UNM's Financial Aid Office has implemented several new features designed to create a more user-friendly and efficient environment for students in search of financial assistance.
According to financial aid figures, more than 20,000 students submit applications to the office each year. About 15,000 students receive more than $125 million of UNM financial assistance.
"We recognize the increase in a need for financial assistance due to an increase in students, and are doing everything we can to be as efficient as possible," said Ron Martinez, director of the Financial Aid office. "We always make customer service our number one priority, but go so far as to send all of our employees to seminars to increase their productivity and help them be as helpful as possible."
In addition to the normal demand for financial aid, this year's record class of freshmen, 2,700 according to the Registrar's Office, is placing a burden on the Financial Aid Office.
One of the most noticeable changes made to address demand in the department is the renovation that has been completed in the department itself, making it "a more user-friendly environment," Martinez said. "We really think that changes like these will make a big difference. It helps put students at ease, allowing them to get through with us quicker and focus on school."
Another change to the department is its Web site, which also has been renovated to help students get access to financial aid information and to get answers to many questions without having to visit the facility.
Get content from The Daily Lobo delivered to your inbox
"Everything they need is available on the Web, from all the forms they will need to essential links and job opportunities available through the University," Martinez added.
By providing information on the Web site, it helps students through the process of applying for financial aid, a process that can be complicated.
"There are two kinds of loans available to students," Martinez said. "Subsidized and un-subsidized. The difference is that with subsidized loans the student pays no interest while in school, and with un-subsidized they do."
After completing the required Free Application of Federal Student Aid forms, income and asset information is collected and the expected family contribution is decided through a set formula. It is then compared to the tuition and costs of the school being attended by the student, and the difference is what determines a student's available money through the different forms of financial aid.
There are several forms of financial aid, including loans, grants, scholarships and work- study programs.
More than $25 million is also available through scholarships, Martinez added. Half of that is through the Lottery Scholarship program and the other half is through scholastic scholarships such as the Regent and Presidential scholarships.
"There is a lot of available money out there," Martinez said. "I suggest that students go online and look for available scholarships that they might be eligible for."
Martinez said that a combination of loans, grants, scholarships and work is an efficient way to ensure that everyone is able to fund their higher education.
However, he said that the current need for available funds is unbalanced.
"We realize that there is a significant unmet need in grants, and since no amount of money in that department is never enough, we are trying to make students aware of their other options."
Martinez added that letting students know what they are qualified for and what is available provides incentive, increases knowledge and makes the whole process more efficient.
"I feel like they are on my side," said Jessica Gonzales, a junior majoring in Psychology. "They take the time to sit down with you and help you weigh your options, and that makes me feel more secure."
While financial aid has made some significant steps in improving productivity, Martinez said they are a long way from being finished.
"Rest assured, that we will be doing everything we can to make a student's experience with us as smooth as possible," Martinez said.
