常见问题

 

Frequently Asked Questions

 

What is 金融援助?

Financial aid is money in the form of grants, scholarships, loans, and employment to assist in paying for your college education. 的 two main types of aid are:

• Merit-Based Aid: Usually a scholarship.
• Need-Based Aid: Awarded to students who can show need according to a formula. 的 three types of need-based aid are:

奖助金: federal or state gift funds that do not have to be paid back. 的 three types of grants available at 世界十大博彩公司网站 are Pell 奖助金, SEOG and NMSIG.
贷款: borrowed money that has to be paid back over a period of time, usually after a student 离开学校. 世界十大博彩公司网站 participates in the 联邦 Direct Stafford Subsidized and Unsubsidized Loan program and the Parent PLUS Loan for Undergraduate Students.
勤工助学: money that a student earns by working a part-time job, generally on campus. 基金 used to pay for the major portion of a work-study student’s earnings come from either the 联邦 勤工助学 Program or the State of New Mexico 勤工助学 Program.

What is financial need?

Financial need is the difference between your total annual educational expenses (cost of attendance) and the amount you and your family are expected to pay based on the results of your Free Application for 联邦 Student Aid (FAFSA). 的 amount that you and your family are expected to pay is called the Student Aid Index (SAI). 的 cost of attendance will be different at each school, but the SAI remains the same. Your financial need will differ from school to school because the cost differs.

Cost of Attendance – Student Aid Index = Financial Need

What is included in the cost of attendance?
的 cost of attendance usually includes:

• Tuition and fees
• Books and supplies
• Living Expenses - Food and Housing 
• 运输
• 贷款费用
• Personal and miscellaneous expenses
  

 

Am I supposed to help pay the cost of attendance?

Yes, one of the principles behind need-based aid is that students and their families should pay what they can afford for educational expenses. This means that you will be expected to help pay for your education, and if you are a "dependent" student, your parents may also be expected to help.

How is dependency status determined?

You are considered a dependent student for 金融援助 purposes unless you meet one of the following criteria:

• Born before date specified on current FAFSA;
• Orphan, ward of the court, or have been in foster care since the age of 13;
• Veteran of the U.S. 武装部队;
• Currently servicing on active duty in the U.S. Armed Forces for purposes other than 培训;
• Have legal dependents whom receive more than half their support from you;
• Will be a graduate student during aid 一年 applied for;
• Married before the date you complete your FAFSA;
• Emancipated minor or in legal guardianship; or
• Have been determined to be an unaccompanied youth who is homeless
  

 

的 FAFSA asks for previous tax 一年 income information. 的re has been an extreme change of income in my family. What should I do?

Answer all the questions as asked and when you receive your FAFSA Submission Summary you should contact the Office of 金融援助 and explain your special circumstances. We may be able to assist you. You will need to complete the Special Circumstances Form and submit with all required documentation to support the change of circumstance.

How is Student Aid Index (SAI) calculated?

A standard formula is used to calculate a student’s SAI. You and your parents, if you are a dependent student, provide the information used in the formula by completing a Free Application for 联邦 Student Aid (FAFSA).

的 standard formula looks at family size, family income, and assets. Assets include cash, checking and savings accounts, equities in a business, investments and real estate, and in some cases, farm equity. Equity in the family home is not included. From this information an SAI is calculated. If the SAI is not enough to cover your educational expenses, as determined by the school, you may be eligible for need-based 金融援助.

How do I apply for need-based 金融援助?

You will need to apply for need-based 金融援助 every 一年 by completing a Free Application for 联邦 Student 金融援助 (FAFSA), preferably by Feb. 每年14个. 的 FAFSA includes all the information necessary to determine your Student Aid Index and must be completed if you want to be considered for any of the federal programs sponsored by the U.S. Department of Education.

How do I apply for merit-based aid?
You will need to check several sources to apply for merit-based aid. 一个重要的 source is your high school guidance counselor’s office. Your guidance counselor will have details about many local scholarships.

的 世界十大博彩公司网站 Foundation offers many scholarship opportunities from a variety of donors. You can apply for a 世界十大博彩公司网站 Foundation scholarship here 奖学金. 的 application for the upcoming school 一年 becomes available in January of each 一年.

的re are various other sources you may want to check out. You should never pay a fee for a scholarship search! Check out our scholarship page!

Are there other eligibility criteria to be eligible for federal aid?

Yes, you must also meet the following criteria:

• 是美国人.S. citizen or eligible noncitizen;
• have a valid Social Security number;
• be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
• be enrolled at least half-time to be eligible for Direct Loan funds;
• maintain satisfactory academic progress;
• sign statements on the FAFSA stating that you are not in default on a federal student loan and do not owe money on a federal student grant and you will use federal student aid only for educational purposes; and show you are qualified to obtain a college degree by having a high school diploma, a General Educational
• Graduated High School, earned development GED certificate, HiSET, or have completed a high school education in a homeschool setting approved under state law.
  

 

How will I hear about my aid eligibility?

You can track the status of your 金融援助 application, outstanding requirements, and aid offers by logging in to your 世界十大博彩公司网站 T-Bird Portal. Select Self Service Banner, then 金融援助, and 金融援助 Dashboard. You can also select the College Financing Plan to see your estimated Cost of Attendance and 金融援助 offers that have been applied to your account. Also, keep close check on your 世界十大博彩公司网站 email for 金融援助 通知. If you have any questions about your eligibility for 金融援助, 请电子邮件 financialaid@yygmbg.com or call 575-392-5172. 

I find the 金融援助 process very confusing. Should I pay a fee to a company that specializes in 金融援助?

Beware of companies that charge a service fee to process aid applications. 世界十大博彩公司网站的 Office of 金融援助 provides the same service at no charge! Also beware of services that charge a fee to help you locate scholarships. Your chances are just as good if you invest the time doing the research at your local libraries and high school guidance 办公室.

What is the "Return of Title IV funds"?

的 Department of Education requires 世界十大博彩公司网站的 Office of 金融援助 to recalculate federal 金融援助 eligibility for students who withdraw, drop out, are dismissed or take a leave of absence prior to completing 60 percent of the semester. 联邦 Title IV aid includes Pell Grant, Supplemental Educational Opportunity Grant (SEOG) and the Stafford Loan and the PLUS loan.

A student who receives all F’s for the semester is also subject to a Return of Title IV funds recalculation. 的 calculation will be based on the student's last date of active attendance in all classes as reported by course instructors.

Students who meet any of the above situations will be subject to the return of Title IV calculation. This may require the student to repay a portion of their 联邦 aid back to the Department of Education and/or the College.

I have heard NM residents may qualify for free tuition and fees. How does that work?

Yes, NM residents that meet the eligibility requirements may receive state scholarships called the NM Legislative Lottery and/or NM Opportunity scholarships. 为了找出答案 more regarding the eligibility requirements for these funds, click 在这里.