Grants and Work Study
Other ways to pay for school.
GRANTS
Grants are free money towards a higher education and do not need to be paid back. Federal grants like the Pell Grant and some need-based scholarships use the FAFSA data to determine eligibility. It’s best to apply for grants ASAP as there is limited funding awarded each year, and many are awarded based on a first-come, first-serve basis. The more free money you get, the less you have to borrow.
Grant Programs for New Mexico Students
Pell Grant
Filling out the FAFSA automatically makes you eligible for the Pell Grant. It is a federal grant program available to any student with demonstrated financial need. The maximum loan amount varies per year and is calculated depending on your financial need and the cost of your chosen education program. The maximum Federal Pell Grant award is $6,345 for the 2020-21 award year (July 1, 2020, to June 30, 2021). Funds are available to full-time and part-time students. To apply, you must fill out a FAFSA and submit an application through your college’s financial aid office. Learn more here.
Federal Supplemental Education Opportunity Grant (FSEOG), Available from $100 to $4,000, awarded to students with great financial need.
Student Choice Grant
Open to high school graduates and college freshmen, this grant is available to any full-time student with financial need. Applications are available to students with a completed FAFSA through the student financial aid office.
College Affordability Grant
New Mexico Student Incentive Grant
Available to students attending public universities and certain qualifying private institutions, this grant program allows for $200 to $2,500 per year to students with financial need. Part-time students can also qualify for this grant. Applications should be submitted through the financial aid office. Learn more here.
Albuquerque Community Foundation Grants
Each year, the Albuquerque Community Foundation makes grants to organizations providing services benefiting people in the Greater Albuquerque Metropolitan Area through a competitive process. The Foundation’s Competitive Grant Program is comprised of 71 endowment funds. In order to respond to the community’s needs distributions from the funds are pooled and aligned directly with the Foundation’s fields-of-interest. Learn more here.
WORK STUDY
Work Study is only available to students who demonstrate financial need. There are only a few Work Study jobs available each year. They are given out on a first-come, first-served basis. Work Study provides part-time jobs for students, allowing them to earn money to help pay education-related expenses, and is usually on the school’s campus. The pay and hours vary, but most Work Study jobs work around your class schedule. You can apply for Work Study on your FAFSA application. Always choose Work Study when filling out your FAFSA each year and decide later if you are willing to accept it or not. If you choose not to do Work Study, you will be opted out of all work-study opportunities and will not be able to change this decision.