As a result of concerns expressed by our students and faculty at New Mexico State University, NMSU’s Financial Aid and Scholarship Services has adjusted its new financial aid disbursement schedule for the fall 2015 semester. NMSU students who receive federal grant and/or loan refunds will receive the first disbursement, of 75 percent, on Aug. 19, the first day of instruction and the second disbursement of 25 percent, will be available on Sept. 9. Scholarship awards will be paid in full at the start of the semester.
In a multiple disbursement system, each disbursement will first credit a student’s university student account. After all charges to the student account have been paid including tuition and fees, students will receive any remaining refund of their federal grants and/or loans, if applicable. If students have a pending financial aid disbursement, they will not be charged late fees on the balance of their account that will be covered by financial aid or scholarship funds.
“We heard from a number of our students,” said Bernadette Montoya, vice president for student affairs and enrollment management. “Listening to their concerns, we worked with ASNMSU president Dustin Chavez to adjust the dates of disbursement.”
Montoya said the discussions between NMSU leadership and students will continue throughout the fall semester and academic year. The NMSU system is taking proactive steps to help reduce the student default rate at the institution.
“We need our students’ help in resolving the default issue before it ends up impacting all of our students negatively,” Montoya said. “We realize that financial aid plays a key role in our students’ ability to reach their goals at the university and we want to do everything we can to help them succeed.”
NMSU’s goals are to limit the university’s liability for federal aid paid to students who become ineligible for funds due to changes in their enrollment and to decrease the number of defaults on existing college loans.
To ensure a full aid package is disbursed, students will need to receive notification of eligibility after completing a FAFSA, fulfill all aid application requirements and enroll in the required number of credit hours to maintain eligibility and satisfactory academic progress. Students should contact their assigned financial aid adviser to address individual financial situations and answer any questions about the types and sources of aid they might be eligible for.