Visit www.fafsa.ed.gov to complete the Free Application for Federal Student Aid (FAFSA), and ensure that
our school code (002654) is added.
Is it too late to apply for the spring semester?
No, it isn’t too late to apply for financial aid. Just be aware that the funds may
not be available in time to pay your bill by the due date
What is my student account?
Your student account lists tuition and fee charges, as well as room and board (if
you live on-campus). Once you have registered, you can view your semester charges
on BanWeb.
When is financial aid applied to my student account?
Your student account will be credited with financial aid the week before classes begin,
provided that all items in BanWeb are satisfied and you are registered full-time.
What if my financial aid paperwork is not complete in time to pay the balance?
If your paperwork isn’t completed before classes begin, you will need to make other
arrangements to pay the bill. If financial aid comes in later, it will first be applied
to any remaining balance. Once the balance has been paid, any remaining funds would
be refunded to the student.
If you plan to take out a student loan, Entrance Counseling and the Master Promissory
Note must be completed at least a week before the start of the semester. These items
should be completed online at www.studentloans.gov
My financial aid is more than what I owe to NMT. What happens to the excess funds?
A refund will automatically be created when there is a credit on your account. Refund
checks are available Fridays during fall/spring semesters. Alternately, you can set
up direct deposit via TouchNet to receive your refund.
Note: if your overage is less than $100, you will need to go to the cashier’s window
to request it
What do I do with a scholarship check given to me by an outside organization?
Please bring any scholarship check that you receive (even if the check is payable
to you) to the Financial Aid Office to be processed to your student account.
How do I receive the work-study amount listed on my financial aid award?
Work-study is earned throughout the semester based on the number of hours worked.
Students are paid bi-weekly in the form of a paycheck
To find a work-study job, you can check with the Career Services Office, utilize their
online database, or check with a department directly to see if they are hiring.
How do I apply for the Legislative Lottery Scholarship?
We automatically review every NM student’s eligibility for the Legislative Lottery
Scholarship. If you think that you should be eligible and it is not reflected on your
financial aid award, please contact Financial Aid.
The criteria to receive the scholarship are: be a NM resident, graduate from a NM
high school or earn NM GED/HiSET, begin attendance at an NM public postsecondary school
within 16 months following your high school graduation or GED/HiSET date, and earn
at least 12 credits in the first semester with a semester GPA of 2.5 or higher
Are accommodations available for students with disabilities?
Students with documented disabilities may obtain a referral from the NMT Office of Student Access Services at NMT to be applied towards NMT and/or Legislative Lottery Scholarships. The student
may be permitted to take as few as six credit hours and continue to receive scholarship
funds
Awards and Disbursements
Financial Aid Awards
Federal student aid will be awarded around late July for the following academic year
for students who were admitted and completed all requirements in Banweb. Students
will be notified via e-mail when awards are ready to view in Banweb.
The Financial Aid Office will continue to process awards for students once they are
admitted and/or have completed all required documents. It is recommended that students
have all requirements completed by the beginning of August in order to avoid any delays
in processing financial aid for the start of the fall semester.
Changes to Financial Aid Awards
Financial aid eligibility may change for a variety of reasons. Completion of verification,
receipt of an additional outside resource, change in enrollment, failure to meet Satisfactory
Academic Progress (SAP), changes in state/federal funding levels, and other factors
may result in a change in eligibility. It is recommended that students submit any
scholarship award notifications from outside sources as soon as possible, and that
students notify the Financial Aid Office if they do not plan to attend full-time,
or for the full academic year so that awards can be adjusted accordingly.
Notifications of financial aid eligibility changes are sent via e-mail and require
logging in to Banweb to view. A history of award information is not maintained, so
we strongly recommend that students save a record of their award each time a notification
is received.
Disbursement of Awards
As long as the student is pre-registered and has all financial aid requirements completed
in Banweb, financial aid will be posted to the student's account the Monday before the start
of the semester. Financial Aid will continue to process disbursements once per week
throughout the semester.
If a student has a credit balance on their account, it will be processed as a refund
check (or direct deposit, if student has a direct deposit account set up in Touchnet). Refund checks are first available the Friday before the semester starts, at the
cashier's window between 8am-4pm. Once the semester starts, any credit balance that
is posted to a student's account by Wednesday will typically be processed as a refund
on Friday. Please note that processing times may be affected due to holidays. Refunds
will not be processed during winter break.
If a student receives a refund, but instead wishes to reduce or cancel a loan for
the semester in lieu of receiving the refund, they should not cash the refund check.
Students would need to contact Financial Aid to have an adjustment processed to their
award.
Return of Federal Financial Aid Funds
If a student who received Title IV SFA (Student Financial Aid) funds (Pell Grant,
Campus Based funds, Federal Direct Loan program funds) withdraws from NMIMT after
beginning attendance for the semester, the amount of Title IV assistance earned by
the student must be determined. This is done through a calculation developed by the
United States Department of Education. If the amount disbursed to the student is
greater than the amount the student earned, unearned funds must be returned to the
SFA programs. If the amount disbursed to the student is less than the amount the
student earned, and for which the student is otherwise eligible, he or she is eligible
to receive a post-withdrawal disbursement of the earned aid that was not received.
The amount of assistance the student has earned is based upon the percentage of the
semester in which the student was enrolled.
Enrolled days / total number of days in the semester = % of aid earned
Once the student has completed more than 60% of the semester, they are considered
to have earned all of the funds awarded and is not subject to the calculation.
Federal Work-Study funds are excluded from the R2T4 calculation.
There are two types of withdrawals for Title IV financial aid purposes.
Official Withdrawals
If the student officially notifies NMIMT of his/her intentions to withdraw, this date
is considered to be the last date of attendance and will be the official withdrawal
date for calculating the amount of Title IV SFA funds earned.
Unofficial Withdrawals
If a student receives grades of all F, U, or UA for a semester, the student is considered
to have unofficially withdrawn from New Mexico Tech. The midpoint of the semester
is used as the student's unofficial withdrawal date unless documentation is submitted
to show a different last date of attendance at an academically related activity.
Examples of academically related activities are attendance in class, an exam, a tutorial,
computer-assisted instruction, academic counseling, academic advisement, turning in
a class assignment, or attending a study group that is assigned by the school. To
use a date later than the midpoint of the semester, the student will need to have
an instructor submit notice of one of the above items to the Financial Aid Office
by the deadline stated in the letter sent to the student regarding the unofficial
withdrawal.
The Return of Title IV (R2T4) funds calculation has two parts. One part determines
the amount of funds the school must return to the Title IV programs. The other part
determines the amount of funds the student is required to return.
The Financial Aid Office completes the Return of Title IV Funds calculations within
30 days of the withdrawal notification, and notifies the student of the calculation
results. Funds are returned accordingly, within 45 days. If the student owes a grant
overpayment, the student has a certain number of days to take positive action to correct
the overpayment. If the student fails to take positive action by the deadline, the
overpayment is referred to the Department of Education and reported on the National
Student Loan Database System. The student then loses Title IV eligibility.
Sophomore Year Research Program
The Sophomore Year Research Program will offer incoming first time freshmen students
the chance for early research experiences with NMT faculty members during their sophomore
year. The program will support a number of paid positions available to students entering
New Mexico Tech in the upcoming fall semester. Students will carry out collaborative
research projects with faculty mentors starting the upcoming fall semester. These
positions will enable students to work closely with faculty for approximately 10 hours/week
during their sophomore year. Students can expect to gain basic research skills, hands
on experience, and one-on-one time with a faculty mentor. To see the advantages of
research as an undergraduate please visit:
If selected into the program, students will be introduced to their faculty mentor
at the beginning of the spring semester. The spring semester is an introductory period
for the student and faculty member to become acquainted with each other and for the
student to be introduced to the general research area.
Students will start their sophomore year as paid researchers, gaining valuable experience
working on a collaborative project with their faculty mentor. Near the conclusion
of their sophomore year, students will present the results of their research at the
Student Research Symposium (SRS). For more information on the SRS, please visit: https://www.nmt.edu/srs/.
Application details will be provided in the upcoming Fall semester.
Contact Financial Aid
Office Hours: Monday - Friday 8 AM - 5 PM
Location:Second floor of Fidel Center. Bear left at the top of the stairs; we are just past
the Cashier's Office
