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• Financial Aid

Can I use the financial aid I'm scheduled to receive for the upcoming semester to defer my semester down payment, which is due?

Yes, if you have pre-registered and have been awarded aid four weeks prior to the beginning of the next semester, you will be sent a Registration Document/Statement of Fees, which will contain a Financial Aid confirmation notice. This information will be sent to your billing address or can be picked up any place Registration Documents are currently printed. This notice must be returned to the Business Office Cashiers by the registration payment due date to complete registration. Financial aid funds will not be applied to your account until this notice is returned. All other conditions stated in the Schedule of Classes must also have been met to have your funds disbursed. After submitting this notice, you must withdraw if you are unable to attend the session.

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Do I still have to make a payment if I have Financial Aid coming?

Your Class Schedule/ Statement of Account will show if you have Financial Aid available to you. If so, you can use this future aid to defer your deposit and confirm your class schedule. Financial Aid Confirmation/Deferment can be done by visiting the Cashiers Department with your Class Schedule or electronically through the Touch-Tone Payment system (505-646-1680 or 888-PAY-NMSU) or the web at http://www.nmsu.edu/online/ and selecting the PAY NMSU button.

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Will I be allowed to use my financial aid for personal expenses or books and then go on the payment plan to pay my remaining balance?

No, in accordance with Federal regulations and University policy, all payments (financial aid, third party, scholarships, etc) must be applied to the student account first. Only if there are remaining funds after the account has been paid in full will the student receive funds.

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Can I use my paycheck from my Assistantship or Fellowship to pay my tuition bill?

If you are working as a Graduate Assistant or Fellowship, you can pick up a payroll deduction card from the Graduate School Office and submit this to the Cashiers by the registration payment due date. Semester costs will be equally deducted from the paychecks you receive in the semester. Payment plan fees will still be accessed to your account.

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Do I have to pay the Associated Student Fee?

All students registered for one or more credits on the Main Campus must pay the Associated Student Fee in addition to tuition. Payment of this fee allows you to utilize all services provided by ASNMSU (Associated Students of New Mexico State University).

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Where do I have a Loan Deferment form certified?

At the Registrar's Office located in Educational Services Center. NMSU participates in the National Loan Database, so most lenders may obtain the information from this database and a deferment is not needed. Check with your lender to see if they can obtain the information from the database and eliminate you having to get a deferment for each semester.

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What is the Hope Scholarship?

The Hope Scholarship Tax credit is a tax credit equal to 100% of the 1st $1,000 of a student's qualified educational expenses (i.e. tuition and mandatory fees) plus 50% of the next $1,000. The maximum credit is $1,500 per student in each of the first two years of a post secondary degree program. The maximum credit will increase for inflation after 2001. Students must be enrolled at least halftime during at least one academic period that begins during a tax year.

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What is the Lifetime Learning Tax Credit?

The Lifetime Learning Tax Credit applies to qualified tuition and mandatory fees for undergraduate, graduate, and continuing educational expenses paid for the taxpayer, his or her spouse, or dependent children. The maximum credit is currently $1,000 per family per year. Starting in 2003, the amount of eligible education expenses increases to $10,000, resulting in a $2,000 maximum tax credit.

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Do limitations apply to the Hope Scholarship and Lifetime Learning Tax credit?

YES, limitations do apply to both the Hope Scholarship and Lifetime Learning tax credits:

The Hope and Lifetime credits cannot both be claimed for the same student in the same tax year. The taxpayer may claim both credits on one tax return (for different students) but must choose which credit to claim for each individual. These credits may not be combined with tax-free withdrawals from education IRAs. Scholarships, grants, and other tax-free tuition benefits offset eligible education expenses. The full value of both credits is available to married taxpayers filing jointly with an adjusted gross income (AGI) of $80,000 or less and to single taxpayers with an adjusted gross income (AGI) of $40,000 or less. The tax credits phases out gradually. Once married taxpayers' AGI exceeds $100,000 or single taxpayers' AGI exceeds $50,000, they are not eligible for these credits. The income limits will be adjusted for inflation after 2001. A student who is claimed as a dependent on another taxpayer's return may not claim a tax credit on his or her own tax return. The credit will be claimed on the return of the taxpayer claiming the student as a dependent. Married taxpayers must file a joint return to qualify for the credits.

The University does not render personal tax advice. Please consult with a tax professional to discuss your personal situation. If you have further questions, you may contact the IRS at 1-800-TAX-FORM and request Publication 970, Tax Benefits for Higher Education. This publication is also available on-line through the links provided below. These links will take you to Web sites that provide additional information:

Education Tax Credits: http://www.irs.gov/prod/tax_edu/teletax/tc513.html

NACUBO: TRA97 Resource Page: http://www.nacubo.org/website/tra97/students.html

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When and how do I get my financial aid refund check?

Financial Aid refunds checks are issued during the first few days of the semester. An alpha distribution schedule is used to disburse the checks. Please check the current Schedule of Classes for dates and times.

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Does all my financial aid have to be applied to my account balance?

Yes, your financial aid will be applied to your account balance first. Any excess funds will be returned to you, but all charges must be satisfied before any funds will be released to you.

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How do I use my staff tuition waiver?

Once you have registered for classes, submit a staff/spouse waiver with all appropriate signatures to the Cashier's Office by the registration payment due date.

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How do I receive the NMSU employee dependent tuition rate for my children?

An application must be submitted to the NMSU Personnel Department. Once this application is received and coded by Personnel, if your dependent child has an appropriate class schedule, the reduced rate will be given. For deadline dates and class schedule requirements, please visit with the NMSU Personnel Office or their web site.

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Does the New Mexico Lottery Scholarship pay for the full tuition and fees at NMSU?

Stated semester rates at NMSU include both tuition and fees. The New Mexico Lottery Scholarship covers tuition only. Fees become the responsibility of the student. Historically, the NM Lottery Scholarship has covered approximately 70% of the stated rates. For specific dollar amounts, please contact NMSU Accounts Receivable at (505) 646-4911 or uar@nmsu.edu.

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