- Do I have to apply for financial aid every year?
Yes. Beginning the 2017-18 academic year, you can complete your FAFSA by January 6 to be considered for priority aid. Priority aid is awarded to eligible students on a first-come first-serve basis
- Do I have to report any grants, scholarships or fellowships to the IRS as income?
Part or all of a grant, scholarship, or fellowship may be taxable even if you do not receive a W-2 form. If you are in a degree program, amounts you use for expenses other than tuition and course-related expenses (i.e., amounts used for room, board, and travel) are taxable. To determine this table amount, add up all grant, scholarship, and fellowship awards received in a calendar year, and then subtract all tuition, fees, and book and supply expenses. If the remaining amount is a positive number, it must be reported as income. If you are not in a degree program, the full amount of the grant, scholarship or fellowship is taxable. Contact the Internal Revenue Service for more information.
- Is my work-study income taxable?
Yes. Any money received as the result of work is considered taxable income. You will be asked to file a withholding form (W-4) and you will receive a statement of income and taxes withheld (W-2) each calendar year. Questions regarding your withholding status should be directed to the University Payroll Offices at: 505.277.2353. You can also visit the IRS Web Site .
- Do I need to notify the Financial Aid Office if I change my housing arrangements?
Yes, your financial aid eligibility may change.
- How can I learn more about the Hope Scholarship and the Lifetime Learning Tax Credit?
The Hope Scholarship is a tax credit for first- or second-year undergraduates or their parents. It is for certain educational expenses paid on or after January 1, 1998. The Lifetime Learning Tax Credit is for students who are beyond their second year of college or for their parents. It is for certain educational expenses paid on or after January 1, 1998.
- Why does the Financial Aid Office put a financial hold on my UNM account?
Student Financial Aid does not put a financial hold on your account. If you have a financial hold, it means you owe UNM more than $25.00, and the Business Office has placed a financial hold on your account. Contact the Business Office to pay amount due or for information on a financial hold. The telephone number is 505.863.7650.
- Where can I find general information on the federal and state financial aid programs on the web?
- The U.S. Department of Education's web site for federal financial aid programs.
- The State of New Mexico's web site for state financial aid programs.
- How do I find out who my Financial Aid Advisor/Processor is?
Students are assigned to a Financial Aid Advisor/Processor based on the first letter of their last name. This alphabet assignment is available on the Contact Us page. You may also contact us by telephone for the name and schedule of your Financial Aid Advisor/Processor at 505.863.7663.
- What is UNM Gallup's school code?