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Types of Financial Aid Programs

Student Financial Aid Summary

The following is a summary of the U.S. Department of Education's Federal Student Aid (FSA) and New Mexico's state grant, loan, and scholarship programs for which you may qualify to help pay for school. All programs require that you meet basic eligibility requirements.

Federal Student Aid Program Type of Aid Program Details Annual Award Amounts
Federal Pell Grant Grant: Does not have to be repaid. All eligible students will receive the Federal Pell Grant amount for which they qualify. Amounts vary year to year but in 2009-2010 awards range from $486 to $5,350.
Federal Supplemental Educational Opportunity Grant (FSEOG) Grant: Does not have to be repaid. For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients; funds depend on availability at school At SJC, average award is $1,000 for two semesters

Federal WorkStudy

 Money is earned while attending school; does not have to be repaid. Student must have financial need; jobs can be on campus or off campus; students are paid $7.50/hour At SJC, average award is $2,000 to $4,000 for two semesters. Amount varies based on student eligibility.

State  WorkStudy

 Money is earned while attending school; does not have to be repaid. Student may or may not have financial need; jobs can be on campus or off campus; students are paid $7.50/hour. At SJC, average award is $2000 to $4000 for two semesters. Amount varies based on student eligibility.

*  Federal Subsidized Stafford Loan

 Loan: Must be repaid and student must be enrolled in at least six credits.

Subsidized: Interest is paid by U.S. Department of Education while borrower is in school and during grace and deferment periods. The interest rate is variable, adjusted annually, and is currently 5.6%.

Dependant: $3,500, if earned less than 30 credits. $4,500, if earned 30 credit hours or more.

Independent: $3,500 if earned less than 30 credits; $4,500, if earned 30 credit hours or more.

*   Federal Unsubsidized Stafford Loan

 Loan: Must be repaid and the student must be enrolled in at least six credits.

Unsubsidized: Interest is paid by the borrower during the life of the loan; financial need is not a requirement. The interest rate is variable, adjusted annually, and is currently 6.8%.

 

Dependent: $2,000, if earned less than 30 credits. $2,000, if earned 30 credit hours or more.

Independent: Up to $6,000 if earned less than 30 credit hours; $6,000 if earned 30 credit hours.
FFEL PLUS Loan Loan: Must be repaid and student must be enrolled in at least six credits. Available to parents of dependent undergraduate students. Award amount is cost of attendance minus any other financial aid the student receives.
SSIG Grant Grant: Does not have to be repaid. For undergraduate students, with exceptional financial need, priority is given to those students with Pell eligibility. At SJC award averages $1,000 for two semesters.
NM Legislative Lottery Scholarship  State Scholarship: Does not have to be repaid.

Awarded to NM High School graduates and GED completers.

NM High School graduates who enroll in the Fall semester (qualifying semester) with 12 or more credits maintaining 2.5 GPA, will be eligible for Lottery to pay for their tuition in Spring semester and up to a total of 4 semesters.

GED graduates who immediately enroll in the semester after receiving their GED (qualifying semester) with 12 or more credits maintaining 2.5 GPA, will be eligible for Lottery to pay for their tuition in Spring semester and up to a total of 4 semesters.

 Covers tuition only. Must attend qualifying (1st)semester with 12 credits and maintain a 2.5 GPA. Lottery will then pay for tuition for the next 4 semesters at a 2 year institution as long as requirements are being met. This scholarship is transferable to a 4 year institution. Must fill out transfer form to transfer scholarship.
New Mexico Scholarship  State Scholarship: Does not have to be repaid. Must be a NM resident, and maintain at least a 2.0 GPA. Minimum of 1/3 of funds must go to students with financial need.  Covers Tuition Only
 ACG Grant  

Must have successfully completed a rigorous secondary school program of study and graduated after January 1, 2006 for first year eligibiilty and after January 1, 2005 for second year of eligibilty.

Additional criterion: Must be a Pell Grant recipient, U.S. citizen or eligible non-citizen, enrolled in a 2 year degree program, demonstrate "need," did not receive a grant at the same level in his or her prior academic year, first time or second year student in an undergraduate program, rigorous secondary school curriculum, a minimum of 3.0 GPA, and be in an eligible major.

If you are not a NM graduate, see the Financial Aid Office to see what requirements are necessary for eligibility.

 First year students could receive $750/year. Second year students could receive $1,300/year.
SCAG Grant   State Grant For undergraduate students, with exceptional financial need. At SJC award averages $1,000 for two semesters.

 

      

 

 

 

 

Federal Assistance

San Juan College administers the following Federal Student Financial Aid programs:

  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity Grant
  • Federal Work Study
  • Federal Family Education Loan Stafford Loans (subsidized and unsubsidized) and Federal PLUS (Parent Loans).

These are described in The Student Guide for 2009-2010, which is available upon request from the SJC Financial Aid Office and online at www.studentaid.ed.gov/guide.

State Assistance

State student aid programs may provide need-based and non-need-based grants/scholarships, work, and loan programs for residents. All students who consider borrowing funds to meet their educational costs should investigate the availability of grant assistance, including state grant assistance, before taking a student loan. New Mexico Lottery, New Mexico Work Study, SCAG, 3% Scholarships, and SSIG are part of the State Assistance programs.

Private Assistance

Private scholarships/grants are available from local and national organizations and foundations. Students are encouraged to investigate their eligibility for these funds and required to report receipt of any awards to the Financial Aid Office. The Financial Aid Office notifies students of any adjustments to a financial aid package based on receipt of private scholarships.