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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. s 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) s 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 s 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 s 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 s 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 s s 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: email@example.com 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. s Federal education loans typically carry lower interest rates than Ask about financial aid at each college you apply to – and s 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. s 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 s 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 s 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 s 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 s 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 s 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, s 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 s 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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