Student Loans

Several loan options are available to you. Keep in mind that whatever amount you borrow must be paid back with interest. While loans can be a good investment in your future, taking out a federal student loan is a serious obligation. Remember, these are loans and they need to be repaid.

To review NMC's loan default rate and repayment info, please review our college scorecard on the Department of Education's website.

  • Federal Direct Loans

    • There are two types of Federal Direct Loans: Subsidized and Unsubsidized. Learn more about Federal Direct Loans.

      To Be Eligible For Federal Direct Student Loans, you must:

      • Be a United States citizen or national, permanent resident, or an eligible non-citizen.
      • Be enrolled at least half time (6 credits) in an eligible program
      • Be making Satisfactory Academic Progress
      • Not be in default on a Stafford, PLUS, SLS, Consolidation, or Federal Direct Loans
      • Not owe a Title IV refund

      How To Apply For Federal Direct Student Loans

      1. Go to (You need to sign in using your FSA ID and password you used to sign your FAFSA.)
      2. Click the "In School" tab.
      3. Select "Complete Entrance Counseling."
      4. Select "Complete Master Promissory Note," then select "I am an undergraduate student."

      In order to receive a Federal Direct Student Loan at NMC, you must be able to answer yes to the following statements:

      • You have been admitted to NMC. (Apply Now)
      • You have applied for federal financial aid through the FAFSA form, it has been processed and NMC has received the results.
      • Your financial aid application has been reviewed by the NMC Financial Aid Office and a financial aid award notification has been sent to you for the academic year for which you want the loan. This can be reviewed in your NMC Self-Service.
      • You have completed the Direct Loan Entrance Counseling and your Direct Loan Master Promissory Note with NMC.
    • Your loans will be awarded based on your grade level as of the time of award. If you earn enough credits mid-year to advance to the next level, you may request a review for additional eligibility by emailing
      • Grade level is determined by adding credits earned at NMC plus credits transferred which apply to your current primary program of study.
      • The years advance as follows:
    • Grade level
      # of credits earned Year in College
      0-29 1st year
      30-59 2nd year
      60-89 3rd year
      90+ 4th year
    • Refer to  Subsidized and Unsubsidized Loans | Federal Student Aid  for the annual loan limit amounts based on dependency status and year in college. 
  • Parent PLUS Loans

    • Parent Loan For Undergraduate Student (PLUS). Learn more about Direct PLUS Loans.

      How To Apply For Federal Direct Parent Plus Loans

      • Complete the Direct PLUS Parent Loan on
      • Complete the Master Promissory Note (MPN). To complete the MPN:
        1. Visit
        2. Sign in using your FSA ID and password you used to sign your FAFSA.
        3. Select "Complete Aid Process."
        4. Select "Complete Master Promissory Note," then select "Parent PLUS."

      Even if you have had a PLUS loan in prior years, federal regulations require you to reapply through the Direct Loan process. You will be given the option to cover the balance of the bill or obtain the maximum allowed under the cost of attendance. If a parent is denied a PLUS loan, the student may receive additional unsubsidized loan funds.

  • Interest Rates for Federal Loans

    • Although Direct Stafford loan and PLUS loan interest rates vary by year, rates remain fixed for the life of the loan and will not exceed the stated interest rate cap. Loan interest rates for 2022-23 are summarized below.

      Undergraduate Direct Loans: 4.99% (8.25% interest rate cap)

      PLUS Loans: 7.54% (10.5% interest rate cap)

  • Alternative Loans

    • All students are encouraged to complete a Free Application for Federal Student Aid (FAFSA) to determine if he/she may be eligible for federal or state grants or loans, which are much more favorable than private loans.

      If your family is not eligible for need-based financial assistance or chooses not to apply, these programs offer alternate loan resources. Students who are receiving financial aid can also utilize these programs to finance all or part of their calculated cost of attendance. Borrowers must be creditworthy to participate in these programs. Students who are not creditworthy by program guidelines may still be eligible to participate if they can find a creditworthy person to co-sign their loan application.

      Please keep in mind:

      • There are several lenders that process alternative student loans.
      • You are not required to use a certain lender.
      • You may use the lender of your choice.
      • Be sure that the lender you choose is aware that you are applying for an ALTERNATIVE loan.
      • You will need to select the campus location where you attend a majority of your program.
        • "00" Main Campus, "02" Aero Park Campus, "03" Great Lakes Campus

      Alternative loans are credit score based. Students should use any Federal Direct Loan funds they are offered before applying for an alternative loan. Students should research many lenders to find out interest rates, payment and enrollment requirements before choosing a lender. NMC has provided the following list of lenders for resource purposes only. NMC cannot recommend the best lender for students to select.

    • Credible is a free online tool that allows students to compare personalized loans from multiple different lenders. Not all lenders included are participating in this comparison tool and therefore will not be represented in the outputs. Students can analyze pre-qualified rates, terms and eligibility rules side-by-side for those lenders that participate with Credible in just a matter of minutes with a single application. This application runs a soft credit check and credit score will not be impacted.

      Credible’s Refinancing Loan Tool

    • FastChoice is a database of private lenders that we are familiar with and have worked with extensively in the past. This is not an exhaustive list and will not include every lender. Students can compare various lenders side-by-side before applying. Since students will be applying for each individual loan to receive a specific rate, credit score may be impacted.

  • Exit Counseling Process

    • When you have graduated or are no longer attending NMC, you need to update your records for the Federal Student Loan Program. This includes your contact and reference information. Please complete the exit counseling form. This is an online form and does not need to be done in the Enrollment Services Office.