1. UNM Family Connection Student Financial Aid
How to Pay for College

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

3. 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 we use 2015 tax information)
Allows for greater utilization of the IRS data retrieval tool … easy as a push of a button

4. What is an FSA ID and why do I need it?
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

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

6. 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

7. Follow up on your financial aid file
Toll Free: CALLUNM Phone No: (505)
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

8. 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

9. 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
and try out the FAFSA4caster tool

10. 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”

11. 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

12. 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

13. 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…

14. 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

15. Utilize Your Resources
One Stop (Mesa Vista Hall) 8am to 5pm M-F
Chat at studentinfo.unm.edu 8am to 5pm M-F
UNM All Access: (505) or call-UNM
– over 300 question and answers available
Federal Student Aid from the Dept of Education
Federal Student aid from Dept of Education – Student Loans

16. Questions?