UNM Family Connection Student Financial Aid How to Pay for College

Let’s discuss… How to apply for federal financial aid Awards available Scholarship searches General financial aid resources

How to Apply for Federal Financial Aid Start by completing the Free Application for Federal Student Aid GO TO : fafsa.ed.gov NOT : fafsa.com Now available on October 1st This is a three month head start! Now uses “prior prior year” taxes (meaning for 2017-2018 we use 2015 tax information) Allows for greater utilization of the IRS data retrieval tool … easy as a push of a button

What is an FSA ID and why do I need it? https://fsaid.ed.gov Implemented in April 2015 Electronic signature Good idea for students and parents to set this up prior to filling out FAFSA Also used for signing promissory notes and completing loan entrance counseling

Student & Parent need to Go to fsaid.ed.gov Both Student & Parent need to “Create an FSA ID”

How to apply for federal financial aid FAFSA on file - priority date was January 6 Complete file - priority date was January 31 IF these dates were missed, we still encourage you to apply! Why? Because Federal Pell Grant and Student Loans are still available if eligible

Follow up on your financial aid file Toll Free: 1-800-CALLUNM Phone No: (505)-277-8900 Follow up on your financial aid file About 20% of students are selected for verification Verification may include additional information regarding income, household size, marital status, selective service registration, etc. All missing requirements are on LoboWeb and are communicated through email

Need help knowing HOW to complete your file??? Go to financialaid.unm.edu click on Apply for Aid click on Complete your file To find instructions on how to check for missing documents

Estimated Family Contribution (the number given upon FAFSA completion) What’s an EFC? It’s the amount a family is expected to contribute toward the cost of attendance before the student is considered for need-based federal, state and some institutional student financial aid. NOT the amount of money your family will have to pay for college How is it calculated by the Department of Education? Your family’s income and assets Your family’s taxed and untaxed income Your family size and number of family members attending college How is it used? Can I get an estimated before I do a FAFSA? YES! Go to https://fafsa.ed.gov/FAFSA/app/f4cForm and try out the FAFSA4caster tool

Want more details? Go to finaid.unm.edu and click “Cost” $ Cost of Attendance $ UNM standard budget (cost of attendance)takes into account the following expenses Tuition and Fees Room and Board Books and Supplies Transportation Miscellaneous expenses Want more details? Go to finaid.unm.edu and click “Cost”

Award Types Available Federal Pell Grant State & Institutional Grants Automatically offered if eligible off FAFSA results “Free” money State & Institutional Grants Based on FAFSA results and meeting priority date Work study Must indicate preference on FAFSA Ability to work on campus https://hr.unm.edu/unmjobs

Other Award Types Available Federal Direct Student Loans Both loan types require a FAFSA and a complete file Subsidized Based on FAFSA results (Estimated Family Contribution) Offered automatically when eligible No interest while in school Repayment begins six months after you leave school – current interest rate 3.76% subject to change Unsubsidized Interest accrues as soon as loan disburses – current interest rate 3.76% subject to change Can pay interest or let it accumulate/capitalize on principal

Scholarships http://scholarship.unm.edu At UNM… Institutional scholarships are generally offered at time of admission General scholarships are awarded in February No application required Academic department Departments have decentralized opportunities Check with department administrator Details are only a click away…

Other Scholarships External Scholarship Opportunities Never pay for a scholarship search Seek local and tribal organizations Be specific in your search criteria Go to scholarships.unm.edu click on Resources tab click on Additional Scholarship Websites

Utilize Your Resources www.finaid.unm.edu One Stop (Mesa Vista Hall) 8am to 5pm M-F Chat at studentinfo.unm.edu 8am to 5pm M-F UNM All Access: (505) 277-8900 or 1-800-call-UNM https://unm-student.custhelp.com/ – over 300 question and answers available https://studentaid.ed.gov/sa/ Federal Student Aid from the Dept of Education https://studentloans.gov/myDirectLoan/index.action Federal Student aid from Dept of Education – Student Loans

Questions?