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 range from $605 to $5,645 for full-time students.
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 Work-Study

 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  Work-Study

 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. The interest rate is variable, adjusted annually.  The interest rate will be 6.8% for loans disbursed after July 1, 2013.

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.
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 NM GED completers.  Home schooled students must complete a NM GED prior to the qualifying semester.

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 a poriton of tuition in spring semester and up to a total of 4 semesters at SJC.

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 a portion of tuition in the second semester and up to a total of 4 semesters at SJC

Covers portion of tuition only. Must attend qualifying (1st) semester with 12 credits and maintain a 2.5 GPA. Lottery will then pay for portion of 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 for an additional 4 semesters of assistance (total of 8 semesters, but only four at a two-year school). Students must complete the Lottery Transfer Form to transfer the scholarship.

 

Lottery earned at a four-year school also count toward the total of semesters when transferring to a 2-year school.
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
SCAG Grant  State Grant: Does not have to be repaid. 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 Direct Stafford Student Loans (subsidized and unsubsidized) and Federal Direct PLUS (Parent Loans).

These are further described on the Department of Education's website at www.studentaid.ed.gov.

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.