Marching Cadets

Loans

The Financial Aid Office at New Mexico Military Institute is committed to providing educational funding option as appropriate to students and parents to help fulfill student’s goals and dreams.

 

Federal Stafford Loan Program (Subsidized)

This is a school-initiated process - you must contact the NMMI Financial Aid Office.

Allows students who demonstrate federal financial need to borrow up to $3,500 for the first year of undergraduate study, and $4,500 for the second year. A 1.072% origination fee will be deducted from the gross amount of the loan borrowed. The interest rate is 4.66% percent for school year 2014-2015. Interest does not accrue nor does repayment begin on subsidized Stafford Loans until termination of college enrollment on at least a half-time basis. Interest accrued during in-school and the grace period is paid by the federal government. The standard repayment period is up to ten years. New borrowers must complete a master promissory note and complete an online Entrance Counseling Session to borrow funds through this program.

Federal Stafford Loan Program (Unsubsidized)

This is a school-initiated process - you must contact the NMMI Financial Aid Office

Allows all students regardless of federal financial need to borrow up to $3,500 for the first year of undergraduate study, and $4,500 for the second year. Additional unsubsidized amount of $2,000 is avalible upon request. A 1.073% origination fee will be deducted from the gross amount of the loan borrowed. The interest rate is 4.66% percent for school year 2014-2015. This loan option requires approval of the Financial Aid Director. New borrowers must complete a master promissory note and complete an online Entrance Counseling Session to borrow funds through this program. Interest accrual begins immediately during in-school and deferment periods. Interest accruing during these periods may be paid or capitalized.

Dependent students may borrow up to an additional $4,000 through this program but only if the student's parent is denied eligibility to borrow funds through the Federal PLUS Loan Program.

 

    PLUS: Federal (Parent Loan for Undergraduate Students)

New Mexico Military Institute (NMMI) participates in a “borrower initiated” process allowing the parent to apply and submit the “Federal PLUS Loan Master Promissory Note” directly to the U.S. Department of Education at www.studentloans.gov. Parents may borrow up to the cost of attendance (student budget) less any financial aid (including scholarships and any other resources) the student will receive. The PLUS Loan interest rate is fixed at 7.21% for school year 2014-2015. A 4.292% origination fee will be deducted from the gross amount of the loan borrowed. Interest begins accruing on the loan upon disbursement; the PLUS Loan may be deferrable while the student is in school. Parents must apply for the PLUS Loan annually and must show satisfactory credit ratings to qualify. Completion of the FAFSA is a requirement of the PLUS Loan Program.

Note: The PLUS Loan is available to parents of college students only.

All college students are urged to complete the Free Application for Federal Student Aid (FAFSA). Families are often surprised to learn the student may qualify for more preferable aid programs by completing the FAFSA.

Click here for PLUS loan qualifications.

Ready to apply?  Click the link below to get started.

 

Bullets Begin PLUS Loan Application - Parent Loan
Bullets Begin Stafford Loan Application - Student Loans