by our College Data Analytics TeamMany students will not be asked to pay the advertised price of a school. Instead, they will be provided a financial aid package that will include a combination of scholarships, grants, loans, and work-study. The price tag of going to New Mexico Institute of Mining and Technology can appear tremendous, but do not forget that almost all students obtain some kind of financial help.
What financial assistance options will New Mexico Tech offer, and what will you qualify for? Read on for more information. Read on to find out how much school funding will be available to you.
How much aid you qualify for depends largely on your family’s financial circumstances. The figures below will help you estimate the aid you might receive from New Mexico Institute of Mining and Technology.
Aid such as grants, loans, work-study, and scholarships helps colleges decrease the real cost of attendance for most students. Note that some aid is more valuable than the rest, and individual awards are far from uniform.
For incoming first-year students at New Mexico Institute of Mining and Technology, 99% of first-year full-time students received aid of some kind (about 219 freshmen).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 99% | $13,376 |
| Institutional grants & scholarships | 97% | $4,305 |
| Federal Pell grants | 34% | $5,884 |
| State/local grants | 95% | $7,198 |
| Federal student loans | 34% | $4,358 |
Unlike loans, grants and scholarships are gift aid that does not need to be paid back, making them the most desirable form of assistance. At this school, approximately 82% of undergraduates were awarded an average grant or scholarship of $13,190 (covering around 1001 students).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 82% | $13,190 |
| Federal Pell grants | 29% | $5,923 |
| Federal student loans | 31% | $5,502 |
Title-IV recipients living on campus saw average grant aid of $15,094.
Because need-based aid scales with family income, what students actually pay differs sharply across income brackets.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $4,476 |
| $30,001 – $75,000 | $6,580 |
| Over $75,000 | $12,114 |
These figures reflect what title-IV aid recipients pay after grant and scholarship aid is applied.
The net price strips out grant and scholarship aid from the sticker price to show roughly what families really pay.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $9,873 |
| Off-campus title-IV students | $8,265 |
To get a personalized net price estimate, try New Mexico Tech’s official net price calculator: www.nmt.edu/finaid/netprice/index.html.
The median federal debt load at New Mexico Tech comes to $11,057 in federal student debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $11,057 |
| Median federal debt (graduates only) | $19,085 |
| Typical 10-year monthly payment (graduates) | $202.33/mo |
At a typical 10-year repayment schedule, the median graduate would pay about the monthly figure above.
Looking only at the median can be misleading because it hides the spread. These percentiles trace how cumulative federal debt is spread among borrowers at New Mexico Tech.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $2,750 |
| 25th percentile | $5,500 |
| 75th percentile | $23,504 |
| 90th percentile (highest-debt students) | $31,346 |
Median debt varies by family income, by first-generation status, and by dependency status.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $14,000 |
| Middle income | $10,473 |
| High income | $10,000 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $11,006 |
| Continuing-generation students | $11,093 |
Dependent vs Independent Students
| Cohort | Median federal debt |
|---|---|
| Dependent students | $10,217 |
| Independent students | $17,841 |
The Department of Education computes summary indicators that describe debt outcomes at a glance. New Mexico Tech.
Stafford loans are the federal government’s primary direct undergraduate lending program. The totals below capture Stafford lending at New Mexico Tech:
| Metric | Value |
|---|---|
| Stafford loan recipients | 2851 |
| Total Stafford loan amount | $42,640,196 |
If you are a veteran or active-duty service member, the GI Bill and DoD Tuition Assistance are the primary federal programs you can use at this school.
GI Bill volume
| Metric | Value |
|---|---|
| GI Bill recipients | 8 |
| Total GI Bill amount | $39,605 |
| Average GI Bill amount per recipient | $4,951 |
DoD Tuition Assistance activity
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 2 |
| Total DoD amount | $1,819 |
| Average DoD amount per recipient | $910 |
References
More about our data sources and methodologies.