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 4.66% for loans disbursed on or after 7/1/14 and before 7/1/15. 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 4.66% for undergraduates and 6.21% for graduates for loans disbursed on or after 7/1/14 and before 7/1/15.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 7.21% for loans disbursed on or after 7/1/14 and before 7/1/15. See Note 1 below.
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 PLUS 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.