New Mexico College Grants and Scholarships: Options and How to Apply

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

new mexico grants
Logo

OUR PROMISE TO YOU: Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less


Need a student loan?

Check out our top picks below or learn more about other ways to pay for college.
1.09% to 11.98% 1
VARIABLE APR

Visit Lender

1.25% to 11.10% 2
VARIABLE APR

Visit Lender

1.24% to 11.99% 3
VARIABLE APR

Visit Lender

  • Variable APR

Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government, student loan lenders and others. Check out our Student Loan Hero Coronavirus Information Center for additional news and details.

*          *          *

If you’re attending college in New Mexico, know that there is a wide array of financial aid awards available. New Mexico grants and scholarships, as well as those available nationally, can make a massive difference in how much you end up paying for your education.

Here’s a rundown on how to get New Mexico grants and scholarships, along with a few specific awards to consider applying for.

How to get New Mexico grants and scholarships

Grants are typically based on financial need, while scholarships are usually merit-based (for athletic or academic performance, for example). You can apply for both types of awards at the local, state, federal and institutional levels.

Your eligibility for New Mexico grants starts when you complete the Free Application for Federal Student Aid (FAFSA). This will let you know how much money you’ll receive for college from the federal government and often from the state government as well.

After you’ve completed the FAFSA, you’ll get an award letter detailing your Expected Family Contribution (EFC), which is the amount your family is expected to pay toward your tuition, fees, books and other college costs. Schools use your EFC to determine how much aid you could receive in the form of grants, loans and work-study.

At the same time, you’ll want to look for scholarships outside of what’s available via the FAFSA. Try out some of the major scholarship search tools to find awards that you qualify for.

Grants for college in New Mexico

There are two grants available through the state of New Mexico, as well as a few options from the federal government. You might be able to find college-specific grants as well, depending on the institution you choose to attend.

Here are six grants you might be eligible to receive:

1. College Affordability Grant
2. Student Incentive Grant Program
3. Pell Grant
4. Federal Supplemental Educational Opportunity Grant (FSEOG)
5. Teacher Education Assistance for College and Higher Education (TEACH) Grant
6. Iraq and Afghanistan Service Grant

1. College Affordability Grant

If you don’t qualify for any other state scholarships or grants, you could be eligible for the College Affordability Grant.

This grant offers up to $1,500 per semester to eligible students. You must be a New Mexico resident who is enrolled in or planning to enroll in a New Mexico public college or university or tribal college (sorry, private schoolers).

You’ll be considered for aid on an annual basis for undergraduate programs only, with full-time or part-time enrollment. Schools have different enrollment periods, so contact your institution of choice about how to apply for this grant. Also, make sure you complete the FAFSA.

2. Student Incentive Grant Program

The Student Incentive Grant Program is available to New Mexico residents attending a New Mexico public college or university. The award amount varies between $200 and $2,500 per year, depending on your need.

Aid is given on an annual basis for undergraduate programs only, with at least half-time enrollment. You’ll need to apply through your school’s financial aid office. That means the deadline varies depending on the college or university.

3. Pell Grant

The federal Pell Grant is one of the biggest grants in the country. Your award will be based on your financial need and EFC. You’ll need to complete a FAFSA to qualify. The earlier you complete the application, the more money you might receive based on your need.

4. Federal Supplemental Educational Opportunity Grant (FSEOG)

The Federal Supplemental Educational Opportunity Grant (FSEOG) is administered by participating schools. To find it if your college offers the FSEOG, check with the financial aid office. You must complete the FAFSA to be considered, and you should apply as early as possible.

FSEOG money is awarded on a first-come, first-served basis, and once it’s exhausted, no more grants are awarded for the rest of the year.

5. Teacher Education Assistance for College and Higher Education (TEACH) Grant

You might be eligible to receive the Teacher Education Assistance for College and Higher Education (TEACH) Grant if you complete certain classes and agree to become a teacher after you graduate. If you don’t meet the requirements, the funds will be converted to a Direct unsubsidized loan, which you’ll have to repay.

6. Iraq and Afghanistan Service Grant

If your parent or guardian died in military service in Iraq or Afghanistan after Sept. 11, 2001, you might be eligible for an Iraq and Afghanistan Service Grant. If you meet all the requirements for a Pell Grant, excluding the EFC, you might receive this service grant instead. You can receive an award equal to the maximum Pell Grant award, which can change yearly, but you’ll get only one or the other.

Apply now for New Mexico grants

Grants are worth applying for even if you don’t think you’ll get them. Not all eligible students apply for grants and scholarships, so that means a lot of money is left on the table.

It’s important for you to take advantage of all available money options, including New Mexico grants. Explore everything at the local, state and federal levels, whether that includes grants or federal student loans. If you’re still coming up short, consider private student loans, which can help make sure you’ve got enough money to pay for school.

Rebecca Safier contributed to this report.

Need a student loan?

Check out our top picks below or learn more about other ways to pay for college.
Variable APRDegrees That QualifyMore Info
1.09% – 11.98%1 Undergraduate
Graduate

Visit College Ave

1.25% – 11.10%2 Undergraduate
Graduate

Visit SallieMae

1.24% – 11.99%3 Undergraduate
Graduate

Visit Discover

1.05% – 11.44%4 Undergraduate
Graduate

Visit Earnest

1.78% – 11.89%5 Undergrad & Graduate

Visit SoFi

2.69% – 12.98%6 Undergraduate
Graduate

Visit Ascent

3.52% – 9.50%7 Undergraduate
Graduate

Visit CommonBond