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 available upon request. A 1.057% origination fee (subject to timing of disbursement may be slightly different) will be deducted from the gross amount of the loan borrowed. The interest rate is 5.28% percent for school year 2022-2023. 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.