.

UNM Undergraduate 2015-2016 Budget

Dependent Student

Tuition & Fees Room & Board Books & Supplies Transportation Miscellaneous

TOTAL: Living With Parent Living On Campus Living Off Campus

$6,640 $3108 $1,072 $1806 $2026

$14,652

$6640 $9406 $1072 $1806 $2026

$20,950

$6640 $9406 $1072 $1806 $2026

$20950

Is that what I have to pay?

Simple Answer……

No

Cost of Attendance

• Tuition and Fees • Room and Board • Books and Supplies • Transportation • Miscellaneous

Better?

Better!

Types of Financial Aid

• Scholarships • Grants • Student Employment • Loans

Scholarships

• Eligibility requirements vary—commonly awarded for financial need, academic, athletic, or artistic skill • May require FAFSA • Deadlines and application procedures vary • Beware of scholarship scams • Where can I find scholarships?

o ○ ○ www.fastweb.com

http://collegeboard.com/student/pay http://www.collegenet.com/mach25/app



Tribal Scholarships

What UNM needs:  Tribal Financial Need Analysis (FNA)  Submit request to financial aid office  Be aware of your tribe’s deadlines  What Tribe may request:  Complete Tribal Higher Education Application with your Tribe  Certificate of Indian Blood (CIB)   Academic Transcripts Letter of Admission

http://scholarships.unm.edu/

• • •

Grants

Do not have to be paid back (Only of semester is successfully completed) Are awarded on the basis of financial need ○ Federal Pell Grant ○ Federal Supplemental Educational Opportunity Grant (SEOG) ○ State Student Incentive Grant (SSIG)

Student Employment • Allows students to earn money to help pay educational costs • Some Student Employment jobs require a work study award • Work Study (Need-based & No Need) • Work Study Requires a FAFSA https://unmjobs.unm.edu



Student Loans

(always have to be paid back) Money students or parents borrow to help pay educational expenses.

 Repayment usually begins 6 months after graduation or when you stop attending  Amount of eligibility determined by grade level ○ ○ ○ Subsidized Stafford – 4.29% interest rate* – no interest accrues while student in school at least ½ time.

Unsubsidized Stafford – 4.9% interest rate – interest accrues immediately Parent Loan (PLUS)**– Up to COA, credit based, parents only apply. 6.84% interest rate *Subject to Change **Only if you want too

http://finaid.unm.edu

How many will remember this information?

http://studentinfo.unm.edu

@UNMFinAid

Student Financial Aid Office http://finaid.unm.edu

Scholarship website http://scholarships.unm.edu

Student Information/Chat http://studentinfo.unm.edu

Or Call: UNM All Access: 505-277-8900 or 1-800-CALL-UNM