NMT Financial Aid Policies

Financial Aid Policies and Proceedures  

The Financial Aid Office at New Mexico Tech administers the institutional scholarship programs, the state scholarship programs, the Federal and State Title IV financial aid programs, and the part-time student employment program.

Scholarship Programs 

New Mexico Tech offers institutional merit based scholarships to incoming students, both first time students and transfer students that are working toward a first bachelor's degree. Every undergraduate student that is accepted for admission to New Mexico Tech is evaluated for scholarship eligibility. The Application for Undergraduate Admission and Scholarship, combined with a transcript evaluation for transfer students, is the scholarship application. There is not a separate form to complete.

Generally, for scholarship consideration, a student must:

1. Be a U.S. citizen or an eligible non-citizen; or be an international student in legal F1 or J1 student status. (International students are only eligible for transfer scholarships and certain tuition reduction programs.)
2. Have a high school diploma or GED;
3. Be pursuing a first bachelor's degree;
4. Be enrolled in a regular degree program at New Mexico Tech;
5. Carry at least 12 credit hours per semester

Scholarship awards are for the academic year only and may not be used for the summer session. Credit hours completed during the summer session may count as completed credit hours for the purposes of scholarship retention with prior approval from the financial aid office.

The time period a scholarship is in effect is fixed. If the scholarship is cancelled due to academic ineligibility, the originally specified time period is not extended. Students who reestablish eligibility may request consideration for reinstatement of the scholarship. A written request must be submitted to the Financial Aid Office for scholarship consideration for the following academic year.

New Mexico Tech awards no more than one scholarship to each student. If a student inadvertently receives the offer of a second scholarship funded by New Mexico Tech, he or she may accept only one. The student must submit a written statement to the Office of Financial Aid indicating which scholarship he or she wishes to receive.

Scholarship Programs for Entering Freshmen

First time student scholarships are based on the students' ACT or SAT test scores and high school grade point average or GED score. The scholarships are renewable for up to 4 years as long as the student meets the scholarship renewal criteria as stated in the Scholarship Conditions & Requirements.

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

The scholarship rates listed below are effective for students who began attending New Mexico Tech Fall semester of 2002 or later. These rates do not apply retroactively to New Mexico Tech scholarship recipients who began attending earlier.

Additional Information: All first-time scholarships require the student to be a U.S. citizen or permanent resident and be enrolled full time (12 hours or more per semester)

Scholarship Programs for Transfer Students

Scholarship eligibility for transfer students is based on the number of credit hours the student is transferring in and the student's cumulative college grade point average. These scholarships are renewable with the maximum length being 3 years. The length of time of the scholarship offer for transfer students depends on how many transfer credit hours are being applied toward the student's degree program.

** Deadlines represent risk dates. Students who apply after these dates may find they are eligible, but may2 not be awarded a scholarship due to limited funding.

Additional Information: All transfer scholarships require the student be enrolled full-time (12 hours or more per semester) and transferring from a U.S. college or University. The student must also be either a U.S. citizen or permanent resident or an international student in legal F1 or J1 student status.

 

Scholarship/Tuition Reduction Programs for Non-Residents

Students that are not residents of the state of New Mexico may qualify for a Tuition Reduction Program. These programs are treated as scholarships, meaning that the student can only receive either a tuition reduction or one of the cash scholarships awarded to first time or transfer students.

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

Additional Information: All first-time scholarships require the student to be a U.S. citizen or permanent resident and be enrolled full time (12 hours or more per semester) - Transfer students must be transferring from a U.S. college or University. There are a limited number of awards available under each of these programs. Note: You may be eligible for one of these awards, but not be offered one if all available awards have been made for the year.

Please see the Entering Freshmen and Transfer Student Scholarship sections for other scholarship programs. New Mexico Tech awards no more than one scholarship to each student. If you inadvertently receive the offer of a second scholarship funded by New Mexico Tech, you may accept only one.

State Scholarship Programs for New Mexico Residents

State of New Mexico scholarships are regulated by New Mexico Administrative Code and administered by the institutions in New Mexico such as New Mexico Tech. Students must be legal residents of the state of New Mexico to qualify for these scholarships.

New Mexico Tech is the only state university that stacks the New Mexico Legislative Lottery Scholarship on top of any other scholarship awarded by the university.

Cumulative GPA Required for Retention of Scholarships 

Students must earn 24 credit hours in the academic year (fall and spring), in addition to the above GPA requirements, to meet retention criteria. Credit hours completed during the summer semester may count toward scholarship reinstatement with a request submitted to the Financial Aid Office at the end of the summer semester.

Retention of Award

1. Scholarship recipients must maintain a minimum of twelve (12) credit hours of coursework for each fall and spring semester. *International Competitive recipients must maintain fifteen (15) credit hours per semester. Grades of U, F,W,I, and audits do not count as completed credits for scholarship retention purposes.
2. Scholarship eligibility is reviewed yearly at the end of the spring semester. (If a student attends summer school, eligibility will be reviewed again at the end of the summer semester to ensure GPA requirements are maintained.
3. Inability to meet minimum requirements by the end of the spring semester will result in scholarship loss for the following academic year.
4. Students who lose scholarship eligibility may submit a written appeal (by the posted deadline) of extenuating circumstances with appropriate documentation.
5. If a Scholarship is cancelled for academic ineligibility and the student later regains eligibility, it is the student's responsibility to request reinstatement of the scholarship. Renewal of a scholarship is made only if the originally specified consecutive time period has not expired.
6. Reinstatement requests are only accepted after the spring and summer semesters.
7. Competitive Scholarships, CORE, and WUE program participants will lose their respective awards if the established retention criteria are not met and no scholarship replacement will be offered. The student’s tuition rate will revert to non-resident status.

Note: Students awarded the Competitive Scholarship or who are participating in the CORE and WUE programs are not eligible to establish New Mexico residency.

New Mexico Legislative Lottery Scholarship

The New Mexico Legislative Lottery Scholarship is renewable for up to seven (7) semesters with the following conditions/requirements:

1. Successfully complete the first semester (eligibility semester) with 15 credit hours and a GPA of 2.5. Grades of U,F,W,I and audits do not count as completed credits for scholarship retention purposes.
2. Completion of 15 credit hours with a cumulative GPA of 2.5 each semester thereafter.
3. Scholarship eligibility is reviewed at the end of each semester.
4. Appeals will not be accepted for failure to meet first semester requirements. All other appeals will be held to state regulations.

Questions concerning scholarship criteria should be directed to the New Mexico Tech Financial Aid Office at 1-800-428-TECH, ext. 2 or Financial_Aid@admin.nmt.edu 

Federal and State Title IV Financial Aid 

Disclosure: Title IV financial aid programs are regulated by The Higher Education Act of 1965 as amended. Any information that is not included in the following policies may be found directly in the HEA.

To apply for funding from the Federal and/or State Title IV Financial Aid programs, students must complete the Free Application for Federal Student Aid (FAFSA). Some applications are selected for verification and require additional documents be submitted. The financial aid office will notify the student if additional paperwork is needed.

Verification requirement: The Central Processing System selects approximately 30% of all financial aid applications for verification. New Mexico Tech verifies all of the applications selected for verification by CPS. The Director of Financial Aid reserves the right to select additional files for verification. If an application has been selected for verification the student must submit the following documents:

1. Verification worksheet
2. Student's Federal Tax Return Transcript from the IRS
3. Parents' Federal Tax Return Transcript from the IRS (if applicable)
4. Other documentation requested by the Financial Aid Office.

Verification must be completed before a financial aid package will be calculated for the student. If the student is no longer enrolled, the verification must be completed within timelines established by the U.S. Department of Education.

New Mexico Tech's Title IV code for federal financial aid applications is 002654.

Grants

Additional Information: Grants do not require repayment by the students unless the student completely withdraws from school during the semester. Amount based on federal guidelines and allocations. See note below.

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

*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.

Work-Study

Additional Information: Employment on campus in various offices or departments. Student finds own job. Money goes to student in form of paycheck. This award does not guarantee a job. See note below.

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

*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.

Loans

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 rate adjusted annually on July 1. 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 rate adjusted annually on July 1. See Note 1 below

Federal Parent Loan for Undergraduate Student (PLUS) - Repayment of principal and interest begins immediately after loan is fully disbursed. Interest rate adjusted annually on July 1. 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 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.

Entrance Counseling requirement: All first time borrowers on the Perkins Loan and the Federal Stafford Loan programs must complete Entrance Loan Counseling before loan proceeds can be disbursed to the student or applied to the student's account. Perkins counseling can be done online at www.mapping-your-future.org. Stafford counseling can be completed at www.studentloans.gov. For students that are borrowing both a Perkins Loan and a Stafford Loan, separate entrance counseling is required for each loan. The entrance counseling only has to be done once; if the student gets a loan the next year, they have already fulfilled the counseling requirement.

Exit Counseling requirement: Students that graduate, withdraw, or drop to less than half time enrollment are required to complete Exit Loan Counseling. Perkins counseling can be done online at www.mapping-your-future.org. Stafford counseling can be found at www.studentloans.gov. This requirement is for both the Perkins Loan and the Federal Stafford Loan programs. If a student has borrowed on both loan programs, separate exit counseling is required for each program.

Satisfactory Academic Progress

Financial Aid Offices are required to have a policy regarding Satisfactory Academic Progress. The purpose of this policy is to measure a student’s academic progress in both a quantitative and qualitative way. This  is done by measuring both credit hours earned and cumulative grade point average. To continue receiving Federal and/or State Financial Aid, students must meet the minimum requirements set in New Mexico Tech’s Satisfactory Academic Progress Policy.

Be aware that these standards are not the same as New Mexico Tech’s standards for academic probation and suspension.

The Satisfactory Academic Progress Policy applies to Undergraduate and Graduate students that participate in the following programs: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, New Mexico State Student Incentive Grant, Federal Work Study, New Mexico Work Study, New Mexico Non-need Work Study, Perkins Loan, Federal Stafford Loan, and PLUS loan.

To be in good standing for Financial Aid purposes, a student must earn at least 67% of the hours they have attempted with a cumulative GPA of

• 1.6 if you have attempted 0-29 credit hours
• 1.8 if you have attempted 30-59 credit hours
• 2.0 if you have attempted 60 hours or more.
• 3.0 for all graduate students

If you fall below this standard you will be placed on financial aid warning for the following semester. During this semester you will still be eligible to receive aid. To get back in good standing you will need to meet the policy requirements by the end of the warning semester. If you do not meet the policy requirements by the end of the probation semester you will be placed on financial aid suspension . Once a student is on financial aid suspension, he/she is not eligible for any Federal or State Financial Aid until the standards of the Satisfactory Academic Progress Policy have been met.

There is also a maximum timeframe that a student has to complete an undergraduate degree. The maximum is 195 attempted credit hours. Once a student has reached 195 attempted credit hours, he/she will no longer be eligible for Federal or State Financial Aid. For students pursuing a second bachelor's degree, the maximum timeframe is 150% of the number of hours needed to complete the degree. This is determined through a credit evaluation done by the Registrar’s Office. For instance, if the student has 140 credit hours and needs 30 hours to earn a second degree, the student will have financial aid eligibility for a maximum of 45 attempted credit hours.

Satisfactory Academic Progress is measured at the end of each semester. Summer is considered a separate semester. If a student’s earned hours or cumulative GPA falls below the minimum standard indicated in the policy, he/she will be notified in writing. The student will also be notified if he/she has met the maximum timeframe.Students who are placed on Financial Aid Suspension have the right to appeal if they feel they had extenuating circumstances that affected their academic performance. The appeal must be written and submitted to the Director of Financial Aid by the deadline stated in the financial aid suspension letter.

Repeat courses count as attempted hours, but the hours can only be earned once. For example, if a student takes a 3 credit hour course one semester and earns a D the hours are counted as attempted and earned. If the student later repeats the course, the 3 hours are added to the attempted, but hours earned will not increase because of the repeat. However, because a grade of F does not count as earned hours, a student repeating a grade of F at a later time and earning a D will have the hours count as attempted and earned when the course is repeated.

Total hours attempted includes grades of A, A-, B+, B, B-, C+, C, C-, D+, D, F, S, U, W, WO, IN, SA, UA, NR, NG and all transfer credits.

Total hours earned includes grades of A, A-, B+, B, B-, C+, C, C-, D+, D, S and all transfer credits.

Cumulative GPA calculation includes grades of A, A-, B+, B, B-, C+, C, C-, D+, D, and F.

It is the student’s responsibility to notify the Financial Aid Office when a grade of IN, NR, NG is changed to a grade by the instructor so Satisfactory Academic Progress can be re-evaluated.

Return of Title IV Funds

This policy applies to all students that participate in the following Title IV financial aid programs:

• Federal Pell Grant,
• Federal Supplemental Educational Opportunity Grant,
• New Mexico State Student Incentive Grant,
• Perkins Loan,
• Federal Stafford Loan,
• PLUS loan.

Federal regulations require that if a recipient of Title IV financial aid funds (those programs listed above) withdraws from New Mexico Tech 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. 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, he/she is considered to have earned all of the funds awarded and is not subject to the calculation.

The Return of Title IV 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.

There are two types of withdrawals for Title IV financial aid purposes: (1) official withdrawal and (2) unofficial withdrawal.

Official Withdrawals

If the student officially notifies New Mexico Tech of his/her intentions to withdraw, this date is considered to be your last date of attendance and will be the official withdrawal date for calculating the amount of Title IV financial aid funds earned. This applies to both withdrawal (W) and withdrawal without prejudice (WO).

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. For us to use a date later than the midpoint of the semester, you 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 we send you regarding the unofficial withdrawal.

The Financial Aid Office completes the Return of Title IV Funds calculations within 45 days of the withdrawal notification, and notifies the student of the calculation results. Funds are returned accordingly. 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.

Part-Time Student Employment Program

New Mexico Tech employs students through part-time student employment in addition to the work-study programs. The Financial Aid Office is responsible for checking to see that the student is eligible to participate in this employment program and writes the Student Work Authorization.

To be eligible for part-time student employment a student must:

1. be a regular degree seeking student
2. International students must maintain J1 or F1 student status or show a current Employment Authorization Document
3. be enrolled full time during the fall and spring semesters for fall and spring employment or have been enrolled full time during the preceding spring semester and pre-registered for the upcoming fall semester for summer employment.

Students must complete I-9 paperwork in the Budget & Analysis Office prior to starting work.

Students are allowed to work a maximum of 20 hours per week during the fall and spring semesters. The number of hours a student can work in the summer depends on the number of credit hours the student is enrolled in. Students may not work in more than two departments concurrently.

Students arrange their work schedule with their supervisor. Time cards are due every two weeks following the schedule from the Payroll Office. Paychecks can be picked up every two weeks in the Cashiers' Office in Fidel Center.