Financial Aid Frequently asked questions.
Q: Do I have to apply for financial aid every year?
A: Yes. Beginning the 2018-19 academic year, you can complete your FAFSA by January 4th to be considered for priority aid. Priority aid is awarded to eligible students on a first-come first-serve basis
Q: 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.
Q: 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 .
Q: Do I need to notify the Financial Aid Office if I change my
Yes, your financial aid eligibility may change.
Q: 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.
Q: Where can I find general information on the federal and state financial aid programs on the web?
Q: What is UNM Gallup's school code?