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UNM Financial Aid
Scholarships
MSC11 6315
1 University of New Mexico,
Albuquerque, NM 87131

Toll Free: 1-800-CALLUNM
Phone No: (505)-277-8900
Fax No: 505-277-6326

UNM Undergraduate Loan Programs

UNM participates in the Federal William D. Ford Direct Loan program (known as Direct or Stafford Loans). The lender is the U.S. Department of Education rather than a bank or other financial institution. UNM also participates in the Federal Perkins Loan Program.  Below are the types of loans you are considered for and possibly offered upon completing your FAFSA and your Financial Aid file.

Subsidized Loans

  • Need-based and do not have interest accruing while you are in school or in deferment.
  • Loan award is capped by a certain grade level.
  • Repayment begins 6 months after you graduate, drop below half time, or withdraw. Learn more about managing repayment of your student loans.
  • Subsidized loans disbursed on or after July 1, 2012, and before July 1, 2014 are not eligible for subsidized interest benefits during the six-month grace period after a student graduates or falls below half-time enrollment.
  • Subsidized loans have a time limitation that affects the number of years a subsidized loan can be received.

Unsubsidized Loans

  • Are not based on financial need.
  • Loan origination fee  same as the subsidized.
  • Interest accrues while you are in school or in deferment, unlike the subsidized loan.
  • Repayment begins 6 months after you graduate, drop below half time, or withdraw. Learn more about managing repayment of your student loans.

Perkins Loans

  • Are based on Financial Need and only offered to high-need early applicants.
  • Maximum annual award is $2000,
  • There is no separate application, only the FAFSA. Funding is extremely limited not every early high-need applicant can be offered a Perkins Loan.
  • Interest does not accrue while you are in school or in deferment.
  • There are no loan origination fees, the interest rate is a fixed 5.0% when the loan enters repayment.
  • The University of New Mexico is your lender for this loan so once your loan enters repayment, you will make payments back to the University.
  • Repayment begins 9 months after you graduate, drop below half-time or withdraw.

Interest Rates and Fees

  • Interest rates are fixed and locked in at the date of the first disbursement of the loan
  • Click here for current interest rates and fees for each type of Federal Direct Loan (Subsidized or Unsubsidized)
  • Interest on a Perkins loan is fixed at 5% and there is no lender fee or other charges associated with this loan

Loan Limits

+Dependent Students Borrowing Subsidized or Unsubsidized

Student Grade Level 

Annual loan limit

Freshman

$5,500 (Maximum of $3,500 can be subsidized)

Sophomore

$6,500 (Maximum of $4,500 can be subsidized)

Junior or Senior

$7,500 (Maximum of $5,500 can be subsidized)

Note: Annual Loan Eligibility is your Federal Determined Loan limit for the year. Many factors are used in determining the actual amount of your loan award, such as Cost of Attendance, Financial Need and Other Anticipated Aid. UNM will attempt to only offer you loans after all other types of aid (Scholarships, Grants, and Work Study) have been considered.

+Independent Students borrowing Subsidized or Unsubsidized

 Student Grade Level

Annual loan limit

Independent Freshman

$9,500 (Maximum of $3,500 can be subsidized)

Independent Sophomore

$10,500 (Maximum of $4,500 can be subsidized)

Independent Junior or Senior

$12,500 (Maximum of $5,500 can be subsidized)

Graduate or Professional

$20,500

Note: Annual Loan Eligibility is your Federal Determined Loan limit for the year. Many factors are used in determining the actual amount of your loan award, such as Cost of Attendance, Financial Need and Other Anticipated Aid. UNM will attempt to only offer you loans after all other types of aid (Scholarships, Grants, and Work Study) have been considered.

+Lifetime Loan Limits for Federal Direct Loans (Subsidized and Unsubsidized)

Lifetime Loan Limits

Dependent Undergraduate

$31,000 (up to $23,000 may be subsidized)

Independent Undergraduate

$57,500 (up to $23,000 may be subsidized)

Graduate or Professional

$138,500

+Perkins Loan Program Aggregates

Loan Limits for Grade Level (maximum annual award is $2000)

First two years of enrollment (up to 59 credits)      

$11,000

Undergraduate beyond 59 credits                              

$27,500

Graduate/Professional                                       

$60,000

How To Apply

+First-Time Borrowers

  1. Complete Free Application for Federal Student Aid (FAFSA)
  2. Complete your Financial Aid File
  3. Accept the loan online (view instructions)
  4. Complete the Federal Direct Student Loan Master Promissory Note and Entrance Counseling online at  www.studentloans.gov (view instructions)
  5. Perkins Borrowers only, you will receive an email with instructions on when and how to complete the Perkins MPN. Perkins MPN emails will go out late May or early June for the upcoming school year.

+Repeat Borrowers

  1. Complete Free Application for Federal Student Aid (FAFSA)
  2. Complete your Financial Aid File
  3. Accept the loan online (view instructions)