Student Rights and Responsibilities :: UNM Financial Aid Office (2024)

As a student consumer you have the right to know:

• How to apply for Federal Financial Aid as an Undergraduate, Graduate, Transfer or Non-degree student.
• What types of financial aid is available to students from all federal, state, and institutional financial assistance programs; Scholarships, Grants, Work-Study and Loans.
• The deadlines, selection criteria, and eligibility requirements that apply to each of the programs, starting with how to apply;
• Know your total loan amount borrowed;
• The Educational Loan Code of Conduct;
• Where to and how to access the Department of Education’s publications on student loans;
• The financial aid available for study abroad programs;
• How your financial need is determined; this includes how costs for tuition and fees, room and board, travel, books and supplies, and personal expenses are included in your cost of attendance;
• How and when financial aid is paid to students ( disbursem*nt and refunds);
• How to purchase books and supplies; you can purchase books and supplies through a vendor of your choice using your financial aid refund (if applicable) or you can charge books and supplies to your Bursar Student Account at the University Bookstore and your financial aid will pay the charges (as long as you charge your books prior to your Financial Aid being refunded to you).
• How to continue to maintain eligibility for financial assistance; including how the financial aid office determines you are maintaining satisfactory academic progress and what happens if you are not;
• If you have a student loan (undergraduate or graduate), the terms of the loan such as the interest rate, cancellation provisions, total amount that must be repaid, who your loan servicer is, when repayment begins, cancellation and discharge, deferment and forbearance possibilities, and consolidation;
• The terms and conditions applicable to student employment (work-study) provided as part of a financial aid package;
• UNM withdrawal policy: the portion, if any of tuition and fees that are refunded to you if you withdraw by the designated date, and the portion, if any, of the financial aid you must pay back immediately if you withdraw before the end of the term;
• You can accept, decline or reduce any or all types of aid;
• If you reduce or decline aid, we may not be able to reverse this action as some funds are limited and distributed on a first-come, first-served basis;
• Accepting more financial aid than necessary is not advised. We will not offer more aid than needed to attend (see how aid is determined); however, you may not need all that is offered. It is in your best interest to only accept what you need.

It is your responsibility to:

• Understand and comply with the terms and conditions of Title IV aid (grants, work-study, and loans) that you receive;
• Read all University Financial Aid communications to your UNM email address;
• Know your total loan amount borrowed;
• Use financial aid funds only for education expenses (tuition, fees, room, board, books, supplies and other living costs);
• Respond promptly to all requests for supplemental information or documentation from the Office of Financial Aid;
• Know and meet the deadlines to apply and re-apply for financial aid;
• Complete all financial applications (FAFSA) and forms with thorough and accurate information;
• Read, understand and keep copies of all forms that you are asked to submit or sign;
• Notify the Office of Financial Aid if there is any change to information you reported on the FAFSA;
• Notify the Office of Financial Aid if there are any changes to your enrollment status or grade level;
• Notify the Office of Financial Aid if you receive any scholarships, grants, or other financial assistance from sources outside the university;
• Know and comply with university refund and withdrawal policies, and know any aid you may owe back;
• Maintain satisfactory academic progress to continue to be eligible for financial aid;
• Complete entrance counseling and exit counseling if you receive a Direct loan or/and Perkins Loan exit counseling;
• Notify your lender of any changes in your name, address, or school status while you are attending school and after you leave school;
• Repay any student loans you receive regardless of if you successfully completed your program;
• Perform in a satisfactory manner work agreed upon for Work-Study jobs;
• Understand that by signing the FAFSA, you agree that the information provided is accurate and complete and that if you purposely give false or misleading information, you may be fined up to $20,000, sent to prison, or both.
• View the University’s Consumer Information
• Student Privacy (FERPA)
• Satisfactory Academic Progress (SAP) Policy
• Financial Aid Code of Conduct

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Albuquerque, NM 87131, (505) 277-0111
New Mexico's Flagship University