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Student Loans

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Loans

Federal student loans are monies you may borrow to assist you with your higher education. These funds will be the student’s legal obligation to pay back.

How much would I have to pay back.

The repayment estimator can calculate what your monthly payment might be.

Apply for Federal Direct Student Loans (e.g. Subsidized & Unsubsidized)

  1. Complete the Free Application for Federal Student Aid (FAFSA)
  2. Request student loan form at NMSU-A financial aid office.
    • Must be enrolled in 6 credit hours or more
    • Must be making satisfactory academic progress
    • Loans for first-time borrowers will disburse 30 days after the semester starts
      • All students face uncertainty during their first semester. As you adjust your schedule during the first 30 days of the semester, this delay in disbursement will give the Financial Aid Office the flexibility to adjust loan amounts to better reflect your financial aid eligibility. This will reduce the need for collecting returned financial aid for courses that you may have dropped during this period, keeping your debt burden lower. Such a delay is standard in many financial aid offices.
      • NMSU Financial Aid does not anticipate that this change will affect your ability to pay for books, tuition, and other university charges. University Accounts Receivable is aware of this change and understands that you will be receiving loan disbursements later in the semester. Credit up to $500/semester is available from Barnes and Noble (online or in the campus store) for purchasing books and supplies. Any concerns you may have regarding this change will be dealt with on a case-by-case basis by your Financial Aid Advisor
    • Single-semester-only loans will be split into two disbursements throughout the semester.
  3. Complete Entrance Counseling
  4. Complete Master Promissory Note (MPN) (Must be completed every ten years)

Responsible Borrowing

Interest rates for federal student loans

The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan. The table below provides interest rates for Direct Loans first disbursed on or after July 1, 2016.

Perkins Loans (regardless of the first disbursement date) have a fixed interest rate of 5%

Learn More

StudentLoans.Gov

Use studentloans.gov to complete entrance counseling, exit counseling, and help determine your repayment.

NSLDS

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of Education programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.

Borrow Smart

Be smart about how much you borrow. Your future loan payments could end up being more than you can afford if you let your total loan amount get too high. You can see what your monthly payments might be by entering a final loan amount at Borrow Smart. (Tab out of the field to see the calculation)

How to Manage your Student Loans

Loan Servicers

A loan servicer is a company that handles the repayment and other services on your federal student loans. The loan servicer will work with you on repayment plans and will assist you with other tasks related to your federal student loan. It is important to maintain contact with your loan servicer. If your circumstances change at any time during your repayment period, your loan servicer will be able to help.

When can I contact financial aid to get information about my loan?

If your loan is for the current or upcoming school year, contact the NMSU Financial Aid office for information about:

  • Loan status
  • Loan cancellation within 120 days of disbursement
  • Loan disbursement amounts and dates

If your loan was disbursed in a past school year, contact your loan servicer when you:

  • Change your name, address, or phone number
  • Graduate
  • Drop below half-time enrollment
  • Stop going to school
  • Transfer to another school
  • Need help making your loan payment
  • Have a question about your bill
  • Have other questions about your student loan

Who is my loan servicer?

For federally held loans made through the William D. Ford Federal Direct Loan (Direct Loan) Program and the Federal Family Education Loan (FFEL) Program, you can determine who your loan servicer is by visiting the National Student Loans Data System.

How to Manage Your Student Loans

Exit Counseling

Exit Counseling is a requirement for students at NMSU who took out any student loan(s). You must complete exit counseling before you can receive your diploma and final official transcripts.
Exit Counseling

Repayment Tips

Repayment… otherwise known as crunch time… otherwise known as reality. The good news: there is help if you are having trouble repaying your student loans. Learn More

What is Default or Delinquent?

If you don’t make your loan payments, and your loan is delinquent, you risk going into default. Defaulting on your loan has serious consequences.Learn More

Default has consequences! These include:

  • Collection fees – Your loan will be turned over to a collection agency which can charge you collection fees of up to 25%
  • Future tax refunds can be withheld
  • Wage garnishment – The government can automatically take up to 15% from your paychecks
  • Ineligibility for deferments and new loans
  • Credit rating hit
  • Loss of professional licensure
  • Learn More

Understanding Repayment

When it comes time to repay your Federal Direct Student Loan, you will need to select a repayment plan. There are several repayment plans to choose from which can be seen in the chart below. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. Consolidation Loans also have varying repayment plans. Learn More

Federal Student Loan Ombudsman

The U. S. Department of Education has made available to students the office of the FSA Student Loan Ombudsman. This office works with student loan borrowers to informally resolve federal loan disputes and problems. It is best to think of the Ombudsman as a LAST RESOURCE. When you have made a reasonable effort to resolve your student loan problem with your lender/servicer and the problem is still not resolved, contact the Ombudsman.

Inceptia

New Mexico State University has collaborated with Inceptia, a private repayment counseling service that can help you make a smooth transition from your in-school period to your repayment period. Learn More