The yearly financial aid cycle is switching gears, distributing aid in the fall semester instead of the summer, and it goes into effect this year.
Ron Martinez, the UNM student financial aid director, said this change will alter the distribution of Federal Pell grants and loans and may affect some student's funding for the summer.
He said the change will allow students to use more of their grant money for fall and spring, which is when more classes are offered.
Previously, students received one-fourth of their Pell grants during summer, one-half for fall and one-fourth for spring. On the new system, students will receive half of their Pell grants in fall, half in spring and the remainder of the funds in the summer if any aid is left.
Martinez said if students attend UNM full-time during spring and fall semesters, they will not have Pell grant money for the summer. He said they could, however, be eligible for a Federal Perkins loan and work-study.
The federal government reimburses the University for Pell grants, which students do not have to repay. The grant provides students with $400-$3,300, depending on their financial need. The Perkins loan is a low-interest loan for undergraduate, graduate and professional students with financial need.
Martinez said students who received their maximum amount of direct loans for 2000-01 will not receive the loans this summer. According to the Student Financial Aid Guide, freshman students can receive direct student loans of up to $6,625 per year, excluding any subsidized borrowed amount. Subsidized loans are awarded based on financial need.
Martinez said most schools choose fall as the beginning of the financial aid year because more students attend during that time. He said New Mexico State University made the same changes in 1996.
"We're one of the few schools still doing it this way," he said.
Martinez said that March 1 is the priority date for financial aid, so students who turn in their applications by the deadline will get money first. He said freshmen who apply by the deadline get first priority.
He said those who apply in July and August may not receive financial aid until the middle of the fall semester. He emphasized that students should turn in financial aid forms by March 1 so they will know their financial status for summer and fall before they register.
"You could be the most needy student in school, but if you don't apply on time you might not get anything," Martinez said.
Get content from The Daily Lobo delivered to your inbox
The financial aid computer systems are old, he said, and are designed to handle mainly fall and spring semesters. He said that during the summer, financial aid employees must calculate how much grant and loan money a student has left over, if any, and enter the data manually into the computers.
Martinez said calculations will be easier now that the grant is spread over two semesters instead of three. The time saved on calculations might allow more time to deal with those who apply late, he said.
The department sent e-mails to all students with a UNM email account, Martinez said. The Student Financial Aid offices are in Mesa Vista Hall. For more information, visit www.finaid.org.
