by our College Data Analytics TeamA lot of students will not be asked to pay the complete price tag of a school. Rather, they are presented a financial aid deal that includes a mix of loans, grants, scholarships, and possibly work-study opportunities. The total cost of going to New Mexico Military Institute can seem overwhelming, but bear in mind that many students are given some form of financial aid.
What financial assistance options will NMMI offer you, and what will you qualify for? Read on for more information. Keep going to discover just how much financial aid could be open to you.
The amount of financial aid and scholarships you are eligible for will vary depending on your family’s income. Read on to get a sense of the financial assistance available at New Mexico Military Institute.
Colleges use loans, grants, scholarships and work-study to minimize what students actually pay out of pocket. Bear in mind that not all aid is equal, and the amount any one student receives can vary widely.
Looking at the entering class at New Mexico Military Institute, 97% of first-time, full-time freshmen received some form of financial aid roughly 174 incoming students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 97% | $11,951 |
| Institutional grants & scholarships | 94% | $8,580 |
| Federal Pell grants | 36% | $5,248 |
| State/local grants | 33% | $4,100 |
| Federal student loans | 6% | $3,586 |
Unlike loans, grants and scholarships are gift aid that does not need to be paid back, making them the most desirable form of assistance. Across the undergraduate body at NMMI, about 71% of undergraduates were awarded an average grant or scholarship of $11,881 (for some 326 recipients).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 71% | $11,881 |
| Federal Pell grants | 24% | $5,482 |
| Federal student loans | 4% | $3,500 |
Among title-IV aid recipients living on campus, grant and scholarship aid averaged $14,550.
Because need-based aid scales with family income, what students actually pay differs sharply across income brackets.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $3,302 |
| $30,001 – $75,000 | $4,969 |
| Over $75,000 | $13,120 |
Remember these are net prices — what families pay after gift aid, not before.
Net price is the average annual cost after grants and scholarships are subtracted from the published cost of attendance — the figure closest to what a typical aid-receiving student actually pays.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $4,571 |
| Off-campus title-IV students | $4,686 |
For an estimate tailored to your family circumstances, see NMMI’s official net price calculator: www.nmmi.edu/net-price-calculator/.
A typical borrower at NMMI leaves with $4,549 of cumulative federal debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $4,549 |
| Median federal debt (graduates only) | $5,500 |
| Typical 10-year monthly payment (graduates) | $58.31/mo |
At a typical 10-year repayment schedule, the median graduate would pay about the monthly figure above.
The numbers below show the full range, not just the middle of the distribution. These percentiles trace how cumulative federal debt is spread among borrowers at NMMI.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $2,246 |
| 25th percentile | $2,888 |
| 75th percentile | $8,250 |
| 90th percentile (highest-debt students) | $12,000 |
How much a student borrows depends heavily on family income, first-gen status, and dependency.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| High income | $5,137 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $4,000 |
| Continuing-generation students | $4,886 |
The figure below distills the debt data into a single burden category for NMMI.
Stafford loans make up the bulk of federal direct lending to undergraduates. These figures summarize annual Stafford program activity at NMMI:
| Metric | Value |
|---|---|
| Stafford loan recipients | 727 |
| Total Stafford loan amount | $4,257,957 |
The GI Bill and DoD Tuition Assistance are the main federal aid routes for veterans and service members.
GI Bill volume
| Metric | Value |
|---|---|
| GI Bill recipients | 0 |
| Total GI Bill amount | $0 |
References
More about our data sources and methodologies.