Are you planning to stay and go to college in New Mexico? Good news! New Mexico residents have quite a few state grants that can be used to make college more affordable. Keep reading to see the qualifications of some of them, plus more information about the state’s financial aid programs.
New Mexico Grants
1. The New Mexico Legislative Lottery Scholarship
Students eligible for the New Mexico Legislative Lottery Scholarship can receive up to 100% of tuition costs. In addition to being a resident of the state, students must also:
- Have graduated from high school in New Mexico.
- Be enrolled in college full-time in New Mexico within 16 months of high school graduation.
- 15 credit hours are required for 4-year colleges.
- 12 credit hours are required for 2-year colleges.
- Maintain a 2.5 GPA or higher for each semester.
Students should contact their college to determine eligibility and apply for the program. Awards vary depending on the type of school the student is attending.
2. The Opportunity Scholarship
New Mexico’s Opportunity Scholarship is designed for older students who are going to college for the first time or returning after a number of years. Designed for students attending part-time or full-time, eligible students can receive up to 100% of their tuition from the award and up to $50 per credit hour for course-specific fees.
Students interested in this particular scholarship program should notify their financial aid advisor, but there is no application to fill out. Students attending public colleges and universities within the state are automatically enrolled if they are eligible.
3. Grow Your Own Teachers
The Grow Your Own Teachers program is for school employees who want to return to college to earn a degree in education. In order to apply for the award, students need to:
- Have been accepted into an approved teacher preparation program at an eligible institution.
- Complete their Free Application for Federal Student Aid (FAFSA).
- Have demonstrated need.
- Have worked as a school employee in New Mexico for at least 2 years and be in good standing.
Students interested in applying should contact their college’s teacher preparation program.
4. And Others
- Athletic Scholarship
- Fire Fighters and Peace Officers Survivors Scholarship
- Graduate Scholarship
- New Mexico Scholars
- Student Incentive Grant Program
- Teacher Preparation Affordability Scholarship Program
- Wartime & Vietnam Veterans Scholarship
- Work Study Program
Where Can You Find More Information on New Mexico State Grants?
Residents and students of New Mexico can head to the New Mexico Higher Education Department website for more information on the awards listed above. The website also has a number of resources available for 529 plans, loan relief, adult programs, repayment programs, and more.
Some state grants can cover up to 100% of tuition but often have maximum allowed awards per semester or year. This can leave students scrambling to make up the difference. Private student loans could be the answer. Your first step should be to compare your options. Compare various private student loans with our Student Loan Finder and start planning for your future.
| Lender | Rates (APR) | Eligibility | |
|---|---|---|---|
 |
5.50%-16.12%* Variable
3.99%-15.61%* Fixed
|
Undergraduate and Graduate
|
VISIT CITIZENS |
 |
5.54% - 15.70% Variable
3.99% - 15.49% Fixed
|
Undergraduate and Graduate
|
VISIT SALLIE MAE |
 |
4.63% - 17.99% Variable
3.49% - 17.99% Fixed
|
Undergraduate and Graduate
|
VISIT CREDIBLE |
 |
6.00% - 13.75% Variable
3.99% - 13.75% Fixed
|
Undergraduate and Graduate
|
VISIT LENDKEY |
 |
5.66% - 14.72% Variable
3.69% - 14.56% Fixed
|
Undergraduate and Graduate
|
VISIT ASCENT |
 |
3.70% - 8.75% Fixed
|
Undergraduate and Graduate
|
VISIT ISL |
 |
5.62% - 16.85% Variable
3.69% - 16.49% Fixed
|
Undergraduate and Graduate
|
VISIT EARNEST |
 |
5.00% - 14.22% Variable
3.69% - 14.22% Fixed
|
Undergraduate and Graduate
|
VISIT ELFI |
