Types of Financial Aid Resources

Grants

Grants are free money that does not need to be repaid. Students must complete the FAFSA application and be admitted to DACC to be considered for federal, state, and university grants. Provides need-based grants to low-income undergraduate students to promote access to post-secondary education. Grant amounts are dependent on: the student's expected family contribution (EFC), the cost of attendance (COA), the student’s enrollment status (full-time, part-time), and whether a student attends for a full academic year or less.

Federal Pell Grant

Federal Pell Grants usually are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree. The Pell Grant does not have to be repaid, except under certain circumstances. You may not receive Federal Pell Grant funds from more than one school at a time.

LEAP Grant

Leveraging Educational Assistance Partnership Grant (LEAP) helps states provide grants to students who demonstrate substantial financial need, enabling those students to attend post-secondary school. Priority is given to Pell Grant recipients.

State Grants

The State of New Mexico offers a number of grants and scholarships to students who graduate from New Mexico High schools.

Student Incentive Grant Program

The New Mexico Student Incentive Grant is for resident undergraduate students with substantial financial need who are attending a New Mexico public college or university or tribal college.

Federal Direct Loans

Federal Direct Student Loans are a form of Financial Aid that must be repaid along with the interest that accrues. The U.S. Department of Education assigns students a loan servicer and the funds are disbursed through the institution.  Students are allocated a six-month grace period before they are required to begin making payments on their student loans. Grace periods will begin when a student drops below half-time enrollment or when a student officially/unofficially departs school.

Requirements:

• Be enrolled at least half-time
• Be enrolled in a program that leads to a certificate or degree
• Complete a Master Promissory Note
• Complete Loan Entrance Counseling
• Be in “Good Satisfactory Academic Progress”

Subsidized Loans

Subsidized Loans are available to students with financial needs as determined through the FAFSA application. The U.S. Department of Education will pay the interest on a Subsidized Loan while a student is enrolled at least half-time, during their grace period, or during a deferment period. Students cannot receive Subsidized Loans in excess of their financial needs. Generally, Subsidized Loans are automatically offered to eligible students.

Unsubsidized Loans

Unsubsidized Loans, students are not required to demonstrate financial need. The amounts a student can borrow are determined based on the student’s cost of attendance and other financial aid received/awarded. Students are solely responsible for the repayment of the interest that accrues. Unsubsidized Loans are not automatically offered to students and must be requested via the Direct Loan Acceptance Form.

Parent Plus Loans

Federal Direct Parent PLUS Loans are available for parents or dependent students. A Direct PLUS Loan can be applied to pay for tuition, fees, and room and board (for on-campus students). Authorization to the school may be issued to use funds to satisfy other educationally-related charges.

A credit check will be performed during the application process. If a parent is denied, the student may be eligible for additional unsubsidized loans (based on parent denial). For additional information on Parent PLUS Loans, visit Federal Student Aid.

If you have missed a payment or are having trouble making payments, immediately contact and discuss options with the servicers that handle your loan to avoid defaulting. 

It's important to pay the amount shown on your repayment loan bill and to pay by the due date. The first day after you miss a student loan payment, your loan becomes past due, or delinquent. Your loan account remains delinquent until you repay the past-due amount or make other arrangements. If you are delinquent on your student loan payment for 90 days or more, your loan servicer will report the delinquency to the three major national credit bureaus.