Nearly seven out of 10 students who attend UNM receive some form of financial aid, according to new University numbers.
The figures, compiled by the UNM Bursar's Office, show that of the 23,649 students at UNM's main campus, 15,179 -- or about 64 percent -- are receiving some form of financial assistance for the 2002-03 academic year.
Overall, UNM distributed $124.5 million to students at the main and branch campuses, with the bulk of that money -- 68 percent -- coming from federal assistance programs such as Stafford Loans, Pell Grants and college work study programs.
According to UNM's Financial Aid Office, in the 2001-02 academic year, more than 12,000 UNM students received some form of scholarship, such as the Lottery Scholarship and athletic scholarships that provide a range of monetary incentives.
The office's figures show that 2,104 students were work-study qualified, a federal assistance program awarded through the Financial Aid Office and earned through on-campus jobs. Also, 8,213 students received various grants, from Pell and Incentive Grants to Federal Supplemental Educational Opportunity Grants, none of which have to be paid back.
Along with these forms of financial aid, a large frequency of students are taking out loans that often strap them with significant financial debt after graduation.
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More than $60 million in debt was built up through student loans during the 2002 school year, a fact that many students attribute to the ever-increasing flow of tuition increases that have become commonplace at UNM in recent years.
According to the Financial Aid Office, undergraduate tuition rates have been raised 50.3 percent over the past seven years. The current cost of tuition is $3,157 per semester for an in-state full-time student, compared to $3,026 a year ago.
Adam Chavez, a UNM/TVI student majoring in physical education, feels that students are often left with little choice but to take out loans to pay for school, knowing their futures may be compromised through the debt they incur.
"I feel that my education is worth every penny I have to spend, although I know I'm digging myself deeper and deeper into debt," Chavez said. "We all have to do what we have to do, some of us are left with no other choice."
Chavez added that factors including economic uncertainty, tuition increases and a slouching economy may contribute to more students seeking financial aid.
In all, students attending UNM's main campus received more than $109 million in financial aid during the course of the 2001-02 academic year, a fact that many realize and appreciate.
"New Mexico is not a rich state by any sense of the word, so we have to applaud UNM for looking for ways to help us achieve our dreams," said Alisha Martinez, a freshman biology major. "Whether it is in the form of a scholarship or a loan, most students realize the importance of obtaining their degree and are thankful for the various programs available."
