Know your Loan programs and options
A LOAN IS A FORM OF FINANCIAL AID THAT MUST BE REPAID, OFTEN WITH INTEREST. IT'S IMPORTANT TO CONSIDER REPAYMENT WHEN APPLYING FOR LOANS. IF YOU OR YOUR PARENTS ARE INTERESTED IN ANY TYPE OF LOAN, WE RECOMMEND COMPLETING THE FAFSA FIRST SO OUR OFFICE CAN PROVIDE THE BEST LOAN OPTIONS FOR YOU. YOU HAVE THE RIGHT TO CANCEL, REDUCE, OR ACCEPT IN PART ANY OF THE LOANS THAT HAVE BEEN OFFERED OR ACCEPTED IN YOUR FINANCIAL AID PACKAGE.
Track your Loans
Access the National Student Loan Data System (NSLDS) to track your total loans borrowed. The NSLDS guide below will help you with accessing and navigating NSLDS. If you have entered repayment for your loans and need to know which loan servicer to contact about your loans the NSLDS Student guide will teach you how to access that information. It is important to note that if you are a current student who has recently received a loan (within the last 6 weeks) your new loan may not yet be added into your loan totals on NSLDS.
Money Management Tips
Your education is a great investment. Start managing that investment by acquiring money management skills that will help you make sound financial decisions, visit out Money Management section for helpful tips and information.
Loan-related Videos on YouTube.com /FederalStudentAid:
Cohort Default Rate
A cohort default rate is the percentage of a school’s borrowers who enter repayment on certain William D. Ford Federal Direct loans during a particular federal fiscal year (October 1 to September 30), and default or meet other specified conditions prior to the end of the second following fiscal year. Students who default on their loans may face the following consequences:
- The entire unpaid balance of your loan and any interest you owe becomes immediately due (this is called "acceleration").
- You can no longer receive deferment or forbearance, and you lose eligibility for other benefits, such as the ability to choose a repayment plan.
- You lose eligibility for additional federal student aid.
- The default is reported to credit bureaus, damaging your credit rating and affecting your ability to buy a car or house or to get a credit card.
- It may take years to reestablish a good credit record.
- You may not be able to purchase or sell assets such as real estate.
- Your tax refunds and federal benefit payments may be withheld and applied toward repayment of your defaulted loan (this is called “Treasury offset”).
- Your wages may be garnished. This means your employer may be required to withhold a portion of your pay and send it to your loan holder to repay your defaulted loan.
- Your loan holder can take you to court.
- You may be charged court costs, collection fees, attorney’s fees, and other costs associated with the collection process.
- Your school may withhold your academic transcript until your defaulted student loan is satisfied. The academic transcript is the property of the school, and it is the school's decision—not the U.S. Department of Education’s or your loan holder’s—whether to release the transcript to you.
New Mexico’s most recent rate: 12.8% (National Default Rates)
National rate all schools: 12.7%
National rate public four year: 7.1% (CDR National)
Withdrawing or Graduating
Withdrawing from UNM (either completely or attending less than halftime) can have implications on your loan repayment timeline. Graduating from UNM will also have implications on your loans. Please review our Withdrawing or Graduating from UNM page to review what is required of you for loan purposes upon leaving UNM.
