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Loans

 

Additional Information:

Perkins Loan - Principal and interest are deferred while student is enrolled at least half time. Interest rate is locked at 5%. See Note 1 below .

Federal Subsidized Stafford Loan - Principal is deferred and interest is paid (subsidized) by government while student is enrolled at least half time. Interest is locked at 3.4%. See Note 1 below.

Federal Unsubsidized Stafford Loan - Principal is deferred while student is enrolled at least half time. Interest accrues while student is in school. Interest is locked at 6.8%. See Note 1 below

Federal Parent Loan for Undergraduate Student (PLUS) - Repayment of principal and interest begins immediately after loan is fully disbursed. Interest is locked at 8.5%. See Note 1 below.

Loans
Loans
Eligibility
Amount
per Year
Duration of Award
How to Apply
Deadline
Perkins Loan
Undergraduate students with demonstrated need enrolled at least half time

Maximums:

Annual
Undergraduate-$6,000
 

Cumulative:
Undergraduate-$20,000
 

Annually up to the maximum amount allowed Complete *FAFSA annually May 1
           
Federal Subsidized Stafford Loan Undergraduate students with demonstrated need enrolled at least half time

Annual Maximums:

Freshman: $3,500 Subsidized/$2,000 Unsubsidized

Sophomore: $4,500 Subsidized/ $2,000 Unsubsidized

 
Junior: $5,500 Subsidized/ $2,000 Unsubsidized


Senior: $5,500 Subsidized/ $2,000 Unsubsidized


Graduate: $20,500

Cumulative Maximums:
Undergraduate: $23,000
Graduate/undergraduate $138,500.

The same limits apply jointly to subsidized and unsubsidized Stafford Loans. See Notes 2 & 3 below.

Annually up to the maximum amount allowed

Complete *FAFSA annually

 

 
         
Federal Unsubsidized Stafford Loan Undergraduate and graduate students enrolled at least half time Annually up to the maximum amount allowed

Complete *FAFSA annually

 

 

 

         
Federal Parent Loan for Undergraduate Student (PLUS) Credit-worthy parent of a dependent student. Demonstrated need not required Cost of education minus other aid Annually up to the maximum amount allowed

Complete *FAFSA annually

 

 

Note 1: Satisfactory Academic Progress must be maintained by each student in order to maintain eligibility for any financial aid program (grants, work study, loans).

Note 2: A student may borrow no more than the annual limit shown for his/her combined subsidized and unsubsidized Stafford Loans.

Note 3: Additional loan amounts may be available to independent students and to student whose parents are ineligible for the Parent Loan program.

*FAFSA is the Free Application for Federal Student Aid. New Mexico Tech's Title IV code for federal financial aid applications is 002654.

** Deadlines represent risk dates. Students who apply after these dates may find they are eligible, but may not be awarded certain types of aid due to limited funding.