This is a school-initiated process – you must contact the NMMI Financial Aid Office.
A subsidized load 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 1.057% origination fee (subject to the timing of disbursement may be slightly different) will be deducted from the gross amount of the loan borrowed. The interest rate is 4.99% percent for the school year 2022-2023. 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.
This is a school-initiated process – you must contact the NMMI Financial Aid Office
An unsubsidized loan 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. An additional unsubsidized amount of $2,000 is available upon request. A 1.057% origination fee (subject to the timing of disbursement may be slightly different) will be deducted from the gross amount of the loan borrowed. The interest rate is 4.99% percent for the school year 2022-2023. This loan option requires the 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.
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.
