UNM Undergraduate Loan Programs
UNM participates in the Federal William D. Ford Direct Loan program (known as Direct or Stafford Loans). The lender is the U.S. Department of Education rather than a bank or other financial institution. UNM also participates in the Federal Perkins Loan Program. Below are the types of loans you are considered for and possibly offered upon completing your FAFSA and your Financial Aid file.
How To Apply
Student Loans are offered automatically to all students when they have a complete FAFSA and a complete financial aid file. If these conditions are met there are additional steps necessary for loans please see below:
First-Time Borrowers
- Complete Free Application for Federal Student Aid (FAFSA)
- Complete your Financial Aid File
- Accept the loan online ( view instructions)
- Complete the Federal Direct Student Loan Master Promissory Note and Entrance Counseling online at www.studentaid.gov ( view instructions)
Repeat Borrowers
- Complete Free Application for Federal Student Aid (FAFSA)
- Complete your Financial Aid File
- Accept the loan online ( view instructions)
Subsidized Loans
- Need-based and do not have interest accruing while you are in school or in deferment.
- Loan award is capped by a certain grade level.
- Repayment begins 6 months after you graduate, drop below half time, or withdraw. Learn more about managing repayment of your student loans.
- Subsidized loans disbursed on or after July 1, 2012, and before July 1, 2014 are not eligible for subsidized interest benefits during the six-month grace period after a student graduates or falls below half-time enrollment.
Unsubsidized Loans
- Are not based on financial need.
- Loan origination fee same as the subsidized.
- Interest accrues while you are in school or in deferment, unlike the subsidized loan.
- Repayment begins 6 months after you graduate, drop below half time, or withdraw. Learn more about managing repayment of your student loans.
Interest Rates and Fees
- Interest rates are fixed and locked in at the date of the first disbursement of the loan
- Click here for current interest rates and fees for each type of Federal Direct Loan (Subsidized or Unsubsidized)
Loan Limits