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This program allows parents of undergraduate students who do not have an adverse credit history to borrow up to the full cost of attendance minus other financial aid. A 4.228% 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 fixed at 7.54% for school year 2022-2023. Interest accrual begins on the date of the first loan disbursement. The first payment is due within 60 days after the final loan disbursement. This loan may be deferred. Parents must complete a PLUS loan application and master promissory note to borrow through this program.
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 7.54% for school year 2022-2023. A 4.228% origination fee (subject to timing of disbursement may be slightly different) 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 for 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.