The New Mexico Institute of Mining and Technology reported a 7.5% rise in in-state tuition fees for the 2022-23 school year, based on the latest available figures, according to the latest disclosure from the National Center for Education Statistics.
Residents of New Mexico paid $9,058 to attend the public four-year university this year, an increase of $633 from the $8,425 charged during the 2021-22 academic year.
Non-resident students faced tuition costs that were 190.5% higher than those for residents in 2022-23, amounting to $26,312. This represents an 8.5% increase from the $24,254 charged in the previous school year.
Approximately 88% of the undergraduate student body at the institution are New Mexico residents. Students from other states make up about 10%, while international students account for roughly 1%.
Data indicates that 99% of full-time undergraduates who enrolled at the New Mexico Institute of Mining and Technology in 2022-23 received some form of financial aid. A total of 295 students were awarded grants or scholarships amounting to $4 million, and 113 students obtained loans exceeding $558,000.
Across the entire undergraduate population, 1,054 students benefited from grants or scholarships totaling $13.5 million. Additionally, 428 students secured federal student loans totaling $2.4 million.
Undergraduate education costs have seen a significant increase over the past few decades. Data shows a 169% rise in the average total cost, including tuition, fees, room, and board, between 1980 and 2020.
According to a 2023 College Board report, in-state students at public universities paid an average of $11,260, while out-of-state students paid $29,150 in the 2023-24 academic year.
Meanwhile, student loan debt has steadily increased over the last 30 years, reaching $1.75 trillion in 2024, averaging a total of $28,950 per borrower. Federal loans make up 92% of the debt, with over half of students at both public and private four-year colleges graduating with student loans.
Available data sometimes exceeds 100% due to rounding and administrative calculations.
| Type of Aid | Number of students awarded aid | Percent awarded aid | Total amount of aid awarded | Average amount of aid per student |
|---|---|---|---|---|
| Federal grants | 101 | 34% | $688,515 | $6,817 |
| State / local grant or scholarship | 267 | 89% | $2.2 million | $8,247 |
| Institutional grants or scholarships | 254 | 85% | $1.1 million | $4,307 |
| Grant or scholarship aid total | 295 | 99% | $4 million | $13,507 |
| Federal student loans | 111 | 37% | $513,591 | $4,627 |
| Other student loans | 5 | 2% | $44,500 | $8,900 |
| Student loan aid | 113 | 38% | $558,091 | $4,939 |
| Total student aid | 296 | 99% | $4.5 million | $15,346 |
