Apr 11, 2021  
2009-2010 Academic Catalog 
    
2009-2010 Academic Catalog [Archived Catalog]

Financial Charges and Payment Policy


Click on any of the following links for information:

 

The NMMI Business Office has a web site which covers additional information on NMMI cadets. Actual charge information, financial advisor listings, infirmary fact sheet and insurance information are key links on this page. Use your back button to return here.

  1. Accounts - Each cadet is assigned two financial accounts:

    Tuition and Fees - Tuition, fixed fees, room, board, and laundry (limited to specific number of items each trip) are charged each semester.

    A yearly charge is made in the first semester for cadet accident insurance. The accident policy is a mandatory plan for all cadets. In addition, PROOF OF MEDICAL INSURANCE IS REQUIRED FOR ALL CADETS. If such proof is not received by August 31 for the Fall Semester and January 31 for the Spring Semester, the cadet will be charged for the yearly NMMI Cadet Health Insurance in addition to the mandatory Accident Insurance. Both policies are low-cost plans which are not intended to cover all costs.

    Cadet Account - The Cadet Account is intended to meet day today expenses (personal hygiene items and school supplies) and uniform costs. The following are Authorized On-Campus Uses:

    • Uniform purchases
    • Books and supplies
    • Lab fees
    • Barracks breakage
    • Personal items purchased at the Cadet Store
    • Military property shortage
    • Diploma
    • Dry cleaning
    • Excess laundry charges
    • Infirmary prescription charges
    • Library losses and fines
    • State textbook losses

    Please note that these items may be charged only if the Cadet Account balance is adequate. For those cadets depending on Financial Aid and/or Scholarships for funding, a limit will be established for spending based on each cadet’s individual award letter. Charges above the limit will not be allowed.

    A monthly statement itemizing all purchases will be forwarded to the parent (copy to cadet) before the tenth of the following month. A minimum balance of $50 is required at all times. You may maintain as large a balance as you desire. Parents who desire may request their cadet to be placed on a “Necessities Only” program. This limits purchases by the cadet to items that are necessary for personal hygiene, school supplies, and uniform items. CASH WITHDRAWALS FROM THE CADET ACCOUNT ARE NOT PERMITTED.

    Those uses of the Cadet Account which are NOT ALLOWED are listed below with a recommended means of payment. It will be left to the parent and cadet to determine a suitable method to meet these expenses. Alternatives include local bank accounts, maintaining hometown bank accounts, automatic teller machines (one is located at Hinkle Hall - more information concerning the ATM and a special account is available upon request), mailing check directly to cadets, etc. Money orders may be purchased from the Cashier in the Business Office.

    Cash withdrawal - Personal checks will be cashed in the Cadet Store
    Student activity costs - personal check or cash accepted
    Travel expenses - must be arranged by parent and cadet
    Dances - personal check or cash
    Doctor-dentist charges - must be arranged by parent and cadet
    Driver’s training - personal check at course registration
    Golf Course charges - personal check or cash
    ACT-SAT - personal check or cash
    Photographs - personal check or cash
  2. Payment Plan - There are two plans for paying tuition and fees. The cadet account may not be deferred. Payments should be made payable to NMMI. Please write the cadet’s name and cadet number in a legible manner on the face of your check. Wire transfers may be sent to Wells Fargo Bank in Roswell, NM, 88201. Wire transfer information is available at the Business Office.
    Cash plan: You pay total tuition and fee charges prior to or at matriculation. This includes all the Tuition and Fee costs plus an amount necessary for the purchase of uniforms and school supplies.

    Deferred payment plan: A fee is charged for this service. Under this plan, a deposit is required for Tuition and Fees as well as the amount needed for uniforms and school supplies. This initial payment is followed by monthly payments.

  3. Credit Cards - The Business Office, Cadet Store, and Golf Shop will accept VISA/MC, American Express and Discover cards. The credit cards will be accepted for total or partial payment of Tuition and Fees and Cadet Account deposits. The Cadet Store and Golf Shop will accept the cards for purchases. Cash advances are not available.
  4. Financial Responsibility - At the end of any semester, any cadet whose accounts have not been paid in full will not be eligible to reenroll for the subsequent semester. NMMI reserves the right to cancel the registration of any cadet who fails to pay, when due any indebtedness. Credits, transcripts, and diplomas will be withheld until all financial obligations are met.
  5. Scholarship Policy
    1. All current cadets and accepted applicants will automatically receive scholarship consideration.
    2. Institutional scholarships will be credited to the recipient’s tuition account on Friday of the third week of classes. Cadets who have withdrawn from NMMI for any reason prior to Friday of the third week of classes will not receive scholarship funds. If a cadet withdraws from school for any reason during the first semester, he/she is not entitled to the scholarship if he/she is reenrolled during the same academic year.
    3. ROTC scholarships are administered under policies provided by the US Army and will be credited to recipients’ accounts upon receipt.
  6. Refund Policy
    1. Should a cadet withdraw or be dismissed, the semester tuition and fee charges (other than matriculation and fees imposed as a penalty) will be refunded as follows:
      1st five class days   100%
      Next five class days   75%
      Next ten class days   50%
      Next ten class days   25%
    2. There will be no refund for the semester room charge after the first day of classes. Semester board and laundry charges will be prorated on a weekly basis. The insurance fee is non-refundable. No refund will be made for uniform items which have been altered, laundry marked or worn. Balances remaining in the Cadet Account will be refunded in full provided a balance is not due for tuition and fees.

Please allow four (4) to six (6) weeks to process your account.


Financial Aid

^ TOP

Financial Assistance

The New Mexico Military Institute provides an extensive program of cadet financial assistance. The program has two distinctive areas. One area involves the various federal student aid programs and requires proven financial need. These programs are limited to college students. The second area of assistance involves institutional scholarships available to both high school and college cadets. Cadet or prospective cadets with a genuine financial need may secure information by contacting the Director of Financial Aid, New Mexico Military Institute.

Federal and State Programs

Current laws on student aid programs, which are funded by the federal government and the State of New Mexico, limit such aid to college students. The programs are available to those students who provide evidence of need for this assistance in order to attend college. A family need analysis is part of the application process. Approximately 45% of the college cadets at New Mexico Military Institute receive assistance from these programs. The application priority date is May 1; assistance is awarded after this date depending on availability of funds. More information is available from FAFSA.

NMMI participates in the following Federal Aid Programs which require completion of the FAFSA:

  1. Federal Pell Grant Program: The largest federal need-based student aid program providing grant assistance ranging from $400 to $5,350 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.
  2. The Academic Competitiveness Grant (ACG) The Higher Education Reconciliation Act of 2005 (HERA) created this grant program for full-time students who are at degree-granting institutions, are U.S. citizens, and are eligible for the Federal Pell Grant. Congress funded the grants for award to eligible students beginning July 1, 2006.
    The ACG is one of the two new grant programs and was available for the first time for the 2006-07 school year for first-year students who graduated from high school after January 1, 2006, and for second-year students who graduated from high school after January 1, 2005. This grant is in addition to the student’s Federal Pell Grant. First year awards are $750. Second year awards, $1300., are contingent upon completion of the first year with at least 24 credit hours completed and a 3.0 cumulative GPA.
  3. 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.
  4. Federal Perkins Loan Program: This program allows students who demonstrate financial need to borrow up to $4,000 per year. The interest rate is fixed at 5.00%. Interest does not accrue to the borrower, nor does repayment begin on Perkins Loans until nine months after 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.
  5. 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 or above the current minimum wage.
  6. 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. The interest rate is fixed. 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. Subsidized loans carry a 3.00% federal origination fee and an up-front interest rebate equal to 1.50%. Net proceeds could equal approximately 98.5% of the loan amount. New borrowers must complete a master promissory note and complete an online Entrance Counseling Session to borrow funds through this program.
  7. 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. 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. The interest rate and origination fee are the same as specified above under the subsidized loan program; however, 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.
  8. 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. The interest rate is fixed. 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 deferrable. Plus Loans carry a 3.00% federal origination fee. Parents must complete a PLUS loan application and master promissory note to borrow through this program.

State Aid Programs (for further information on state financial aid call NM HED at 1-800-279-9777)

  1. New Mexico Student Incentive Grant: This program provides a limited number of grants ranging from $200-$2500 for especially needy college students who are residents of the State of New Mexico.
  2. New Mexico Lottery Success Scholarship: This tuition scholarship is available to students who graduate from a New Mexico high school program, enroll full time in college and establish and maintain a 2.50 GPA or above with at least 12 credits earned.
  3. College Affordability Grant: This program is for New Mexico students with financial need who do not qualify for other state grants or scholarships.
  4. In-State Tuition Allowance: New Mexico State legislation has been approved to provide any high school graduate of a New Mexico high school in-state tuition rates at the New Mexico college of his/her choice.

Scholarships

The scholarship program at New Mexico Military Institute is the result of endowments made by individuals and organizations interested in NMMI and its cadets. Scholarships vary from those whose criteria are very specific to those that are quite liberally expressed. Many are strictly competitive on academic performance while others are awarded on the basis of need. Both high school and college cadets are eligible to compete for scholarship assistance. Consideration is automatic based on receipt of NMMI Formal Application. (Refer to ROTC Scholarship section in this catalog for information regarding the US Army ROTC Scholarships.)

The General Richard T. Knowles Legislative Scholarship Program

The program allows each of New Mexico’s 112 legislators to nominate a cadet from his/her district for scholarship consideration. In addition, non-selected applicants may be eligible to receive a scholarship that may not be awarded in a contiguous district. The award includes a state gratis scholarship covering the cost of tuition, fees and an amount to be applied toward uniforms for up to four total years. Renewal of the scholarship requires the cadet to maintain satisfactory academic progress toward graduation and acceptable performance in the Corps of Cadets. Information on the prestigious General Richard T. Knowles Legislative Scholarship Program may be obtained from the Office of Admissions.