Completion and approval of the FAFSA (Free Application of Federal Student Aid) is required for participation in ALL federally-funded programs.

Federal Pell Grant Program

The largest federal need-based student aid program providing grant assistance ranging from $606 to $5,920 to undergraduate students who are enrolled in a degree or certificate program and have not received their first bachelor’s degree. Eligibility is based on demonstrated financial need, cost of education, and enrollment status. The amount of the student’s award is determined using the Federal Institutional Student Information Record (ISIR), Expected Family Contribution (EFC) and the Payment Schedule provided by the U.S. Department of Education.

 

Federal Campus-Based Programs

The Federal Supplemental Educational Opportunity Grant (SEOG), Federal Work-Study (FWS), and Federal Perkins Loan Programs are referred to as “campus-based” programs. Under these programs, institutions apply annually to the Department of Education for funds and receive these funds directly. The financial aid administrator at each school determines which applicants are eligible and how much aid each applicant will receive.

While the Department of Education does not set broad guidelines regarding the distribution of these funds, the individual schools set specific requirements, deadlines, and eligibility criteria.

Federal Supplemental Educational Opportunity Grant (SEOG)

Provides grant assistance to students with exceptional financial need. In awarding Supplemental Grants, priority is given to Pell Grant recipients with the highest demonstrated financial need. NMMI limits awards through this program to a maximum of $4,000 per year.

 

Federal Work-Study Program (FWS)

Provides an opportunity for on-campus employment to students with demonstrated financial need. Various academic and administrative departments employ college work-study students in clerical, operational, and other office support functions. Working hours are generally limited to 4 to 6 hours per week. Students are paid at minimum wage or above per hour. Federal funds cover 75 percent of the student’s total wage, with the additional 25 percent being provided by NMMI.

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 1.066% 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 4.45% percent for school year 2017-2018.   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 available upon request. A 1.066% 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 4.45% percent for school year 2017-2018.   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.

Federal Parent Loans for Undergraduate Students (PLUS)

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 4.264% 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 7.00% for school year 2017-2018. 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.