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Loans

Financial Aid and Scholarship Services at New Mexico State University is committed to providing educational funding options to students and parents to fulfill students’ goals and dreams.

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study or because you’re having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years and review your borrower rights and responsibilities.

Please note that single semester loans will be split into two disbursements. This means that if you take a loan for the fall only, the spring only or the summer only, the first half of the disbursement will occur as normal and the second half of the disbursement will follow 24 hours later.

To learn more about Federal Student Loans and how to manage your debt, visit the Federal Student Aid Gateway.

About Student Loans…

Loan Basics

  • Master Promissory Notes
  • Entrance Counseling
  • Accept a Loan
  • Exit Counseling
  • NSLDS – The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED’s) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.

Loans, both federal and private, are used to supplement personal and family resources, scholarships, grants, and workstudy and must be repaid.

How to Apply for Federal Direct Student Loans?

(e.g. Subsidized, Unsubsidized, Parent PLUS, and Graduate PLUS)

Step 1. Complete the Free Application for Federal Student Aid (FAFSA)
Step 2. Accept your Loan
Step 3. Complete Entrance Counseling
Step 4. Complete Master Promissory Note (MPN)

How to Apply for a Federal Perkins Loan?

Step 1. Complete the Free Application for Federal Student Aid (FAFSA)
Step 2. Accept your Loan
Step 3. Complete Entrance Counseling
Step 4. E-sign your Perkins MPN

How to Apply for a Private Loan?

Step 1. Select a Lender
Step 2. Complete and e-sign the Master Promissory Note