College Financial Aid and Scholarships

Helping Families Navigate the Cost of College

Paying for college can feel overwhelming, but there are many financial aid options available to help students and families manage costs. These include grants, scholarships, and student loans. Some aid is based on financial need, while other awards are based on merit or specific eligibility criteria (such as major, leadership, background, or community involvement).

Below is an overview of how to apply for aid and where to find scholarships.

Financial Aid Overview

1. Complete the FAFSA

To apply for federal and state financial aid, all students should complete the Free Application for Federal Student Aid (FAFSA).

• Website: https://studentaid.gov
  
• When to apply: The FAFSA for the 2026–27 academic year will be available to the public on or before October 1, 2025.
  
• Why it's important: The FAFSA determines eligibility for:
  
  

Federal Pell Grants

Federal student loans

Work-study programs

State and institutional aid

After submitting the FAFSA, students will receive a Student Aid Report (SAR). Review it for accuracy and make any corrections as needed.

2. CSS Profile for Private Colleges

Some private colleges require an additional form called the CSS Profile, used to award institutional aid.

• Website: https://cssprofile.collegeboard.org
  
  

Required primarily by private and selective colleges.

3. Apply Early

Many colleges award aid on a first-come, first-served basis. Submit your FAFSA and any other required forms as early as possible—ideally before March 1.

Types of Financial Aid

• Grants: Free money based on financial need (e.g., Pell Grant).
  
• Scholarships: Free money based on merit, background, or other criteria.
  
• Work-Study: Part-time campus jobs to help pay for expenses.
  
• Loans: Borrowed money that must be repaid with interest.
  

Tip: Even middle- and upper-income families may qualify for some aid. Use the Federal Student Aid Estimator to get an early estimate: https://studentaid.gov/aid-estimator

New Mexico & Regional Programs

New Mexico Lottery Scholarship

Covers tuition only at any New Mexico public college or university.

To qualify:

Enroll full-time immediately after high school

Earn a 2.5 GPA or higher in the first college semester

Western Undergraduate Exchange (WUE)

• Discounted tuition for students attending public colleges in participating western states.
  
• Students pay no more than 150% of in-state tuition.
  
• Visit https://www.wiche.edu/tuition-savings/wue/ for a list of schools and eligibility details.
  
  

Scholarships

There are thousands of scholarships available, but most require research, organization, and effort. Encourage your student to actively apply!

Where to Start:

• Local scholarships: Rotary Club, Kiwanis, Elks, community foundations
  
• College financial aid offices: Each school often has its own scholarships
  
• Online databases (free to use):
• • fastweb.com
    
  • bigfuture.collegeboard.org
    
  • scholarships.com

Tips for Scholarship Success:

• Never pay for a scholarship search: legitimate opportunities are always free
  
• Watch for deadlines, they vary widely
  
• Focus on quality applications over quantity
  
• Write a strong personal statement and reuse it with tweaks when possible
  
• Ask for letters of recommendation early
  
  

Final Reminders

• Financial aid applications must be renewed each year
  
• Keep copies of all forms and correspondence
  
• Check your college’s financial aid page for specific deadlines and requirements