Grants, Loans and Workstudy

Submit your FAFSA each year at studentaid.gov.

• The Application is available starting in October of each year for the following school year.
• Your Pell Eligibility will be reported to you on your Student Aid Report (SAR) sent to you by FAFSA within a few days of submitting a complete application.

Your Pell eligibility is determined by your FAFSA Expected Family Contribution (EFC).

Your Pell eligibility is reported to you on your Student Aid Report (SAR) and is the Maximum you can receive for a traditional Fall/Spring aid year.

Your Pell will be split half for fall, and half for spring.

Example: Suzie’s SAR reports that she can receive $4000 in Pell for the academic year.

She can receive up to $2000 in the Fall, and $2000 in the Spring, IF she enrolls full time.

Suzie enrolled full time for fall, and will receive $2000 in Pell for that semester.

She enrolled half time in spring, so she will receive half of her spring amount or $1,000 for spring.

Summer Pell Grant – Starting for the Summer 2018 students may receive up to three semesters of Pell in any aid year.  This is called “Additional Pell” these awards are slightly different than a regular Pell award, in that to use any part of the third semester of Pell, you must be enrolled Half time.  That means that if you attended full time in the prior fall and spring, you must enroll half time in summer to receive it,

If you enroll in only one class, you may see it awarded, but it will not pay.

If you enroll in one 3 credit class in session one, and one 3 credit class in session two you will have Pell for both, but it will not pay to your bill until the 2nd class has started.

If you enroll initially enroll in 6 credits, and then drop the 2nd class, the aid for both must be removed.

NMSI – The New Mexico State Student Incentive Grant is awarded to Undergraduate New Mexico Residents with high need, as determined by the EFC on their FAFSA (after verification). It is awarded based upon need to assist students with covering the difference between their Pell Grant, and their tuition and fees. Funding is limited, and there is no application necessary, if funds are available, they will be awarded.

SEOG – The Federal Supplemental Opportunity Grant is awarded to Undergraduate Out of State Residents who have an Expected Family Contribution (EFC)  of zero on their FAFSA (after verification) to assist students with covering the difference between their Pell Grant, and their tuition and fees.  Funding is limited, and there is no application necessary, if funds are available, they will be awarded.  Students must be working on their first bachelor’s degree and receiving the Federal Pell grant in the current award year.

The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides just under $4,000 in annual grants to students who plan to become teachers.

• Candidates must agree to serve as full-time teachers at high need schools and within certain high-need fields for at least four academic years within eight years of completing the course of study for which a grant was received.
• If a grant recipient does not meet that obligation, the TEACH grant funds
• received convert to a Direct un-subsidized loan that must be repaid with interest.
• Students must adhere to an academic standard: They must have a grade point average of at least 3.25 on a 4.0 scale. (New Students who do not yet have a college GPA must have scored 75% or higher on an Admissions Test (ACT, SAT etc.)  A student may receive up to $4,000 per year to eligible undergraduate and graduate students.  While the Office of Financial Aid may award you for a full academic year, the subsequent award will be cancelled if you fall below the required GPA, or change programs to a unqualified program.
• Their are lifetime limits on receiving the Teach Grant, including grants obtained at other schools.
  • Graduate Lifetime Limit                   $8,000
  • Undergraduate Lifetime Limit         $16,000
• Students enrolled less than full-time will have their TEACH Grant prorated based on enrollment hours.
• The amount of TEACH Grant awarded when combined with other student aid may not exceed a student’s Cost Of Attendance (COA).

Students must be admitted to a Education Program designed to prepare students for a classroom teaching career, including Early Childhood Education (ECE).

Educational Leadership Programs do not qualify, as the intent of these programs is to prepare students to be become Administrators.

WNMU’s New Mexico Teacher Alternative Licensure Program alone does not qualify, however students who are pursuing a Master’s Degree in an approved program at the same time will qualify under the Master’s Degree Program.

This unique program, has unique processing requirements, and cannot be completed all at one time.

Step 1.  Preparation

• Have a valid Free Application for Federal Student Aid (FAFSA) for the year you wish to receive the Teach Grant
• Have access to your FSA ID, as it is required to  complete the Teach Grant Process
• If you have been offered a
• on your WNMU Financial Aid Award, you must accept the Offer on your Mustang Express.

Step 2. Complete Initial or Subsequent Teach Grant Counseling

• Where – https://studentloans.gov/myDirectLoan/launchTeach.action
• When – Once you have accepted on your Mustang Express financial aid award.

Step 3.  Once we have confirmed that you are in an eligible program, and meet the GPA/Test requirements, you will have a Financial Aid Requirement for you to complete a Agreement to Serve. (ATS)

• Where – https://studentloans.gov/myDirectLoan/launchTeach.action
• When – Once you have a Financial Aid ATS Requirement assigned.

Step 4.  Completed Teach Grants will start being credited (awarded and enrollment is complete) to student accounts after the end of Add/Drop for each Semester.  Before being credited they will be adjusted based upon enrollment as below.

• Full Time for Graduate Students in 9 Credits in Fall, and Spring, and 6 Credits in Summer.
• Full Time for Undergraduate Students in Fall, Spring and Summer is 12 credits.

If you enroll less than full time, the grant will be prorated.

• Less than half time enrollment, will be awarded 1/4 of the full time semester rate
• Half time enrollment, will be awarded 1/2 of the full time semester rate
• Three-Quarter time enrollment, will be awarded 3/4 of the full time semester rate

*Please note that a valid ATS and Entrance Counseling will have to be completed every year.

An incomplete grade from a prior semester can’t count toward the next semester unless the grade is submitted and the Office of Financial Aid is notified by the end of the first month of the following semester that you have met the requirements, even if your incomplete contract gives you more time. If you miss this deadline, you may appeal for a future semester.

All college credits count toward the Lottery Scholarship’s 2.5 GPA requirement, including grades from dual enrollment. If dual enrollment grades put your cumulative GPA below 2.5, you may appeal, but you must include a plan to raise your GPA to the requirement by the end of your second term of regular enrollment.

• Transferring to WNMU from another New Mexico public college: ask your previous school’s Office of Financial Aid for its Lottery Scholarship transfer form and submit it to the WNMU Office of Financial Aid.
• Transferring from WNMU to another school: submit the New Mexico Scholarship Transfer Transcript from our Financial Aid Forms page.

If military service keeps you from starting college within the required timeline, notify the WNMU Office of Financial Aid before your delayed qualifying semester and include documentation of your service (DD-214).

The total of all tuition scholarships, grants and waivers you receive can’t exceed your total tuition charges for the semester.

Federal Subsidized Direct Loans are need-based; therefore, students must demonstrate financial need to be eligible. These loans are called “subsidized” because the government pays the interest while you are in school. If you take out one of these loans, the federal government pays the interest while you are either in school or in any other declared deferment status.

Repaying your loan

The chart below shows estimated monthly payments and total interest charges for 8.25 percent loans of varying amounts, with typical repayment periods. Your rate may be lower depending on the market T-Bill rate. Minimum payments generally start at $50 a month.

Examples of Fixed Repayment Plans

Source of graph: National Council of Higher Education Loan Programs, Inc. (NCHELP), 1992.

It is extremely important to retain the Notice of Loan Guarantee (NOG); it details the interest rate, the type of loan you have, total amount borrowed (provided that all loans have been processed through the same guarantee agency), and your projected monthly payment. The interest on your direct loan is a variable interest rate, which means that it changes with the market from year to year. These loans are made by the US Department of Education and they are guaranteed by a guarantee agency and insured by the federal government.

Repayment of Loans

There are graduated repayments, fixed repayments, and income-sensitive repayments. Another repayment option is loan consolidation. Students who have taken out more than one student loan may be able to pay them all back using one repayment plan. Interest rates may change since consolidation of loans is based on a weighted average rounded up to the nearest whole percent. Only Direct and Educational Loans for Students are eligible for consolidation. Contact your loan service provider for more information.

Federal Unsubsidized Direct Loans are also available to help you meet your cost of education. These loans are non need-based loans; therefore, students are responsible for paying the interest while attending school and during any other declared deferment periods. The interest is compounded quarterly. First and second year Independent students may borrow up to $4,000 per academic year. Third and fourth year Independent students may borrow up to $5,000 per academic year. Graduates may borrow up to $20,500 per academic year.

When will you be paid?

• Undergraduate Loan recipients receive their loan amounts in two disbursements, if you are enrolling in fall and spring, one half of the accepted amount will be paid after the end of the Add/Drop period.  If you are receiving a one semester loan, either fall or spring separately, or summer, your loan will be paid in two payments, the first after the end of the Add/Drop period and the 2nd half after midterm grades have been received and reviewed.
• Graduate Student Loans are awarded split between Fall, Spring and Summer, each semester the loan is paid in two installments, one after the Add/Drop period, and the second after midterm grades have been reviewed.
• Refunds are processed by the Business Office, and can be direct deposited or mailed.  Once your student aid funds have been paid to your account, and all charges due to the school are paid, if there is an unspent balance it will be returned to you within 14 days of the funds paying to the student account, from the Office of Financial Aid.
• Students who drop below half-time (6 credit hours), or quit attending class, during a term in which funds were received will have all subsequent disbursements canceled and the six-month grace period will begin. At the end of that grace period, students must begin to repay on their loan

Repaying your loan

The chart below shows estimated monthly payments and total interest charges for 8.25 percent loans of varying amounts, with typical repayment periods. Your rate may be lower depending on the market T-Bill rate. Minimum payments generally start at $50 a month.

Examples of Fixed Repayment Plans

Source of graph: National Council of Higher Education Loan Programs, Inc. (NCHELP), 1992

It is extremely important to retain the Notice of Loan Guarantee (NOG); it details the interest rate, the type of loan you have, total amount borrowed (provided that all loans have been processed through the same guarantee agency), and your projected monthly payment. The interest on your Direct loan is a variable interest rate, which means that it changes with the market from year to year. These loans are made by the US Department of Education and they are guaranteed by a guarantee agency and insured by the federal government.

Repayment of Loans

There are graduated repayments, fixed repayments, and income-sensitive repayments. Another repayment option is loan consolidation. Students who have taken out more than one student loan may be able to pay them all back using one repayment plan. Interest rates may change since consolidation of loans is based on a weighted average rounded up to the nearest whole percent. Only Direct and Educational Loans for Students are eligible for consolidation. Contact your loan service provider for more information.

Federal Stafford Loan Annual and Aggregate Limits

The amount you will receive is dependent upon enrollment, Cost of Attendance (Budget) EFC from the FAFSA, Loans borrowed at other schools in the same year, aggregate limits, Satisfactory Academic Progress (SAP) and other aid received.

The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans.

PLUS is for parents of dependent students and is meant to help parents pay for their children’s education. All PLUS recipients receive their loan amount in two installments.

The parents of PLUS applicants must prove their credit worthiness; the PLUS applicant must complete an application at studentloans.gov.  You may either request a specific amount at the time of application, or mark that you would like the Maximum and we will offer you the full amount, and you may reduce it.

The interest rate for PLUS varies. The current interest rate and fees will be disclosed on the application.  Repayment on PLUS loans begins 60 days after the lender disburses the check, although you may request a deferment while your student is in school. The minimum payment varies with the amount of the loan.

Plus loans should be applied for in the spring of the preceding year, and should be for the Fall/Spring semester, summer Plus loans should be separate.

The purpose of this program is to increase the number of nurses in underserved rural areas in New Mexico. Loans are provided to nursing students with the understanding that the loans will be paid back with service in a medically under served area upon completion of a nursing education. This is a loan-for-service program and is available for nursing students only. Three years of service will forgive the total loan. If you do not fulfill this condition, you must repay the loan at an 18 percent interest rate.

For further information on the New Mexico Nursing Student Loan contact the New Mexico Higher Education Department at 1-800-279-9777.

Students who are ineligible or have exhausted the federal direct loan options should consider a private student loan. (Students must still be degree seeking and meeting SAP). The borrower’s eligibility is based on his or her credit worthiness. Some students will be required by the lender to have a co-signer. The application and approval process is done directly with the lender of your choice.

WNMU has partnered with ECMC Solutions to provide student loan counseling and support to borrowers as they navigate federal student loan repayment. Contact ECMC Solutions by phone at 1-877-331-3262, or visit their website to make an appointment, connect through email, or web chat with a student loan counselor. The team at ECMC also offers a free webinar series to support borrowers as they navigate repayment.