The Loan Application Process

Step 1: Once you have a complete financial aid file, you can apply for a student loan at the financial aid office at your school.

TIP: If you are borrowing a student loan for the first time, you will need to attend student loan entrance counseling. Contact your school for more information.

Step 2: In the Federal Family Education Loan Program, even though you apply for your student loan through the school, the school does not lend you the money. You will choose a lender from your schools preferred lender list and inform the school of your selection. For more information, see how to choose a lender. Even if you go to school out-of-state, you can choose New Mexico Student Loans as your lender. We can help you save money and provide convenient customer service.

TIP: If you plan to return to New Mexico as a full-time teacher or nurse, you can get interest free loans by choosing New Mexico Student Loans.

Step 3: Depending on your school's process, you may either complete an online Master Promissory Note to initiate the application process. Or, the school will submit your loan and once your request is processed, you will either receive a paper copy of the Master Promissory Note to sign and return or be directed to complete your Master Promissory Note online. Check with your school to determine what options are available.

Step 4: After signing your Master Promissory Note and once classes start, you will receive your student loan in a disbursement. There are usually two loan disbursements for the loan period. You may receive funds by check or electronic funds transfer (EFT), depending on your school or lender. Check with your school for disbursement dates.