Welcome to the second edition of the CollegeSource Newsletter. We sincerely hope you enjoyed the first edition and that it offered useful information to you and your students. As students, faculty and staff are gearing up for graduation and the end of a long school year, keep in mind that deadlines for college admissions, financial aid and scholarships are approaching very quickly or in some cases may have passed. The goal of New Mexico Student Loans is to assist you and your students in completing and filing for financial aid early this year and in 2005. We also offer assistance to students with scholarship searches and applications. The articles contained in the newsletter will not only provide college cost comparisons for graduating seniors, but also Lottery information and the New Mexico Student Loan Advantage programs. Also included is a list of frequently asked questions about financial aid and how Financial Aid Workshops held at the high schools will, “Increase your students’ odds for success,” by providing accurate and up-to-date information. Look for our third edition coming out in September with many new and interesting articles and events. Your input is paramount. Please email any questions, comments, or suggestions to: mailto:firstname.lastname@example.org. Contents 1. Why Financial Aid Workshops and FAFSA Assistance? 2. FAQs About Financial Aid 3. Highlights—Paying for College Week 4. FAQs About the Lottery Scholarship 5. New Mexico Student Loans’ Advantage Program 6. The High Cost of College 7. College Tuition on the Rise 8. Tuition Costs in New Mexico and Surrounding States 9. NMCAC Counselor Workshop 10. Scholarship Resources 11. Educational Quotes 12. Survey Why Financial Aid Workshops and FAFSA Assistance? New Mexico Student Loans provides various workshops including a general financial aid workshop that educates students about the financial aid process and requirements as well as provides any state and federal regulation updates. New Mexico Student Loans has five Loan Advisors working directly with university financial aid offices and providing outreach activities throughout New Mexico. Loan Advisors work directly with high school students to provide assistance on financial aid and are familiar with the challenges facing incoming freshmen. Some of the biggest challenges facing new freshmen is obtaining credible information about the financial aid process and completing the Free Application for Federal Student Aid (FAFSA). As a result New Mexico Student Loans is committed to providing FAFSA assistance to high school seniors. The FAFSA workshops are designed to help students complete their FAFSA. The goal is to have the students FAFSA completed and submitted to the Department of Education for processing. The high school counselors that have utilized the services provided by the Loan Advisors have tapped into a great resource for their students/parents and have provided a foundation for success in the pursuit of higher education. Over 80 FAFSA assistance sessions have been held throughout New Mexico with hundreds of students completing their FAFSA’s and getting started on the right track. Increase your students’ odds for success and contact a New Mexico Student Loans Advisor to set up a workshop at your school. Loan Advisors can assist you with everything from flyers to contacting university recruiters for the workshops. FAQs about Financial Aid Here are some of the most commonly asked questions that students may have about financial aid. What is financial aid? Financial aid refers to any funds available to students and/or their parents to help offset the cost of higher education. Funds come from private, government, and institutional resources, which includes grants, scholarships, work-study, and loans. Grants and scholarships are considered gift-aid and do not have to be repaid. Work-study and loans are considered self-help aid, however, loans must be repaid. General Questions about Eligibility and Applying 1. I probably don't qualify for aid. Should I apply for aid anyway? Yes. Many families mistakenly think they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as subsidized and unsubsidized Stafford and PLUS loans that are available regardless of need. The FAFSA form is free. 2. Do I need to be admitted before I can apply for financial aid at a particular university? No. Students can apply for financial aid any time after January 1. To actually receive funds, however, they must be admitted and enrolled at a university. 3. Do I have to reapply for financial aid every year? Yes. Most financial aid offices require that a student apply for financial aid every year because financial circumstances change, a student may get more or less aid. Note that eligibility for financial aid may change significantly, if income or number of family members changes. 4. How do I apply for a Pell Grant and other types of need-based aid? Submit a FAFSA. To indicate interest in student employment, student loans and parent loans, check the appropriate boxes. Checking these boxes does not commit the student to accepting these types of aid; however, they will have the opportunity to accept or decline each part of the aid package later. Leaving these boxes unchecked will not increase the amount of grants received. 5. Are my parents responsible for my educational loans? No. Parents are, however, responsible for the Federal PLUS loans. Parents will only be responsible for educational loans if the student is under 18 and they co-sign the loan. In general, the student is responsible for repaying educational loans. 6. I got an outside scholarship. Should I report it to the financial aid office? Yes. Any kind of financial aid from university or government sources must be reported to the financial aid office. 7. Where can I get information about Federal student financial aid? Call the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800- 433-3243) or 1-800-730-8913 (if hearing impaired) and ask for a free copy of The Student Guide: Financial Aid from the US Department of Education. FAFSA Questions 1. Where can I get a copy of the FAFSA? A FAFSA can be obtained from the financial aid office at a local college, your local public library, or by calling 1-800-4- FED-AID. The online version of the form is available at http://www.fafsa.ed.gov. 2. How soon after January 1 should the FAFSA form be sent in? Is it better to wait until the income tax forms have been completed? Send in the form as soon as possible after January 1. 3. I sent in my FAFSA over four weeks ago but haven't heard anything. What should I do? Call the Federal Student Aid Information Center at 1-800-4-FED-AID (toll free) or 1- 319-337-5665. HIGHLIGHTS – Paying for College Week In early February, you may have seen or heard about the New Mexico Association of Student Financial Aid Administrators (NMASFAA), KOBTV and New Mexico Student Loans joining forces to sponsor “New Mexico-Paying for College Week,” February 2-6, 2004. The goal “Paying for College Week” was to inform people about the availability of financial aid and to encourage students to apply for financial aid early. Many people are unsure about how to apply for money to pay for college and aren’t sure where to find assistance. Governor Bill Richardson provided his support by signing the “New Mexico-Paying for College Week” proclamation. With the help of NMASFAA, financial aid volunteers and KOBTV, we were able to bring information to many people across the state. New Mexico Student Loans created a poster that was sent to all New Mexico high schools and colleges. Additionally, e- mails were sent to NMASFAA members and news releases were sent to the local media. As part of the week’s activities, a financial aid call-in night was held during the 5pm and 6pm newscasts on KOBTV on February 4th. The call-in night was a great success; volunteers answered a multitude of questions from numerous callers. Lottery Success Scholarship Program Frequently Asked Questions Here are some of the most commonly asked questions that students and parents may have about the Lottery Success Scholarship. Q: Can my child attend a college in one of the surrounding states and still receive the award? A: No. The student must attend a New Mexico Public College. Q: Can the student take the first or qualifying semester off and still qualify? A: No. The student must attend the first semester after graduation with a high school diploma or GED. Q: Can home-schooled students qualify for the award? A: Yes. The student must have their home school certificate and take the New Mexico GED to be eligible at certain schools. Q: Can students participate in the college exchange program and still qualify? A: No. Students must attend a New Mexico Public College. Q: If a student loses the Lottery award and has special or extenuating circumstances, can they still receive the award? A: Yes. The student must submit all the documents regarding any extenuating circumstances to the financial aid office. The student should check with their financial advisor at the college they are attending. Q: If the student is in the military and is called up for active duty, what should they do? A: Contact their financial aid advisor. Q: If a high school student finishes all required credits for graduation in December, when should they start college? A: The student will graduate with their classmates in May and begin their college classes in the fall semester. College Financial Aid offices will use the official graduation date that appears on the student’s final transcript, and may award some scholarship money for their qualifying semester. Q: Do concurrent credit hours count as the students qualifying semester for the Lottery Scholarship? A: No. Credit hours taken will count toward student’s degree but not as the qualifying semester. Q: Do students need to complete an application for the Lottery Scholarship? A: Students must check with the college they will be attending for specific rules and regulations. Colleges may be different. Q: Does the award cover all tuition costs? A: The Lottery award does not cover institutional fees and books. Check with the college for award amounts. Q: How many semesters does the award cover? A: The award will pay for eight semesters. Q: Who should the student contact for other questions about the Lottery Scholarship that is not covered here? A: New Mexico Commission of Higher Education at 1-800-279-9777. The following information may be passed on to all high school seniors who are interested in saving money on college loans. New Mexico Student Loans Advantage Programs New Mexico Student Loans’ Advantage Program offers students several ways to save money when borrowing student loans. Students, attending college in New Mexico or other states, who need additional financial aid, can choose New Mexico Student Loans as their lender and may save up to 30% on student loan costs. Here’s how the Advantage Program works for you: More Money • Beginning June 1, 1999, your 1% Stafford or Plus loan guarantee fee is paid by New Mexico Student Loans. This means you receive more money upfront. Instant Savings • The interest rate on your Stafford and PLUS loans guaranteed on or after May 1, 1998, is automatically reduced by .50% when your loan enters repayment. Easy Pay • Authorize an automatic payment from your bank account for Stafford, PLUS, and Consolidation loans and your interest rate will be automatically reduced by .25%. Pot of Gold • Your outstanding principal balance on Stafford, PLUS, and Consolidation loans entering repayment on or after June 30, 1994, is automatically reduced by 5% when you make your first 48 monthly payments on time. Teachers for Tomorrow • Effective for new Stafford loans guaranteed on or after May 1, 2000, 0% interest will be charged when your loan enters repayment with NM Student Loans and you teach full-time in New Mexico. You must use the standard repayment option and apply each year to receive this benefit. Your monthly loan payment will be reduced resulting in increased cash flow. The minimum monthly loan payment is $50. Also, eligible teachers whose last date of college attendance is on or after May 1, 2000 get a 1.25% interest rate on Consolidation loans. Download a certification form at http://www.nmstudentloans.org/ Nurses for New Mexico • 0% interest will be charged when your loan enters repayment with NMEAF and you work full-time as a nurse in New Mexico. You must use the standard repayment option and apply each year to receive this benefit. Your monthly loan payment will be reduced resulting in increased cash flow. The minimum monthly loan payment is $50. Also, eligible nurses whose last date of college attendance is on or after May 1, 2000 get a 1.25% interest rate on Consolidation loans. Download a certification form at http://www.nmstudentloans.org/. ***Remember to tell your high school seniors to investigate all sources of Financial Aid that do not have to be repaid. The High Cost of College College tuition costs continue to rise at rapid rates surging past inflation rates and are expected to be the largest increases in the past 30 years. While two-thirds of the country’s high school students are still planning to go to college, higher education grants are down and student loans are up. Good news for New Mexico residents, although the tuition-hike trend is nationwide, New Mexico managed to defy the national trend and increased spending on higher education by about 7%, due mostly to a large up tick in enrollment. To move into the middle class and get a good job, higher education in the United States has long been a pre-requisite. When states cut higher education spending, where does that leave the lower-income and lower-middle-income high school student who wants to go to college? During the 2003-04 academic year, tuition and fees at public schools increased an average of $579, at private schools, $1,114 and at two-year public schools $231. In 2002-03 $105 billion was distributed in student financial aid, $13 billion more than the previous year. Total aid per full-time equivalent student averages about $9.100 with $3,600 of that amount in the form of grants. Student loans play a bigger part in financial planning for college. When selecting a lender, it is important to see what “incentives” they offer to borrow from them. See the article on New Mexico Student Loans Advantage Program in this issue. Congress is looking at a greater accountability on cost and quality in the field of higher education. Californian Republican congressman Howard “Buck” McKeon, Chairman of the House Education and the Workforce subcommittee that oversees higher-education funding, has suggested that eligibility for federal student aid be cut if institutions raised tuition more than twice the rate of inflation two years in a row. This idea has met with great resistance from the higher education lobby groups. Here are some ways to help meet the high cost of education: • Carefully “shop” lender incentive programs like New Mexico Student Loans Advantage Program. • Begin saving now • Save regularly • Have a separate savings account earmarked for college • Consider a 529 savings plan • Know the college and all the costs, comparison “shop” • Check with colleges to find out about financial aid opportunities • Choose a high-quality public college over a private college • Choose an in-state college • Research colleges • Research scholarships • Encourage good study habits for your child • Research the possibility of testing out of classes • Consider summer school • Consider 2 years at a community college and then 2 years at a four-year college • Encourage your child to work during the summer • Work with your child in making higher education decisions How Much Does a College Education Cost? The following list contains tuition information from websites in the New Mexico, Oklahoma, Arizona, and Texas area. All information is based on a full-time status for an academic calendar year. This list is not all-inclusive for all types of meal plans, class fees, private housing, or for credits beyond 12 credit hours. Additional charges may apply. Please check the college website for specific details. ID: In-district - counties eligible for in-state tuition. NID: Not in District – counties not eligible for in-state tuition. NON- BORDERING ARIZONA IN-STATE RESIDENT STATES Arizona State University – Tempe, Arizona Tuition and Fees http://www.asu.edu/sbs/vpsa/fees.html $1754.00 $6014.00 N/A Eastern Arizona College – Thatcher, Arizona Tuition and Fees www.eac.edu $434.00 $2694.00 N/A Pima Community College – Tucson, Arizona Tuition and Fees $2532.00 www.pima.edu $546.00 12 credit hours N/A University of Arizona – Tucson, Arizona Tuition and Fees www.arizona.edu $1801.07 $6186.07 N/A NON- BORDERING COLORADO IN-STATE RESIDENT STATES Adams State College-Alamosa Colorado Tuition and Fees http://adams.edu $1188 $4003 N/A Ft. Lewis College-Durango Colorado Tuition and Fees http://www.fortlewis.edu 1394.25 5664.25 N/A NON- BORDERING NEW MEXICO Continued IN-STATE RESIDENT STATES TVI Community College (Tuition Only, No Housing) http://planet.tvi.cc.nm.us/studentservice/Enrollment/admtuition.htm $37.00 per cr/hr $158.40 per cr/hr N/A Clovis Community College-Clovis, NM (Tuition Only, No Housing) $616 (ID) 1-6 Hours NID rate http://www.clovis.edu/FinancialInfoAid/TuitionFees/index.asp $664 (NID) $1,120 7-12 non-resident rate College of the SW- Hobbs & Carlsbad, NM (Tuition, Fees, Housing & Meals) http://www.csw.edu/Dollars___Sense/Costs/costs.html $12,085 $12,085 N/A Dona Ana Branch Community College –Las Cruces, NM Tuition and Fees Only In District Out of District Non-Resident $480.00 $540.00 $1260.00 Eastern NM University-Portales, NM $7,916 (Tuition, Fees, Housing, Meals & Books) for students within http://www.enmu.edu/services/business/tuition-fees/fee-sheet.shtml $7,916 $13,472 the 135 mile radius Eastern NM University-Roswell, NM (Tuition, Fees, Housing, & Meals) $5,045 (ID) http://www.roswell.enmu.edu/departments/admissions_records/tuition.shtml $5,076 (NID) $7,301 N/A Luna Community College- Las Vegas, NM $10.00 In-Dist http://www.luna.cc.nm.us $15.00 Out-of-Dist. Per credit hour $38.00 Per credit N/A New Mexico Highlands University-Las Vegas, NM Tuition and Fees www.nmhu.edu $1092 $4548 N/A New Mexico Institute of Mining and Technology- Socorro, NM (Tuition and Fees) http://www.nmt.edu/textonly/cost/tuition_0203.htm $1,026.52 $4,131.84 N/A New Mexico Jr. College-Hobbs, NM (Tuition Only, No Housing) $408 (ID) http://www.nmjc.edu/admissions/costs.asp $816 (NID) $936 N/A NON- BORDERING NEW MEXICO Continued IN-STATE RESIDENT STATES New Mexico Military Institute – Roswell, NM (Tuition, Fess, Housing & Books) http://www.nmmi.edu/admissions/cost.htm $7,541 $9,981 N/A New Mexico State University – Las Cruces, NM Excluding Excluding Health/Activity Tuition and Fees. Housing and meals available Health/Activity Fees Fees www.nmsu.edu $1812.00 $5775.00 N/A Northern New Mexico Community College –Espanola, NM (Tuition per credit hour) http://www.nnmcc.edu $25.00 $35.00 N/A San Juan College – Farmington, NM (Tuition per credit hour) http://www.sanjuancollege.edu $28.00 $59.00 N/A Santa Fe Community College – Santa Fe, NM $26.50 SFCC Dist. http://www.sfccnm.edu $35.00 out of Dist. Per credit hour $63.50 N/A St. John’s College – Santa Fe, NM Tuition http://www.sjcsf.edu $30,570.00 $30,570.00 N/A University of New Mexico-Albuquerque, NM (Tuition and Fees) http://www.unm.edu/~bursar/spring2003.html $1,584.60 $5,718 N/A Western New Mexico University-Silver City, NM Tuition Waivers Available for the AZ counties of Greenlee, Pima and Cochise Also, El Paso, TX (Tuition and Fees) Housing and meals available Residents and some www.wnmu.edu $1185.25 $4461.25 areas of Colorado NON- BORDERING OKLAHOMA IN-STATE RESIDENT STATES Cameron University-Lawton, OK (Tuition, Some Fees, Housing, Meals & Books) http://www.cameron.edu/info/cost-calculator/index.html $6106 $9226 N/A Oklahoma Baptist University – Shawnee, OK (Tuition, Fees & Housing) http://www.okbu.edu/admissions/index.html $15,268 $15,268 N/A Oklahoma State University-Oklahoma City, OK (Tuition, Fees, Housings & Books) http://okstate.askadmission.net/okstate/aeresults.aspx?quser=tuition $9,288 $15,188 N/A NON- BORDERING TEXAS IN-STATE RESIDENT STATES Amarillo College-Amarillo, Texas (Tuition & Fees) www.xap.com/gotocollege/campustour/undergraduate/1276/Amarillo_College $1,221 $2,016 $891 In-District Hardin Simmons-Abilene,Texas (Tuition, Fees, Housing, Meals & Books) http://www.hsutx.edu/admissions/finaid/tuition.html $18,048 $18,048 $18,048 South Plains College-Levelland, Texas (Tuition & Fees) $1,322 (ID) http://www.southplainscollege.edu/website/prospective/prospective.html $1,658 (NID) $2,042 N/A Texas Tech University-Lubbock, Texas $19,304 (Tuition, Fees, Housing & Books) NM, OK not $12,224 www.admissions.ttu.edu/tuition.asp bordering http://www.housing.ttu.edu/HOC/room&board.asp $12,224 $13,124 NM, OK and AR West Texas A&M-Canyon, Texas (Tuition, Meals, Housing, Books & Fees) http://www.wtamu.edu/administrative/vpa/sfs/costs.htm $8027 $14,569 $8,989 West Texas A&M-Canyon, Texas (Tuition, Meals, Housing, Books & Fees) $8027 $14,569 $8,989 http://www.wtamu.edu/administrative/vpa/sfs/costs.htm University of Texas El Paso- El Paso, Texas Tuition Waivers available for • Doña Ana • Eddy • Roosevelt • Quay • Otero • Lea Tuition and Fees $4,500.00 • Curry http://www.utep.edu/admit/pay.html $1700.00 12 cr hrs 12 cr hrs • La Union New Mexico College Awareness Coalition Announces 2nd Annual Counselor Workshop The New Mexico College Awareness Coalition (NMCAC) will hold its second annual Counselors’ workshop on Monday, April 26, 2004. The workshop will take place in Albuquerque at the TVI Workforce Training Center from 8:00am – 2:00 pm. Lunch will be provided. NMCAC held the first counseling for college workshops in Spring 2003 in Roswell and Albuquerque. Over 150 counselors and education professionals attended the event where information on financial aid, planning college fairs, computer technology tools for counselors, and much more was presented. In addition, NMCAC announced the inaugural Counseling for College Award, an annual award recognizing the outstanding middle and high school counselors in the state. This year’s workshop will prove to be both informative and fun. NMCAC will hold working sessions on college planning and preparation, financial aid, new legislation, scholarships, and upcoming events, as well as introduce the 2004 recipients of the Counseling for College Award. There is no cost to attend, however, limited space is available. For registration information, please contact Natalie at (505) 980-8811 or Misty at email@example.com or visit www.nmcollegeawareness.org. Scholarship Resources There are many scholarships available to help students pay for college. This list is just a beginning and is intended to give counselors, teachers, parents, and students a place to start. Please review eligibility criteria for each scholarship carefully and note deadlines. Although some deadlines for the 2004-2005 academic year may have passed, many of these scholarships are given annually. Albuquerque Community Foundation Scholarships http://www.albuquerquefoundation.org/scholar/scholar.htm Coca-Cola Scholarship https://www.coca-colascholars.org/cokeWeb/jsp/scholars/Index.jsp Duck Brand Duct Tape. http://www.ducktapeclub.com/contests/prom/ Gates Millennium Scholars http://www.gmsp.org/ Hispanic Scholarship Fund http://www.hsf.net/scholarship/CollegeRetention.html Jackie Robinson Scholarship http://www.jackierobinson.org/index03.htm Lulac Scholarship http://www.lulac.org/Programs/Scholar.html New Mexico Scholars http://www.nmche.org/collegefinance/scholars.asp Papa John’s Scholarship http://www.papajohnsscholars.com/ PNM-Llave Scholarships http://www.pnm.com/community/scholarships.html Ronald McDonald House Scholarship Programs http://target.com/target_group/community_giving/scholarships.jhtml Target Scholarships http://target.com/target_group/community_giving/scholarships.jhtml Tylenol Scholarship http://scholarship.tylenol.com/ Educational Quotes Education: Being able to differentiate between what you do know and what you don't. It's knowing where to go to find out what you need to know; and it's knowing how to use the information once you get it. William Feather Poor is the pupil who does not surpass his master. Leonardo da Vinci. Learning makes a man fit company for himself. Anon The primary purpose of a liberal education is to make one's mind a pleasant place in which to spend one's time. Sydney J. Harris (1917-1986) American journalist. Education is not filling a bucket but lighting a fire. William B. Yeats, poet The great aim of education is not knowledge, but action. Herbert Spencer A wise man is one who finally realizes that there are some questions one can ask which may have no answers. Anon You cannot teach a man anything; you can only help him find it within himself. Galileo Galilei (1564-1642) Italian physicist and astronomer. I'm still waiting for some college to come up with a march protesting student ignorance. Paul Larmer (Chicago Tribune) A fool's brain digests philosophy into folly, science into superstition, and art into pedantry. Hence University education. George Bernard Shaw (1856-1950) British dramatist, critic, writer. Newsletter Survey We would appreciate if you would take a moment to complete our survey. 1. Overall, how would you rate the CollegeSource Newsletter? Excellent Good Fair Could be better 2. Do you like the current format and content? Yes No Could be better 3. Would you recommend this newsletter to your colleagues? Yes No 4. What content would you like to see in future issues of the newsletter? Insert comment box here. 5. What suggestions do you have to improve the CollegeSource Newsletter? Insert comment box here. Thank you!