Take Control of Your Financial Future

The NMSU Financial Aid and Scholarship Department understands that loans and repayment can seem intimidating without proper guidance which is why New Mexico State University has partnered with ECMC Solutions, a private repayment counseling service that can help to explain all aspects of the loan repayment process, repayment options, and offer information about creating a budget that can help graduates stay on a good financial footing after receiving a degree.

Student Loan Resources

Students can also log into their Federal Student Aid account to review student loan history, to get more information about loan servicers, and get quick access to their student loan account. Visit the studentaid.gov website to research all available repayment plans and use their Student Aid Loan Simulator, which is designed to help explain the overall loan debt accumulated and allows individuals to explore monthly payment options that suit their specific financial situations. If you are interested in Student Loan Debt Relief please review the eligibility and requirements.

Manage Student Loans Loan Simulator Biden-Harris Student Debt Relief Plan

Avoiding Default

We don't want any NMSU student to go into default on loans because the following serious, and lasting, consequences may occur:

  • The entire unpaid balance and accrued interest becomes due and payable immediately, 
  • Loss of deferment options,
  • Loss of eligibility for additional federal student financial aid,
  • Your student account will be assigned to a collection agency,
  • Your student account will be reported as delinquent to credit bureaus, damaging your credit rating,
  • The Federal Government can and will intercept any income tax refund due to you or you and your spouse,
  • Late fees, additional interest, court costs, collection fees, attorney's fees, and other costs will be incurred in the process of collecting unpaid loan amounts and will increase your total debt amount,
  • Your employer (at the request of the Federal Government) can garnish part of your wages and send them to the government for repayment of a student loan,
  • The Federal Government can take legal action against you,
  • Loss of your state-issued driver's license, and/or
  • Loss of your professional licensure.

Defaulted Loans

If you’ve missed a payment or are having trouble making payments, immediately contact and discuss options with the organization that handles billing and other services for your loan to avoid defaulting on your account. 

If you don’t know how to contact your , you can call the  Information Center (FSAIC) at 1-800-433-3243.

Through a new initiative—called “Fresh Start”—eligible borrowers in default can access federal student aid again. Learn about the Fresh Start for loans in default. If you are a returning NMSU student with defaulted loans, please complete our Fresh Start Form and submit this document to our office.