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To apply for a student loan, students must complete the Free Application for Federal Student Aid (FAFSA). A list of participating lenders is available at the Financial Aid Office.

The FAFSA must be complete — whether or not you are eligible to receive a Pell Grant — before you may apply for a loan. In addition, all first-time borrowers must also attend a loan entrance session.

To be eligible students must enroll in a minimum of 6 eligible credit hours in an eligible program of study. Contact the Financial Aid Office at (575) 538-6173 for further information.

Each borrower is assessed an origination fee and/or an insurance premium. The origination fee is charged by the lender and turned over to the federal government to help offset the cost of federal interest subsidies. This amount is deducted from the student loan.

Loans must be repaid. Except in cases of cancellation, you cannot avoid repayment — even if you do not complete your education. Loan repayments are canceled only if the student dies or become totally and permanently disabled. For students enlisted in the U.S. Army, the Army Reserves, the Army National Guard, or the Air National Guard, the Department of Defense may repay a portion of a Stafford loan. If you think you qualify, contact your education officer.

Click on "Mapping Your Future" to access Loan Entrance and Exit Counseling on line!

Students with loans who graduate, withdraw, or leave school, must complete an exit interview. An exit interview is a counseling session all student loan borrowers must attend before exiting WNMU. At this session, the financial aid advisor will talk about debt management, what monthly repayments will be, the average amount all borrowers owe, and options such as deferments, forbearance, and loan consolidation.

Students who have not defaulted on a loan may under certain conditions defer (postpone payment on) a loan after leaving school. See the "Borrower Rights" section of your loan information for a list of the more common conditions under which loans may be deferred. Students who feel they may be eligible for a student loan deferment must contact their lender. While applying for a deferment, the student must continue to make payments until the deferment is approved. If the payments are not continued, the student may end up in default.

Tips:

• If you drop below half-time during a term in which you are receiving a student loan, all subsequent disbursements may be canceled.
• Be an informed borrower. Review loan deferment provisions, repayment terms, and refinancing and consolidation options before your loan repayment begins.
• Keep records on all your loans, keep them up-to-date, and keep them together in one place.
• Keep your lender informed of your current address, any name changes, any changes in your repayment status, and any problems you may have with loan repayment.

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