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

  • 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
  • Not have been convicted of any offense under state or federal law involving the sale or possession of a controlled substance

How to apply for federal direct student loans

  1. Go to studentaid.gov.
  2. You must sign in using your FSA ID and password you used to sign your FAFSA.
  3. Click the "In School" tab.
  4. Select "Complete Entrance Counseling."
  5. Select "Complete Master Promissory Note," then select "I am an undergraduate student."
  6. A new MPN must be completed each academic year.

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 Request Process
  • Complete the Master Promissory Note (MPN). To complete the MPN:
    1. Visit: studentaid.gov.
    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."
  • A new MPN must be completed each academic year.

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. Learn more about alternative loans »