What is the difference between a subsidized loan and an unsubsidized loan?
A subsidized loan is where the Federal government pays the interest as long as you are enrolled at least half-time in an accredited institution. You make no payments on either principal or interest until six months after you graduate or drop below half-time enrollment.
An unsubsidized loan begins accruing interest immediately. The Federal government will send you statements of the interest accrual every four to six months after disbursement. You will have the option of paying the accrued interest at that time, or deferring the interest until after you graduate or drop below half-time status. If you can, we suggest that you avoid compounded interest by paying the interest as it comes due.
A friend received a subsidized loan for the fall semester but mine is unsubsidized loan. Can I change to a deferred-interest subsidized loan?
Financial Aid awards are based on "need" as determined by the federal processor, in response to your Free Application for Federal Student Aid (FAFSA). The Estimated Family Contribution (EFC) is the amount the federal government has determined that your family should reasonably be able to pay each year toward your education.
We use the following formula to award loans:
Unmet need = Cost of going to school – Estimated Family Contribution
If this formula indicates that you have unmet need, then you qualify for a subsidized loan. If not, you are only eligible for unsubsidized loans.
I think my family income is too high for me to get any financial aid. Should I still file a Free Application for Federal Student Aid (FAFSA)?
Yes. Even though you may not qualify for any free grant money, every U.S. citizen who is not in default on a prior student loan is eligible for at least an unsubsidized loan. The FAFSA also determines if you are eligible for many of the scholarships at ENMU. It's a good idea to file a FAFSA every year to make sure you are considered for every form of financial aid you may qualify for. Also, you must complete your FAFSA before you can get any student job on campus.
I’ve received mailings from companies that offer to find scholarships and financial aid. Which ones do you recommend?
There are many private businesses that offer "guaranteed scholarship and financial aid searches." The fees for these services usually vary from $25 to $400. We advise you to be wary of these services. Usually the company does nothing more than file a FAFSA for you. Legally, if they inform you of your eligibility for Pell grant and subsidized or unsubsidized loans, then they have fulfilled their contract. The Financial Aid Office will do this for you automatically, at no cost to you or your family. Scholarship information is also freely available on the Internet. For more information visit the Financial Aid page.
Why did I get more financial aid last year than this year?
Financial aid may change from year to year for many reasons. The most common reason is an increase in income reported on the Free Application for Federal Student Aid (FAFSA) by either you or your parent(s) or late filing of the FAFSA.
When should I file the Free Application for Federal Student Aid (FAFSA)?
As soon as possible. You can't file before Jan. 1 for the following fall semester, but you should file as soon after that as you and your parents’ tax information is available. Some forms of aid, such as Pell grants and student loans, are available year-round, but other funds are only awarded on a "first come, first served" basis. We strongly urge you to file a FAFSA online for quicker processing.
I haven’t made up my mind about where to go to college. Should I wait to file a FAFSA until I decide?
No. Don't wait to file your FAFSA until you’ve made a final decision. Waiting could result in a smaller financial aid award. You can list up to six different schools on the FAFSA. We suggest that you list all the schools you’re considering and file as soon as possible.
My parents and I aren’t comfortable in releasing our income tax information. Is this really necessary?
Yes. Your financial aid application will not be processed without this information. The federal government ‘s formula to determine financial need is based on income, assets, the number in your household and various other factors.
My Student Aid Report (SAR) from the federal processor says I was selected for "verification." What does this mean and why was I selected?
Verification is the process the federal processor uses to verify applications for financial aid. The federal processor randomly selects approximately one in every three applicants for verification. If selected, you must provide copies of the front and back of the federal 1040 tax forms for you and your parents. The tax forms must be signed and submitted to the office of scholarships and financial aid along with a verification form available from that office.
The amount offered on my award notice is lower than the estimated cost to attend ENMU. How can I get more financial aid?
You or your parents can obtain alternative loans to help meet the costs of your education. The Office of Financial Aid would be happy to explain the alternatives that are available.
I have lived on my own for over a year now without any support from parents. Why do I need their tax information to apply for financial aid?
The federal government considers a student dependent on his or her parents for purposes of financial aid until one the following occurs:
- You turn 24-years-old
- You enroll in a graduate program
- You are married
- You are an orphan or ward of the court
- You are a veteran of active military service
- You have one or more dependent children
Until you meet one of these criteria, your parents’ income is considered in the determining your financial aid eligibility, even though they may not be contributing toward your educational expenses.
How much does it cost to attend ENMU?
Tuition and housing costs vary slightly from year to year. Here are the latest tuition and fees. Your financial aid award notice will also include a projected budget that includes the average costs that the average student spends while attending ENMU, including transportation and miscellaneous expenses.
How much do books cost?
The cost for books and supplies varies each semester. We estimate your cost to be around $400 each semester.
How can I find scholarships at ENMU?
Eastern offers freshman academic scholarships for both in- and out-of state students, based on their ACT/SAT scores. We also have scholarships for transfer students and international students.
Call the Enrollment Services at 575.562.2178 (800.FOR.ENMU toll-free) if you have scholarship questions.
ENMU participates in the New Mexico Lottery Success Scholarship program. We offer "Starter Scholarships" through the ENMU Foundation, which awards endowed and privately funded scholarships.
Can I get a waiver for out-of-state tuition?
Texas students who live within 135 miles of ENMU qualify for an automatic waiver for out-of-state tuition. Read more about the Texas 135 Tuition Waiver. Some other scholarships waive the difference between in-state and out-of-state tuition.
How do I apply for financial aid?
Eastern's Office of Financial Aid has a step-by-step walk-through which shows students how to complete the FAFSA. Eastern's code is 002651.
Will I receive a refund check?
Each student has an account set up through the Office of Student Accounts. This account reflects charges and payments such as orientation fees, tuition, housing charges, meal plans, books and others.
Once you have completed the necessary paperwork with Financial Aid, we will credit your account. If your financial aid is more than your charges, you'll receive a "refund" check for the difference. You can use the refund for any education-related expenses. If your financial aid is not sufficient to cover the charges, then you must pay the balance or set up a payment plan.