Financial Aid: Student Loans
Students interested in applying for student loans must have completed the FAFSA, have a completed financial aid file, and must meet, or have met satisfactory academic progress criteria. The award letter will offer loans to eligible undergraduate students. Maximum loan amounts are based on grade level and must fut within the cost of attendance (COA)budget.
The Federal Perkins Student Loan is a five percent, simple interest loan provided to students with exceptional need. Loan repayment begins nine months after you graduate or drop below half-time enrollment (less than five credits). First-time borrowers must attend an Entrance Counseling Session.
The Federal Stafford Student Loan Program (FSSLP) offers need-based (Subsidized) and non-need based (Unsubsidized) loans. Both loans are variable interest and funds are provided by eligible private lenders such as banks or credit unions. A FAFSA is required and the application process begins when you receive an award letter and accept a loan offer. Subsidized Stafford Loans are interest free until repayment begins. Unsubsidized Stafford Loans require payment of interest (but not principal) during enrollment or capitalization of accruing interest if you defer interest payments. Loan repayment on both loans begins six months after you graduate or drop below half-time enrollment (less than five credits). First-time borrowers must attend an Entrance Counseling Session.
The Federal PLUS Loan is a variable interest loan that enables parents with good credit histories to borrow money from eligible lenders (banks or credit unions) to assist with their dependent student's college expenses. The PLUS loan may require a FAFSA (check with the Financial Aid Office) but does not require demonstrated financial need. Repayment begins 60 days after the last loan disbursement. To apply, parents complete a PLUS loan application provided by the lending institution or the Financial Aid Office
Instructions on How to Accept your Student Loan(s)
NMSU SCHOOL CODE for FAFSA is 002657
DACC SCHOOL CODE for FAFSA is E00876
FAFSA pin number website is www.pin.ed.gov
FAFSA application website is www.fafsa.ed.gov
Entrance Counseling (also known as Debt Management)
Click on Mapping your Future
To Accept Award
- my.nmsu.edu-log in with username and password
- click on student and financial aid tab
- click on Banner Self-Service
- click on financial aid
- click on award
- click on financial aid package
- select the school year and click on submit
- select your loan and click accept full amount (all awards/submit decision)
To Choose a Lender
- my.nmsu.edu-log in with username and password
- click on student and financial aid tab
- click on financial aid
- click on award
- click on choose your lender
- select lender and click submit form
E-Sign (Stafford and/or Perkins) 4-digit FAFSA pin number is required
- Click here
- under MPN click on E-sign Stafford-click on icon for your chosen lender
- under MPN click on Signmyloan for Perkins Loans only
Loan Links
Master Promissory Note
Debt Management
Entrance Counseling
Entrance Counseling is a federal requirement for all students who are entering NMSU/DACC for the first time and/or who may wish to seek a federal student loan for the first time.
This session shows you how to manage your student loans, both during and after college. The session will inform you of your rights and responsibilities as a student loan borrower.
You can do the counseling in about 10 minutes right from this page by clicking on the link below. We are glad you chose to invest in YOUR future through DACC.
Best Wishes!
Exit Counseling
The Exit Counseling session is a federal requirement for students who are graduating or exiting New Mexico State University. The session shows you how to manage your student loans after college. You can do the counseling online in about ten minutes right from this page by selecting either agency below. Before you start, you will be asked to provide three references (relatives or friends), which will always be able to contact you. Include the individual's most current name, address, and phone number. If you know the name, address, and phone number of your expected employer, please provide this as well.
You may also be asked to estimate total loan amount borrowed while at New Mexico State University. You can use NSLDS Student Access website to obtain this estimate.
Use the student loan calculator in either session to calculate your estimated monthly payment.
We are glad you chose to invest YOUR future through NMSU/DACC.
Best Wishes!
