New Mexico Student Loans And Financial Aid Programs
New Mexico has several private student loan and financial aid programs that can help you pay for college. If you're going to be attending college in New Mexico, you need to be looking to take advantage of these programs.
These programs are designed to help make college more affordable - so that you can get the education you need. These programs can include scholarships, grants, and student loans.
Don't forget that there are Federal student loan programs available as well. You can find out more on how to get a Federal student loan here.
There is also a specific order of operations to pay for college that we recommend students follow. These programs specific to the State of New Mexico can help you to avoid borrowing more money than you need to.
New Mexico Student Loan Programs
New Mexico has multiple forgivable student loan programs to help individuals going into certain fields afford college. These programs include:
- Allied Health Loan For Service Program
- Medical Loan For Service Program
- Nursing Loan For Service Program
- Minority Doctoral Loan For Service Program
- Nurse Educator Loan For Service Program
- Teacher Loan For Service Programs
To learn more about these student loan programs, go here.
If you're just looking for private student loan options, we recommend:
- Credible - Like the Kayak of student loans, they help you shop around and compare options. Try Credible here.
- Commonbond - One of the best private student loan lenders. Try Commonbond here.
For more options, check out our list of the best private student loans.
New Mexico Scholarship Programs
New Mexico has several scholarships available to students who want to attend school in the state.
Legislative Lottery Scholarship
The Legislative Lottery Scholarship will pay a portion of tuition (up to undergraduate degree) for New Mexico high school graduates or New Mexico high school equivalency recipients who want to attend a New Mexico public college or university.
A flat award based on the type of institution the student attends (Research; Comprehensive; or Community College). NMHED will notify institutions of the award for the upcoming academic year by June 1.
Learn more about the Legislative Lottery Scholarship.
New Mexico Scholars Scholarship
The New Mexico Scholars Scholarship encourages NM high school graduates to enroll in college full-time at a public or private non-profit postsecondary in NM before their 22nd birthday in an undergraduate program.
The award will cover tuition, books, and fees.
Learn more about the New Mexico Scholars Program.
Competitive Scholarship
Created to encourage out-of-state students who have demonstrated high academic achievement in high school to enroll in New Mexico public institutions of higher education.
Recipients of at least $100 in Competitive Scholarship funds per semester are eligible to be considered residents for the purpose of assessing tuition and fees
Learn more about the Competitive Scholarship.
Graduate Scholarhip
Created to increase graduate enrollment at public postsecondary institutions for students from groups underrepresented in graduate education.
This awards up to $7,200 per year.
Learn more about the Graduate Scholarship.
New Mexico Grant Programs
New Mexico also has a grant program to provide need based financial aid to New Mexico residents.
Grants are one of the best forms of financial aid because, in most circumstances, you don't have to pay the money back.
Student Incentive Grant
The NM Student Incentive Grant is for resident undergraduate students with substantial financial need who are attending a New Mexico public college or university or tribal college.
This awards $200 to $2,500 per year.
You can learn more about the Student Incentive Grant.
College Affordability Grant
The College Affordability Grant is in place to encourage New Mexico Students with financial need, who do not qualify for other state grants and scholarships, to attend and complete educational programs at a New Mexico public college or university.
This awards a maximum of $1,000 per semester.
Learn about the College Affordability Grant.
Other Options
If you already have student loans and are looking for options as a New Mexico resident, check out our New Mexico Student Loan Forgiveness Program page. That page has all the different options available to New Mexico residents to potentially get some of your student loan debt forgiven.
You might also look at refinancing your student loans and saving money in interest while also potentially lowering your payment. Check out our guide on the Best Places To Refinance Your Student Loans.
If you're looking to save for college in New Mexico, check out the New Mexico 529 Plan and College Savings Guide.
Finally, check out the other student loan and financial aid programs by state.
