Transcript Parent’s Orientation - University of New Mexico

Education is Affordable at UNM
What Is Financial Aid?
• Scholarships
• Grants
• Loans
• Student Employment
opportunities
Financial Aid is Available…
from the following:
• Federal
government
• State of New
Mexico
• University of
New Mexico
• Tribal agencies
• Scholarships
Free Application for Federal Student
Aid (FAFSA)
 The Dept. of Education compiles student
and family information used to calculate
the student’s Expected Family
Contribution (EFC)
 File the FAFSA on the Web at
www.fafsa.gov
 UNM’s priority filing date is March 1st
FAFSA on the Web Worksheet
FAFSA Worksheet
 10-page booklet
 Print to use as a
“pre-application”
worksheet
 Questions follow
order of FAFSA on
the Web
 FAQ is available
within the worksheet
Requires a PIN to sign
on-line:
www.pin.ed.gov
www.fafsa.ed.gov
-File online
-Use the
worksheet
-Obtain your
pin number
Information Needed
for FAFSA Worksheet
• Social Security Number
• Taxed and Untaxed Income
• Family information
• File your taxes as early as possible
• You may use estimated tax
information to meet the priority
date
Expected Family Contribution
The Expected
Family
Contribution
(EFC) is used to
determine your
eligibility for
financial aid.
Cost of Attendance
• Tuition and Fees
• Room and Board
• Books and Supplies
• Transportation
• Miscellaneous
• Costs vary between universities
What is Financial Need?
Cost of attendance
minus
Expected family
contribution
equals
“Financial need”
UNM VC Undergraduate Budget
2010/2011
Dependent
student
living with
parent
Dependent
student
living off
campus
Independent
student
living Off
campus
Tuition & Fees
1434
1434
1434
Room & Board
2858
7948
7948
Books & Supply
944
944
944
Transportation
1660
1660
1660
Miscellaneous
1860
3044
3044
$8756
$13846
$15474
Total
Grants
– Does not have to be paid back
– Usually awarded on the basis of financial
need
• Federal Pell Grant
• Federal Supplemental Educational
Opportunity Grant
• State Student Incentive Grant (SSIG)
• UNM Legislative Grants
Loans
– Money students and parents borrow to
help pay educational expenses.
– Repayment usually begins six months
after graduation
• Subsidized Stafford
• Unsubsidized Stafford
• Parent Loan (PLUS)
Student Employment
Allows students to
earn money to
help pay
educational costs
•Workstudy (Need & No-Need)
– Requires FAFSA
•Student Employment
– No FAFSA needed
Student Employment Website
http://www.unm.edu/~wsestudy/
Satisfactory Academic
Progress
Federal regulations require that students
maintain satisfactory academic progress.
•2.0 Cumulative GPA
•67% Completion Average
•150% of required degree hours
Scholarships
– Eligibility requirements vary
– May require FAFSA
– Deadlines and application
procedures vary
– Where can I find
scholarships?
• Internet: www.fastweb.com
• Scholarship Office – Scholarship
binder
• Check with your tribal higher
education office
Legislative Lottery
Scholarship
Pays tuition only
Begins 2nd semester
No application required
Requirements:
•NM Resident
•Graduate of NM High School or NM GED
•Full-time student
•Minimum 2.5 GPA
http://www.unm.edu/~unmvc/finaid/finaid.htm
LoboWeb
Enter LoboWeb through https://my.unm.edu
Self-Service - LoboWeb
Important Web Sites
Financial Aid
https://my.unm.edu
http://www.unm.edu/~unmvc/
Scholarships
http://www.fastweb.com
Loan Counseling and Promissory notes
https://studentloans.gov
FAFSA on the Web
http://www.fafsa.ed.gov