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Dona Ana Community College Office of Financial Aid & Scholarships

FAFSA SCHOOL CODE: E00876

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans canceled because you didn't like the education you received, didn't get a job in your field of study or because you're having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you'll have to repay over the years and review your borrower rights and responsibilities

To learn more about federal student loans and how to manage your debt, visit the Federal Student Aid Gateway.

Students will be required to accept their loans on their my.nmsu.edu account. Any DACC first time borrower will be required to complete an In-Person Entrance Counseling session. In the hour long sessions students will learn about the rights and responisiblities of borrowing under the Direct Stafford Loan Programs. Register for In-Person Entrance Counseling.

Students will also be required to complete a Master Promissory Note with the Department of Education at studentloans.gov.  The MPN is basically the contract between the student and the Department of Education.


Explanation of Grace Period from a Student Borrower's perspective


Deferment and Forbearance

Once you have chosen your repayment plan, deferment and forbearance might be the next best options for student borrowers in dire need.  But many borrowers do not understand these repayment benefits, or yet, how to request them. 

This TG training module will help you understand:

  • The difference between forbearance and deferment
  • What types of derferment are available and how long deferment lasts
  • What to consider when requesting deferment
  • When a forbearance applies to your student loan repayment instead of deferment

Deferment and Forbearance Training Module


Types of Student Loans 

FEDERAL PERKINS LOAN is a 5% simple interest loan provided to students with exceptional need.  Loan repayment begins nine (9) months after graduation or dropping below half-time enrollment (less than 6 credit hours).  Sign the Master Promissory Note online, complete the Loan Disclosures, and Loan Entrance Counseling, as prompted by email notifications, in one webiste.

SUBSIDIZED STAFFORD LOAN is interest free until repayment begins, usually six (6) months after obtaining any certificate or degree, and/or dropping below half-time enrollment (6 credit hours or less).

UNSUBSIDIZED STAFFORD LOAN requires payment of interest (but not principal) during enrollment or capitalization of accruing interst if you defer interest payments.

FEDERAL PLUS LOAN is a variable interest loan that enables parents with good credit, to borrow money from eligible lenders (banks or credit unions) to assist with their dependent student's college expenses.  The PLUS loan may require a FAFSA but does not require demonstrated financial need.  Repayment begins 60 days after the last loan disburses.  To apply, parents complete a PLUS loan application at studentloans.gov.

PRIVATE/ALTERNATIVE LOANS are available when all federal grant and federal loans are exhausted.  A student may qualify for loans or other assistance under Title IV of the HEA (Pell Grants, Direct Loans, Perkins, FSEOG Grants, Direct Parent PLUS loans) and the terms and conditions of Title IV, HEA program loans may be more favorable than the provisions of private education loans.  To learn more about private loans, visit the Private Loans webpage.


Debt Management

Students that received federal student loans (and/or TEACH Grants) and are now planning to:

  •       Graduate
  •       Leave school OR
  •       Drop below half-time must complete exit counseling.

Depending on the type(s) of federal aid you have, you may be required to complete THREE exit counseling sessions:  Federal Direct Loan(s); Federal Perkins Loan(s); and one for the Federal TEACH Grant.  Listed below is more information regarding the aforementioned types of exit counseling sessions and loan consolidation information. You can complete the loan exit counseling session via studentloans.gov

Find out who your lender is.

NSLDS- The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Deparment of Ed programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.Federal Loan Exit Counseling

Loan Consolidation Questions?

In order to get lower monthly payments on your student loans, you may want to consider consolidating them.  For more information, we suggest that you visit the US Department of Education Direct Servicing Consolidation Web Page.  If all of your loans are not with the same company, you can use the National Student Loan Data System to determine who services or holds your student loans.


 

Find a Repayment Plan that meets your financial needs

What's the secret to paying off your student loans?  Many times, it comes down to your repayment plan.  Choosing a plan that meets your financial needs can make all the difference over the long term, especially if you hit a tough financial spot.  Luckily, there are a variety of plans to choose from; several based on income and debt levels.  

This short TG, online training module can teach you some basics about repayment plans.  You can choose a plan that helps you succeed in repayment!  

In this module, you will learn:

  • How repayment works
  • How to obtain a complete list of your loans
  • What the basic repayment planes are
  • How income-driven plans compare
  • How to apply for each plan
  • What to do if repayment becomes difficult

TG Repayment Plans


Understanding student loan debt