Students have borrowed from the following lenders. You are free to choose any lender who provides an Alternative Loan, even if they are not listed below.
- Wells Fargo: 1-800-658-3567
- Sallie Mae: 1-888-272-4665
Keep in mind:
- The lender needs to know that you're applying for an ALTERNATIVE LOAN. Alternative loans are credit-based loans.
- The lender will submit your information and receive a credit report.
- If your credit is good, the lender will send you a loan application.
- If your credit is not good, the lender may deny the loan request.
- Your lender may ask you to supply a Private Education Loan Self-Certification Form.
- The lender may ask for other documentation (pay stubs, employment history, etc.).
- Alternative loan checks are written to the school and the borrower.
Federal and State Aid
NMC participates in the following Federal and State aid programs:
- Federal Pell Grant
- Federal Supplemental Opportunity Grant (FSEOG)
- Federal Work Study (FWS)
- Direct Stafford Loans
- Direct PLUS Loans for Parents (PLUS)
- Veterans Educational Benefits (VA)
- Michigan Tuition Incentive Program (TIP)
- Michigan Competitive Scholarship (MCS)
- Michigan Children of Veterans Tuition Grant
- Michigan Police Officer’s and Fire Fighter’s Survivors Tuition Program
- Michigan Native American Tuition Waiver
Visit Student Aid on the Web for free information from the U.S. Department of Education about federal student aid.
Visit Financial Aid Programs Administered by the State of Michigan for more information about Michigan financial aid.
Visit the U.S. Department of Veterans Affairs for more information about Veteran’s educational benefits.
Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and non-federal sources might be added. Amount of the Pell Grant final award will vary based on the student’s enrollment.
NOTE : Starting July 1, 2012, Pell Grants are limited to the equivalent of 12 full-time semesters. If you have received 600% or over 12 semesters of (full-time equivalent) Pell Grant during your educational endeavors, you will no longer be eligible for these funds. To determine the amount of lifetime Pell you have received, visit the National Student Loan Data System (NSLDS).
Federal Supplemental Opportunity Grants (FSEOG)
Federal Supplemental Educational Opportunity Grants (FSEOGs) are for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFCs will receive this award first. Just like Pell Grants, FSEOGs don't have to be paid back. NMC awards FSEOGs based on the priority award date of April 1. The amount of the award varies.
Federal Work Study (FWS)
Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient's course of study.
Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education. Eligible students borrow directly from the U.S. Department of Education (the Department) for their attendance at NMC.
Direct Stafford Loans include the following types of loans:
- Direct Subsidized Loans – Direct Subsidized Loans are for students with financial need. NMC will review the results of your Free Application for Federal Student Aid (FAFSASM) and determine the amount you can borrow. You are not charged interest while you’re in school at least half-time.
- Effective 7/1/2012, interest subsidy during the six-month grace period for new Stafford Loans made on or after July 1, 2012, and before July 1, 2014 will be eliminated. The repayment period still begins 6 months after the student is no longer enrolled at least half-time, but interest that accrues during those six months will be payable by the student rather than be subsidized by the federal government.
- Direct Unsubsidized Loans – You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, NMC will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it is first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
NOTE: Before July 1, 2010, Stafford, PLUS, and Consolidation Loans were also made by private lenders under the Federal Family Education Loan (FFELSM) Program. As a result of the Health Care and Education Reconciliation Act of 2010 , no further loans will be made under the FFEL Program as of July 1, 2010. All new Stafford, PLUS, and Consolidation Loans come directly from the Department of Education under the Direct Loan Program.
Parents of dependent students may apply for a Direct PLUS Loan to help pay their child's education expenses as long as certain eligibility requirements are met. Graduate and professional students may apply for PLUS Loans for their own expenses; click here for details.
To be eligible for a Direct PLUS Loan for Parents:
- The parent borrower must be the student's biological or adoptive parent. In some cases, the student's stepparent may be eligible.
- The student must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program. Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court.
- The parent borrower must pass a credit check. If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.
- The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs. For additional information on eligibility requirements, go to the student aid eligibility page.
NMC is approved to administer the Veteran’s Educational Assistance Programs that include the Montgomery GI Bill and the new 9/11 GI Bill.
There are currently six active categories of benefit programs under which veterans and eligible dependents can receive financial assistance. NMC's VA representative, located in the Records & Registration Office of the Tanis Building (#5 on the Main Campus Map), has all the necessary forms for application of benefits. As there are many facets of the program, it is highly recommended that you make an appointment to see the VA representative.
This high school completion program offers to pay for the first two years of college and beyond for identified students who graduate from high school or complete their GED before age 20. Learn more »
Michigan Competitive Scholarship
This award is based on both financial need and merit. Students may use Competitive Scholarship funds at degree-granting Michigan public and independent postsecondary institutions. Awards are restricted to the cost of tuition and fees.
Michigan Children of Veterans Tuition Grant
This award provides undergraduate tuition assistance to certain children of qualified veterans who meet Michigan residency requirement. The renewable award pays a maximum of $2,800 per academic year.
Michigan Police Officer’s and Fire Fighter’s Survivors Tuition Program
Public Act 195 provides for the waiver of tuition at public community colleges and state universities for the surviving spouse and children of Michigan police officers and fire fighters killed in the line of duty.
Michigan Native American Tuition Waiver
May cover tuition for certified North American Indians (1/4 blood) who enroll in a public college or university and are a Michigan resident. Contact your tribal association for additional information.