Starting this fall, the NMSU system will disburse first-time loans for freshman borrowers 30 days after the semester starts, on September 20, 2013 for the Fall 2013 semester. This change will promote retention by lowering both your debt burden, with the added benefit of lowering NMSU’s institutional default rates.
All students face uncertainty during their first semester. As you adjust your schedule during the first 30 days of the semester, this delay in disbursement will give the Financial Aid Office the flexibility to adjust loan amounts to better reflect your financial aid eligibility. This will reduce the need for collecting returned financial aid for courses that you may have dropped during this period, thus keeping your debt burden lower, which in turn encourages you to return to NMSU.
The Financial Aid Office anticipates that this loan disbursement schedule will promote better financial management, as you will be given your funds closer to when your bills are due. Such a delay is standard in many financial aid offices and was formerly the policy at NMSU.
NMSU Financial Aid does not anticipate that this change will affect your ability to pay for books, tuition, and other charges. University Accounts Receivable is aware of this change and understands that you will be receiving loan disbursements later in the semester. Credit up to $500/semester is available from Barnes and Noble (online or in the campus store) for purchasing books and supplies. Any concerns you may have regarding this change will be dealt with on a case-by-case basis by your Financial Aid Advisor, based on their professional judgment.