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									                                                                     More about Free Money...
                                                                     New Mexico Lottery Success Scholarships
                                                                     In-state	high	school	and	GED	graduates	who	enter	New	Mexico	
                                                                     public	colleges	or	universities	the	term	after	graduation	can	
                                                                     qualify	for	Lottery	Success	Scholarships,	which	will	pay	tuition	
                                                                     for	up	to	eight	(undergraduate)	terms	after	the	first	one.	Many	
                                                                     colleges	offer	“Bridge”	scholarships	that	cover	tuition	in	the	first	
                                                                     term.	Go	to	http://hed.state.nm.us	or	contact	your	financial	
New Mexico Student Loans can help.                                   aid	office	for	details.	

	 NMSL	is	New	Mexico’s	only	non-profit	education	lender.		
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	 We	offer	Federal	Family	Education	Loan	Program	(FFELP)		 	         NMSL Class of 2007 Scholarships
	 loans,	and	private	loans,	to	help	students	pay	for	college.
                                                                     To	celebrate	its	25th	anniversary,	NMSL	will	award	25	college	
	   NMSL	uses	its	excess	earnings	to	pay	for	(or	rebate)		       	
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                                                                     scholarships	of	$1,000	each	to	Class	of	2007	graduates	from	
	   borrowers’	loan	origination	and	default	fees	–	and	to		 	        New	Mexico	public	high	schools.	Applications	are	due	January	
	   reduce	interest	rates.	Last	year,	our	excess	earnings	also		 	   15,	2007.	For	more	information,	see	your	high	school	counselor	
	   paid	off	more	than	$5	million	in	loans	for	1,000+	borrowers.     or	go	to	www.nmstudentloans.org.			
	   Nurses,	MDs	and	public	school	teachers,	counselors	or		 	
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	   librarians	who	work	full-time	in	New	Mexico	pay	0%		 	           New Mexico College Affordability Grants
	   interest	on	NMSL	Stafford	and	PLUS	Graduate	Student		
	   Loans	(and	1.25%	on	Consolidation	Loans)	in	repayment.           New	Mexico	public	college	and	university	students	who	have	
	 NMSL	staff	can	come	to	your	school	or	business	to	conduct		        unmet	financial	need	and	don’t	qualify	for	other	state	financial	
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	 financial	aid	workshops	or	provide	one-on-one	assistance		         aid	(such	as	Lottery	Scholarships	or	state	grants)	can	apply	for	
	 with	the	Free	Application	for	Federal	Student	Aid	(FAFSA).	        College	Affordability	Grants	of	up	to	$1,000	per	term	to	help	
                                                                     offset	their	school	expenses.	Go	to	http://hed.state.nm.us,	
	 To	learn	more	about	grants,	scholarships,	college	expense		
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                                                                     call	1-800-279-9777,	or	see	your	financial	aid	office	for		
	 deductions	and	tax	credits,	and	loan	repayment	terms,	go		         more	information.	
	 to	www.nmstudentloans.org.

                                                                     Other Scholarships & Grants
                                                                     First-	and	second-year	college	students	can	check	out	how	to	
                                                                     qualify	for	federal	Academic	Competitiveness	Grants	at		
                                                                     www.studentaid.ed.gov.	Schools,	businesses,	religious	and	civic	
                                                                     groups	also	award	scholarships.	There	are	search	engines	on	the	
                                                                                                                                               We’ll help you get it.
                                                                     Internet	and	school	counselors	and	financial	aid	offices	are	good	      Information Assistance Education Loans




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                                                                     resources.	For	scholarship	links	and	important	warnings	about	
                                                                     scams,	go	to	www.nmstudentloans.org.

                                                                     New Mexico Student Loans
                                                                     P.O. Box 27020
                                                                     Albuquerque, NM 87125-7020
                                                                     Phone: 505/345-3371 • (800) 279-5063
                                                                     E-mail: answers@nmstudentloans.org
                                                                     w w w. n m s t u d e n t l o a n s . o r g
                                                                     Lender Code #822717
                                                       Free Money: Grants & Scholarships
                                                       Students	with	significant	need	can	get	grants.	Some,	but	not	all,	
                                                       scholarships	are	based	on	need.	They	most	often	go	to	students	
                                                       with	academic,	athletic,	artistic	or	other	special	qualifications.		
                                                       To	learn	more,	see	your	school	counselor,	college	financial	aid	
                                                       office	or	the	back	of	this	brochure.	


                                                       Campus Employment: Work-Study
                                                       Through	Financial	Aid,	students	may	qualify	for	“work-study”	
                                                       jobs,	generally	up	to	20	hours	per	week,	on-	or	off-campus.	


                                                       Study Now, Pay Later: Education Loans
                                                                                                                              	 Apply	early	for	college	admissions.		




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                                                       Federal	education	loans	typically	carry	lower	interest	rates	than	     	 Ask	about	financial	aid	at	each	college	you	apply	to	–	and		




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                                                       consumer	loans	and	offer	a	variety	of	repayment	options.	They	         	 investigate	external	scholarship	and	grant	opportunities.
                                                       must	be	repaid	(usually	with	interest).	Some	allow	in-school	
                                                       deferments	and	a	six-month	grace	period	after	graduation.		            	 Check	each	college’s	financial	aid	application	deadlines.		 	




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                                                                                                                              	 Most	New	Mexico	institutions	have	a	March	1	priority	date.	
                                                       Students	with	demonstrated	need	can	get	subsidized	loans,	on	
                                                       which	the	federal	government	pays	the	interest	while	they’re	          	 Prior	to	deadlines,	complete	and	submit	any	college	(and			




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                                                       in	school	deferment	or	grace.	Those	who	don’t	qualify	(or	who	         	 external)	aid	applications	or	forms.
                                                       need	additional	money)	can	get	unsubsidized	loans	and	pay	the	         	   Complete	and	submit	the	Free	Application	for	Federal		 	




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                                                       interest	or	allow	it	to	capitalize	while	they’re	in	school.
Most students qualify for financial aid.               Borrowers	who	enter	certain	fields	(such	as	teaching,	nursing	
                                                                                                                              	
                                                                                                                              	
                                                                                                                              	
                                                                                                                                  Student	Aid	(FAFSA)	as	soon	as	possible	after	January	1.	You		
                                                                                                                                  can	get	this	form	from	school	counselors,	college	financial		
                                                                                                                                  aid	offices,	public	libraries	or	www.fafsa.ed.gov.	
                                                       and	public	health)	can	qualify	for	no-interest	and	low-interest	
                                                       loans	and/or	full	or	partial	loan	forgiveness.                         	   After	processing	your	application,	the	U.S.	Department		 	




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                                                                                                                              	   of	Education	will	send	you	a	Student	Aid	Report	(SAR),		 	
                                                                                                                              	   showing	all	your	FAFSA	information	and	the	amount		      	
                                                                                                                              	   your	family	is	expected	to	contribute	to	your	education.
                                                                                                                              	   If	you	find	a	mistake	on	your	SAR,	get	it	corrected		        	




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                                                                                                                              	   immediately.	Financial	aid	offices	use	this	information	to		 	
                                                                                                                              	   determine	your	need	for	aid	–	and	your	eligibility	for	grants,		
                                                                                                                              	   loans	and	work-study	funds.		
                                                                                                                              	   Each	college	financial	aid	office	will	send	you	an	award		 	




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                                                                                                                              	   letter	itemizing	any	aid	you	have	qualified	to	receive.		 	
It’s money (grants, scholarships, work-study funds                                                                            	   Evaluate	your	awards	and	decide	if	you	need	to	apply		
                                                                                                                              	   for	additional	aid.
or federal education loans) to help you pay for
college costs like tuition, fees, books, supplies,                                                                            	 If	you	applied	to	multiple	colleges,		

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transportation, housing and meal plans.                                                                                       	 compare	award	letters	and	determine		
                                                                                                                              	 your	out-of-pocket	cost	for	each	one.
Most aid is “need-based” with eligibility determined                                                                          	 You	can	accept	or	decline	any	award,	but		
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by personal and family income and the cost of                                                                                 	 be	sure	to	meet	all	deadlines	so	you	don’t		
attending school.                                                                                                             	 lose	eligibility	for	these	funds.

								
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