- General Loan Information
Federal Family Educational Loan Program
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
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
To be eligible students must enroll at least half time 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. This amount is deducted from the student
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 lender.
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.
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
they may be
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.
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If you decide to borrow, here are some points to remember:
- If you drop below half-time during a term in which you are
receiving a student loan, all subsequent disbursements may
- 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.