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If you’re planning to attend a college or university in New Mexico, there are several options that could help you pay for it — including scholarships, grants, and New Mexico student loans.
Whether you’ll be attending Central New Mexico Community College, the University of New Mexico, New Mexico State University, or any of New Mexico’s other schools, you can expect to spend about $6,807 per year on average for in-state tuition.
Here are four ways to pay for school in New Mexico:
- Start with scholarships and grants for New Mexico students
- Apply for federal student loans
- Use private student loans to fill in the gaps
- Consider New Mexico Loan-For-Service Programs
1. Start with scholarships and grants for New Mexico students
If you need to cover education costs, college scholarships and grants could be a great choice since you won’t have to pay them back.
Here are some scholarships and grants available specifically for New Mexico students:
- New Mexico Alliance General Scholarships: If you’re a full-time student of Hispanic heritage with at least a 3.0 GPA, you might qualify for a scholarship ranging from $1,000 to $2,500.
- New Mexico Legislative Lottery Scholarship: This award could fund part of your tuition for up to seven semesters in a row, starting with your second semester of study.
- New Mexico Scholars Scholarship: This scholarship is available to low-income students whose families earn less than $60,000 per year. You’ll also need to be in the top 5% of your class or have a good score on the ACT or SAT.
- New Mexico Student Incentive Grant: This award is worth $200 up to $2,500 and is available to students with financial need who are enrolled at least half time in an undergraduate program.
- Sussman-Miller Educational Assistance Award Program: If you have a financial gap between your college costs and financial aid ranging from $500 to $8,000, this program offers financial assistance from $500 to $2,000.
Some colleges and universities also offer school-specific grants and scholarships, which are often awarded based on your FAFSA results.
If scholarships and grants don’t fully cover your education costs, federal or private student loans could help fill any gaps left over. Just remember to consider how much these loans might cost you in the future so you can prepare to pay them back.
You can find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan, assuming you're making full payments while in school.
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2. Apply for federal student loans
If you still need to borrow money for school, federal student loans are a good place to start. This is mainly because they come with federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.
Here are the main types of federal student loans you might be eligible for as a New Mexico student:
- Direct Subsidized Loans are available to undergraduate students with financial need. The government pays the interest on these loans while you’re in school, which means you won’t have as much to pay back later.
- Direct Unsubsidized Loans are available to both undergraduate and graduate students regardless of financial need. Unlike subsidized loans, you’re responsible for all of the interest that accrues on these loans.
- Direct PLUS Loans come in two types: Grad PLUS Loans for graduate students who need to pay for grad school and Parent PLUS Loans for parents who want to pay for their child’s education. Keep in mind that PLUS Loans come with higher interest rates than subsidized and unsubsidized loans. They also require a credit check.
| Loan type | Who qualifies? | Interest rates | Loan limits |
|---|---|---|---|
| Direct Subsidized Loans | Undergrad students with financial need | 5.50% | $3,500 to $5,500 per year |
| Direct Unsubsidized Loans | Undergrad, graduate, and professional students | Undergrad: 5.50% Graduate and professional: 7.05% | Dependent undergrad: $5,500 to $7,500 per year ($31,000 total limit) Independent undergrad: $9,500 to $12,500 per school year ($57,500 total limit) Graduate and professional: $20,500 per year ($138,500 total limit) |
| Direct PLUS Loans | Parents, graduate students, and professional students | 8.05% | Cost of attendance minus any other financial aid received |
After you submit the FAFSA, your school will send you a financial aid award letter explaining the amounts and types of federal student loans you’re eligible for.
3. Use private student loans to fill in the gaps
If scholarships, grants, and federal student loans don’t fully cover your costs, private student loans could help fill any gaps left over. Depending on your credit, you might get a lower interest rate on a private student loan than on a federal student loan.
If you’re considering federal vs. private student loans, also note that private loans generally don’t offer the same amount of benefits and protections (such as access to income-driven repayment and student loan forgiveness programs) as federal loans.
If you can’t get approved on your own, you could also consider applying with a creditworthy cosigner. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
Before taking out a private student loan, be sure to shop around and compare as many lenders as possible to find the right loan for you.
Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes. Each of the lenders in the table below is a Credible partner available to New Mexico residents.
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan terms (years) | Loan amounts |
|---|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.69%+10 | 6.01%+10 | 5, 7, 10, 12, 15, 20 (depending on loan type) | $2,001* to $400,000 |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.99%+1 | 5.99%+ | 5, 10, 15 | $1,000 to $350,000 (depending on degree) |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
3.69%+2,3
| 5.59%+2,3 | 5, 8, 10, 15 | $1,000 up to 100% of the school-certified cost of attendance |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.75%+ | N/A | 10, 15 | $1,500 or $2,000 up to school’s certified cost of attendance (depending on school type and minus other aid received) |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 3.690%9 - 15.49%9 | 5.54%9 - 15.70%9 | 10 to 20 | $1,000 up to 100% of the school-certified cost of attendance |
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your credit score. 100% free! Compare Now |
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | Read our full methodology | 10Ascent Disclosures | 1Citizens Disclosures | 2,3College Ave Disclosures | 11Custom Choice Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures |
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4. Consider New Mexico Loan-For-Service Programs
There are some professional-level jobs in New Mexico that are in particularly high demand, such as:
- Nurses
- Doctors
- Dentists
- Optometrists
- Teachers
- Veterinarians
If you’re interested in one of these programs and are sure you’ll stay in New Mexico after graduation, then you might consider looking at the state’s Loan-For-Service Programs.
For every year of service, a portion of your loan will be forgiven. If you complete your full time of service, the program will forgive 100% of your loan.
Check Out: On-Campus vs. Off-Campus Costs
Students in New Mexico have plenty of options to pay for college
Whether you’re attending community college, a trade school, or another type of New Mexico school, using a mix of these strategies could help you pay for college.
If you decide to take out a private student loan, remember to consider as many lenders as you can to find a loan that suits your needs. Credible makes this easy — you can compare multiple lenders in two minutes after filling out just one form.
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