Student Loans

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study or because you’re having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years. Your Federal Student Loans: Learn the Basics and Manage Your Debt can help you learn more about federal student loan debt.

ENMU realizes that some students will not receive enough money from grants and scholarships to cover all of the expenses associated with attending college.  In an effort to relieve the financial burden for these expenses, ENMU participates in several student loan programs. Below you will find descriptions of each lending program which we partake in.  For more information on student loans please contact Kelly Mitchell (Stafford Subsidized & Unsubsidized), or Lahoma Zhonnie (Perkins Loans).

Eastern will certify your loan and send it to your bank. The amount you are eligible to borrow depends on your grade level and dependency status provided to us via your Free Application for Federal Student Aid (FAFSA). Repayment of loan and accrual of interest varies with the type of loan.

Stafford Subsidized Loans and Unsubsidized Loans

Stafford Loans are for undergraduate, graduate and professional degree students. You must be enrolled as at least a half-time* student to be eligible for a Stafford Loan. There are two types of Stafford Loans: subsidized and unsubsidized. You must have financial need to receive a subsidized Stafford Loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Stafford Loans during certain periods. Financial need is not a requirement to obtain an unsubsidized Stafford Loan. You are responsible for paying the interest that accrues on unsubsidized Stafford Loans. Please visit our lender page for a listing of commonly used lenders.  This list is in no way a comprehensive listing of all of the banks that issue Stafford loans.  If you would like to use a bank that is not listed on the commonly used lenders page you can; however, you must provide all of the information for that lender on your Stafford loan application. If you would like more information on Stafford loans please view our FAQ page, or contact Kelly Mitchell.

Federal Perkins Loans

A Federal Perkins Loan is a low-interest (5 percent) loan for students with exceptional financial need. Federal Perkins Loans are made through ENMU’s financial aid office. Your school is your lender, and the loan is made with government funds. You must repay this loan to your school. For more information on Perkins Loans please visit The U.S. Department of Education website, or contact Lahoma Zhonnie at the ENMU Financial Aid Office.

PLUS Loans for Parents

PLUS loans are loans parents can obtain to help pay the cost of education for their dependent undergraduate children. For a PLUS Loan, your parents must complete and submit a PLUS Loan application, available from a lender that participates in the PLUS loan program.

Also, your parents generally will be required to pass a credit check. If your parents don't pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. Students attending ENMU whose parents are denied a PLUS loan from a bank may be eligible to receive additional unsubsidized funds. For more information on these loans please visit our FAQ page or contact Kelly Mitchell.

Cohort Default Rate

The school’s official cohort default rate is published each September. This rate is a percentage of a school’s borrowers who enter repayment on certain Federal Family Education Loans (FFELS) and/or William D. Ford Federal Direct Loans (Direct Loans) during that fiscal year and default within the cohort default period. 

The phrase “cohort default period” refers to the three-year period that begins on October 1 of the fiscal year when the borrower enters repayment and ends on September 30 of the third fiscal year following the fiscal year in which the borrower entered repayment.

Cohort default rates are based on federal fiscal years.  Federal fiscal years begin October 1 and end on September 30 of the following calendar year. The phrase “cohort fiscal year” refers to the fiscal year for which the cohort default rate is calculated.

Which types of loans are included in the cohort default
rate calculation?

The FFELs included in the cohort default rate calculation are:

  • Subsidized and unsubsidized Federal Stafford Loans (collectively referred to as Federal Stafford Loans)

The Direct Loans included in the cohort default rate calculation are:

  • Federal Direct Subsidized Stafford/Ford Loans and Federal Direct Unsubsidized Stafford/Direct Loans (collectively referred to as Direct Stafford/Ford Loans)

The following loans are not included in the cohort default rate calculation:

  • Federal PLUS Loans

  • Federal Graduate/Professional PLUS Loans

  • Federal Direct Graduate/Professional PLUS Loans

  • Federal Insured Student Loans (FISLs)

  • Federal Perkins Loans. (Please note that Federal Perkins Loans have separate cohort default rate calculations.)

How does the Department calculate a school's cohort default rate?

The formula the Department uses for calculating a school's cohort default rate depends on the number of borrowers from that school entering repayment in a particular cohort fiscal year and the number of cohort default rates previously calculated for the school.
Note: Cohort default rates are based on the number of borrowers who enter repayment, not the number and type of loans that enter repayment. A borrower with multiple loans from the same school whose loans enter repayment during the same cohort fiscal year will be included in the formula only once for that cohort fiscal year.

Numerator: Number of borrowers in the denominator who defaulted during the cohort default period =

Cohort Default Rate

Denominator: number of borrowers who entered repayment in the cohort default fiscal period 

Example: School A, a degree-granting school, had 1000 borrowers enter repayment in the cohort fiscal year (denominator).  Of those, 122 borrowers defaulted in the cohort default period (numerator). School A’s cohort default rate is calculated by dividing 122 by 1000 (122÷1000 = 0.122) and expressing the result (0.122) as a percentage to produce a cohort default rate of 12.2 percent (0.122 x 100 = 12.2).

122 borrowers defaulted  /   1000 total borrowers in repayment  =  12.2% Cohort Default Rate        

Current Cohort Default Rate
Eastern New Mexico University’s current Cohort Default Rate for all campuses is 20.09%. 

Default Management
A Default Management Plan is in place on all three campuses in an effort to better maintain our Cohort Default Rate.


Have a Question? Contact Us!

Office of Financial Aid
ENMU Station 20
1500 S Ave K
Portales, NM 88130
Local phone: 575.562.2194
Toll-free: 800.FOR.ENMU
Fax: 575.562.2198
financial.aid@enmu.edu


*students must be taking at least six credit hours to be considered half-time for undergraduate programs and at least five credit hours for graduate program.