Student Loans
Information about student loans including eligibility and tips for student loan borrowers.
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Important Federal Aid Changes for 2026-2027
Beginning July 1, 2026, new federal regulations will affect some Pell Grant eligibility requirements, student loan limits, and repayment options. CNM is continuing to review federal guidance and update systems as additional information becomes available.
Many students will continue to qualify for federal financial aid despite these changes. Completing the FAFSA is the first step in understanding the aid available to you.
Students should:
- Complete the FAFSA as early as possible.
- Monitor CNM email for important updates.
- Review financial aid award information when it becomes available.
- Contact Financial Aid for any questions about eligibility.
- Review the Frequently Asked Questions (FAQ) section of this page for additional information.
Student Loan Eligibility
- Complete your FAFSA and financial aid file.
- Enroll in a minimum of 6 financial aid eligible credit hours (non-credit classes or ABE are not considered eligible) to qualify for a partial loan amount. Your loan eligibility increases based on your enrollment. Congress also establishes loan limits that may be prorated depending on your student classification.
- Beginning with the 2026–2027 award year, federal regulations require schools to adjust Federal Direct Loan eligibility based on enrollment. This is called the Schedule of Reductions (SOR). We are currently updating our website to include important information.
- Students enrolled less than full-time will have their loan eligibility reduced based on the number of credits they are enrolled in. Your enrollment will be reviewed before your loan is disbursed. Changes to your enrollment, including adding, dropping, or withdrawing from classes, may affect the amount of your Federal Direct Loan for the term and/or future terms.
- Enroll in an eligible program of study.
- If you are a first-time federal loan borrower, you need to complete the Entrance Counseling and sign a Master Promissory Note.
- Maintain financial aid Satisfactory Academic Progress.
- If you qualify for a Federal Subsidized Direct Loan, you may borrow up to $3,500 per year as a first-year student and $4,500 per year as a second-year student.
- Private student loan requirements vary by lender.
Student Loan Tips
If you decide to borrow, here are some points to remember:
- If you’re a freshman student and a first-time borrower, you must complete the entrance counseling, sign a master promissory note and apply online for your loans. In addition, your first disbursement can’t be made until 30 days after the first day of term.
- If you drop below half-time during a term in which you are receiving a student loan, all subsequent disbursements may be canceled.
- Be an informed borrower. Review loan deferment provisions, repayment terms, and refinancing and consolidation options before your loan repayment begins.
- Keep records on all your loans, keep them up-to-date and keep them together in one place.
- Keep your lender informed of your current address, any name changes, any changes in your repayment status and any problems you may have with loan repayment.
- Retain the Notice of Loan Guarantee; it details the interest rate, the type of loan you have, total amount borrowed (provided all loans have been processed through the same guarantee agency), and your projected monthly payment.
- You should borrow only what you need. Remember, loans must be repaid with interest. Carefully consider your educational expenses and future repayment responsibilities before accepting loan funds.
Student Loan Repayment
Are you feeling overwhelmed by your student loan obligations? CNM has partnered with Inceptia, a nonprofit organization dedicated to guiding you through repayment—completely free of charge. From clarifying your loan details to identifying practical solutions, Inceptia’s friendly counselors will support you from start to finish throughout your repayment journey.
You may receive a phone call, email, or letter from Inceptia offering personalized support. If you find yourself struggling with payments, they’ll work with you to explore options that fit your budget. Remember, they will never ask you to send them money—these services are provided at no cost to you.
For additional resources and guidance, visit Inceptia’s Student Knowledge HQ at HeroKnowl.org.
Federal Aid Changes FAQ
Pell Grant Eligibility Changes
New Student Aid Index (SAI) Eligibility Limit: Beginning with the 2026-2027 aid year, students with a Student Aid Index (SAI) of 14,790 or higher will not be eligible for a Pell Grant.
Please note: Financial aid awards for 2026-2027 are still being finalized. Additional information will be available as federal guidance is released.
Foreign Income Will Count Toward Eligibility
Foreign income will now be included in Adjusted Gross Income (AGI) calculations used to determine Pell Grant eligibility. This change may reduce eligibility for some students.
Cost of Attendance Requirement
Students whose total scholarships and grants exceed their Cost of Attendance (COA) will not be eligible to receive a Pell Grant for that academic year.
Loan Amounts May Be Reduced for Part-Time Students
Beginning July 1, 2026, federal student loan amounts will be adjusted based on enrollment level.
Previously, students enrolled at least part-time could receive their full annual loan eligibility. Under the new rules, loan amounts may be reduced for students who are not enrolled full-time.
CNM is awaiting additional guidance from the U.S. Department of Education regarding how these changes will apply to trimester institutions.
Parent PLUS Loan Limits
Parent PLUS borrowers will be limited to:
- $20,000 per year, per student
- $65,000 lifetime maximum per student
Students receiving federal loans first disbursed after July 1, 2026 will repay those loans under one of the following repayment plans:
- Standard Repayment Plan: A fixed repayment schedule established by the federal government.
- Repayment Assistance Plan (RAP): A new income-driven repayment option that bases payments on a borrower's income.
Beginning with the 2026–2027 award year, federal regulations require schools to adjust Federal Direct Loan eligibility based on a student's enrollment level. Because of these requirements and your current enrollment, your loan amount has been reduced.
Students enrolled less than full-time may still qualify for a Federal Direct Loan; however, the amount may be reduced based on enrollment.
Adding courses after disbursement will not result in an increase in the loan amount for the current term. Adjustments to increased credits will be made, if necessary, the following term.
Requests to have loans adjusted to one or two term disbursements are not permitted. An Exception may be granted to those who are graduating however, will require federal proration and therefore will calculate to a lesser amount than the original offer.
Note: Dropping or withdrawing from courses may result in a reduction to your loan eligibility, requiring you to pay back a portion of the funds you received, or losing eligiblity for the future terms.
You can log in to your myCNM account to review your updated financial aid offer and the adjustment amounts for your Federal Direct Loan(s).
Yes. Your Federal Direct Loan eligibility may be adjusted if your enrollment changes. This includes adding, dropping, or withdrawing from classes. CNM will review your enrollment and financial aid eligibility in accordance with federal requirements.
If you have questions about your loan adjustment or how your enrollment affects your Federal Direct Loan eligibility, please contact the Financial Aid Office. We are happy to help you understand your options.
Note: Dropping or withdrawing from courses may result in a reduction to your loan eligibility, requiring you to pay back a portion of the funds you received, or losing eligiblity for the future terms.