College Factual  by our College Data Analytics Team
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Can You Afford New Mexico Institute of Mining and Technology?

Concerned about paying for college? Take a look at New Mexico Tech’s financial aid options, including grants, scholarships, and student loans, then calculate the net price based on your income level to determine if you can afford to attend this school.

Attendance Costs in 2020 - 2021 Varied Between $9,957 & $36,912

Worried about paying the full cost of $36,912 to attend New Mexico Institute of Mining and Technology? That number can be deceiving, as the net amount most students will pay varies significantly.

For students living in New Mexico, the school offers a discount of 65.4% off tuition and fees. Also, 95.7% of freshmen receive some form of financial aid, with the average amount totaling $7,131. Students from low-income families receive an average of $11,126 in aid during their first year.

Cost for Residents of New Mexico (no aid)

Tuition and fees$8,361
+ Room and board$8,624
+ Other expenses$4,098
Total cost$21,083
Affordability Score (70 out of 100)
more expensive
less expensive

Net Price for Residents of New Mexico (with average aid)

Total cost$21,083
- Grants and scholarships$7,131
Net price$13,952
Affordability Score (73 out of 100)
more expensive
less expensive

Average Net Price for Low Income Residents of New Mexico

Total cost$21,083
- Grants and scholarships$11,126
Net price$9,957
Affordability Score (83 out of 100)
more expensive
less expensive

Cost for Non-Residents (no aid)

Tuition and fees$24,190
+ Room and board$8,624
+ Other expenses$4,098
Total cost$36,912
Affordability Score (37 out of 100)
more expensive
less expensive

Net Price for Non-Residents (with average aid)

Total cost$36,912
- Grants and scholarships$7,131
Net price$29,781
Affordability Score (24 out of 100)
more expensive
less expensive

Average Net Price for Low Income Non-Resident Undergraduates

Total cost$36,912
- Grants and scholarships$11,126
Net price$25,786
Affordability Score (24 out of 100)
more expensive
less expensive

Learn more about tuition and fees, room, board and other expenses, and financial aid options at New Mexico Tech.

Projected Costs Between $32,727 and $231,340 For a Four Year Degree. Between $17,290 and $111,525 For a Two Year Degree.

It can be a bit scary to look at the total projected cost of a college education over the course of a multi-year degree, however, doing so will help you better understand the financial commitment you are making.

The overall cost for on-campus, in-state students to attend New Mexico Institute of Mining and Technology in 2020 - 2021 was $21,083. To calculate future costs, we looked at the prior five years of data and determined that this cost increased an average of 2.8% each year.

If this trend continues, we expect the full cost for incoming freshmen to be $22,276 during their first year. By their senior year, that cost will be approximately $24,193, for a bachelor degree candidate ($22,897 for an associate degree candidate) for a total of $92,902 over the course of four years ($45,173 over the course of two years). These numbers do not take into consideration financial aid, which reduces this overall cost by varying amounts per student.

The cost for out-of-state students is more, with an overall expected four-year cost of $167,521 based on a yearly growth rate of 3.6%. The expected two-year cost is $80,759.

Remember, the full costs quoted above are not what most students will pay, and the net price varies quite a bit based on individual circumstances.

Average Net Price at New Mexico Institute of Mining and Technology

Cost With Interest for Residents of New Mexico

The tables below outlines how the overall degree net cost can vary depending on your situation. This table also highlights the impact student loans can have on the overall cost of college.

Projected 2-Year Net CostsLow Income w/ Aidw/ Average AidNo Aid
Annual growth rate*3.2%2.8%
Freshman year$8,890$14,851$22,276
Senior year$8,400$15,321$22,897
Total 2-year net price$17,290$30,172$45,173
10-year loan interest @ 6.8%$6,587$11,494$17,209
Total monthly payment$199$347$520
Total amount paid$23,877$41,666$62,382
Projected 4-Year Net CostsLow Income w/ Aidw/ Average AidNo Aid
Annual growth rate*3.2%2.8%
Freshman year$8,890$14,851$22,276
Senior year$7,500$16,308$24,193
Total 4-year net price$32,727$62,287$92,902
10-year loan interest @ 6.8%$12,468$23,729$35,392
Total monthly payment$377$717$1,069
Total amount paid$45,195$86,016$128,294

Cost With Interest for Out-Of-State Residents

The tables below outlines how the overall degree net cost can vary depending on your situation. This table also highlights the impact student loans can have on the overall cost of college.

Projected 2-Year Net CostsLow Income w/ Aidw/ Average AidNo Aid
Annual growth rate*4.0%3.6%
Freshman year$25,972$32,242$39,656
Senior year$26,065$33,548$41,103
Total 2-year net price$52,037$65,790$80,759
10-year loan interest @ 6.8%$19,824$25,064$30,766
Total monthly payment$599$757$929
Total amount paid$71,862$90,854$111,525
Projected 4-Year Net CostsLow Income w/ Aidw/ Average AidNo Aid
Annual growth rate*4.0%3.6%
Freshman year$25,972$32,242$39,656
Senior year$26,254$36,320$44,158
Total 4-year net price$104,450$137,017$167,521
10-year loan interest @ 6.8%$39,792$52,198$63,819
Total monthly payment$1,202$1,577$1,928
Total amount paid$144,242$189,215$231,340

Visit net price and financial aid to learn more about the total cost of attending New Mexico Institute of Mining and Technology.

Further Questions to Consider

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