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Frequently Asked Questions

What is the first step I should take in applying for financial aid?

 

There are several steps you need to take in order to begin the financial aid process.

§  Apply for a U.S. Department of Education personal identification number (PIN). Your PIN will allow you to electronically "sign" financial aid applications. Parents of dependent students need their own PIN. Apply for a PIN online at pin.ed.gov. If you already have a PIN from the U.S. Department of Education, you can reuse it year after year. You don't need to obtain a new one.

§  Complete the Free Application for Federal Student Aid (FAFSA) online at fafsa.ed.gov. You are encouraged to file the FAFSA by our priority filing date of April 1.

What is the school code for Western New Mexico University that I should use when I complete the FAFSA?

 

WNMU”S Federal School Code (also known as the Title IV Institution Code) is 002664.

 

What is the PIN?

The Personal Identification Number (PIN) serves as your identifier to let you access your personal information in various U.S. Department of Education systems. It's like the PIN you get from your bank that permits you to access your account. The PIN also allows you to sign your federal student aid application online and allows you to correct your application data online.

In the interest of keeping your personal information secure, do not share your PIN! You should never give your PIN to anyone. Be sure to keep your PIN in a safe place.

 

How many credit hours must I take to be considered full-time for financial aid?

 

Undergraduate students must enroll for at least 12 credit hours each semester in order to be considered full-time. Graduate students must enroll for at least 9 credit hours each semester in order to be considered full-time.

 

How do I check on my financial aid award?

 

Login to Mustang Express

Click “Student Tab”

Click “Financial Aid”

Click “My Award Information

Click “Award by Aid Year”

Select “Aid Year”

Click “Accept Award Offer Tab”

 

How do I check what documentation is needed to complete by file?

 

Login to Mustang Express

Click “Student Tab”

Click “Financial Aid”

Click “My Eligibility”

Click “Student Requirements”

Select “Aid Year”

 

Where do I find the forms needed to complete my financial aid file?

 

Go to our website www.wnmu.edu

Click “Financial Aid”

Click “Forms Library”

 

 

Can I receive financial aid for summer classes?

 

In some cases, students are eligible for financial aid during the summer term.

§  If you received a Federal Pell Grant and did not enroll as a full-time student during either the preceding Fall and Spring semesters, you may have remaining Federal Pell Grant eligibility for the summer. You must contact the Financial Aid Office and inform them that you have not received your entire yearly Federal Pell Grant award and that you are enrolled for the Summer semester.

§  Once you have received a Pell Grant for 12 semesters, or the equivalent, you are no longer eligible for additional Pell Grants.

§  If you did not borrow the annual maximum Federal Stafford Loan during the preceding Fall and Spring semesters, you may be eligible to borrow a Federal Stafford Loan during the summer. You must send an email to staffordloans@wnmu.edu  and request a loan for the summer term.

What is the difference between a subsidized Stafford Loan and an unsubsidized Stafford Loan?

 

A subsidized loan is awarded on the basis of financial need. If you qualify for a subsidized loan, the federal government pays the interest on the loan ("subsidizes" the loan) as long as you remain enrolled on at least a half-time basis until repayment begins. An unsubsidized loan is not awarded on the basis of financial need. If you qualify for an unsubsidized loan, interest will be charged from the time the loan is disbursed until it is repaid in full. You may choose to pay the interest while you are in school or allow it to accumulate. If you allow the interest to accumulate, it will be capitalized - that is, the interest will be added to the principal amount of the loan and will increase the amount that has to be repaid. If the interest is paid as it accumulates, you will have less to pay in the long run.

 

How much am I allowed to borrow each year in student loans?

 

The amount you can borrow each year from the Direct Subsidized Federal Loan program is between $3,500 and $8,500 depending on year in school.

 

The amount you can borrow each year from the Direct Unsubsidized Federal Loan program is between $5,500 to $20,500 (minus any subsidized amount received for the same period) depending on year in school and dependency status.

 

I am transfer student from another school OR I am transferring to another school. How do I get my financial aid transferred?

 

Some, but not all financial aid can be transferred from one college to another. You should contact the Financial Aid Office at the college you are leaving as well as the Financial Aid Office of the college you will attend. You can find out from them what aid transfers and what aid does not transfer. You should inform them of your transfer plans and find out if there are any requirements you must fulfill as you transfer.

 

 

 

 

 

 

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