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Generally, all EMBA students are eligible for student aid or loans through a governmental program called The Federal Family Education Loan Program ("FFELP loans", or sometimes called "FFELP - Stafford loans") to help fund their education through the U.S. Department of Education. Both need-based and non-need-based loans are available, and a single application is used for both types of loans.
Below are the basic steps needed to apply for financial aid.
Step 1:
Go to http://www.pin.ed.gov to apply for a PIN number from the
US Department of Education, which you will use as you complete your application.
Step 2:
Apply for aid by filling out the US Department of Education?s "FAFSA" (Free Application for Federal
Student Aid) form. This form is used for all financial aid requests regardless of financial need. This can
be done over the internet at: www.fafsa.ed.gov.
Please note: a FAFSA is good for only one academic calendar year (which run from July 1st - June 30th ) So, you may need to fill out multiple FAFSA?s over the course of your EMBA - one FAFSA for each academic year for which you would like aid. Also note that you are filling out one request for all the semesters in an academic year, not for individual semesters. The EMBA program, although only 2 years long, spans 3 academic calendar years.
Electronic processing of the FAFSA takes approximately 5 business days. When the US Department of Education completes their review process, they will email the results to you and to the UNM financial aid office (on a form called a SAR - "student aid report"). Occasionally, you may be asked for additional documents to complete your application before a final aid decision is made.
While you are waiting for your FAFSA to be processed, complete steps 3 and 4:
Step 3:
Submit an EMBA Loan Request Form to the UNM Financial Aid Office. This form is available on our
web site at http://emba.mgt.unm.edu/pdf/EMBALoanRequestForm.pdf. When
completing this form, we recommend applying for both the "Subsidized Direct Loan" and the "Unsubsidized
Direct Loan," regardless of your financial circumstances. When entering the amount you are requesting, you
are free to request for the full tuition amount for all semesters that year, some portion of the tuition, or
an amount above the total tuition, up to $20,500 (as of 2008). You are not required to accept all the money
you are awarded, so it is better to estimate high at this point.
This form can be scanned and emailed to ccraven@unm.edu, faxed to 505-277-5052, or mailed to:
Step 4:
Submit an Authorization To Pay Allowable Charges Form. This form is also available on our website
at http://emba.mgt.unm.edu/pdf/EMBAAuthorizationAllowableCharges.pdf. Call or email
Greg Molecke at 277-2525 or Molecke@mgt.unm.edu to
obtain your UNM ID Number (note: you must have submitted a complete EMBA application for a UNM ID number to
be assigned). This form can also be faxed, scanned an emailed, or mailed using the above information.
Once you have been awarded a loan, complete steps 5 and 6:
Step 5:
Complete Loan Entrance Counseling online at www.mapping-your-future.org. This process explains the
terms/conditions of your loan.
Step 6:
Complete a Master Promissory Note (MPN) online at https://secure.nmeaf.org/unm. You will need your
PIN from step one to sign this document.
Again, if you have any questions regarding these procedures, answers are available at: the financial aid website at: www.unm.edu/~finaid/ or through the UNM fast information site at: http://fastinfo.unm.edu. Also feel free to contact Carol Cravens at ccraven@unm.edu or 505- 925-9657.