Nm Student Loans Teachers For Tomorrow - Request For Interest Benefit Form (Page 2 of 2) in pdf

NM Student Loans

Teachers for Tomorrow

Eligible Loans

Stafford Loans

For Stafford loans guaranteed between May 1, 2000 and July 01, 2009 by the New Mexico Student Loan

Guarantee Corporation and serviced by New Mexico Student Loans. The loan(s) for which the eligible applicant is

seeking an interest benefit cannot be delinquent or in default. If the applicant brings the loan current, they may

then apply for the program. Deferments or forbearances cannot be used as a means to bring the loan current.

Benefits are not retroactive. Receipt of a benefit under this program does not entitle applicant to a refund of any

payments made on the loan. PLUS loans are not eligible. If your loan becomes 90 days delinquent, it will be

permanently removed from the program. New Mexico Student Loans reserves the right to terminate this program

at any time.

Consolidation Loans

For Consolidation loans guaranteed by the New Mexico Student Loan Guarantee Corporation and serviced by New

Mexico Student Loans. The loan(s) for which the eligible applicant is seeking an interest benefit cannot be

delinquent or in default. If the applicant brings the loan current, they may then apply for the program. Deferments

or forbearances cannot be used as a means to bring the loan current. Benefits are not retroactive. Receipt of a

benefit under this program does not entitle applicant to a refund of any payments made on the loan. PLUS loans

are not eligible. If your loan becomes 90 days delinquent, it will be permanently removed from the program. New

Mexico Student Loans reserves the right to terminate this program at any time.

Program Benefits

No interest will be charged when an eligible Stafford loan enters repayment with New Mexico Student Loans and

the applicant works full-time in a New Mexico Public, Elementary or Secondary school. Eligible Consolidation

loans will have interest reduced to 1.25% when the applicant teaches full-time in a New Mexico Public, Elementary

or secondary school. The standard repayment option must be used and yearly application and certification is

required to receive this benefit. The minimum monthly loan payment is $50.00. Eligible applicants may receive

the benefit of Teachers for Tomorrow and, if applicable, other loan forgiveness programs offered by the

Department of Education. An eligible applicant must use this program for the standard repayment period of 10

years. Periods of deferments or forbearances are not counted as part of the standard repayment period because the

account is not considered to be in active repayment.

Eligibility Requirements The

applicant teacher:

•

Must have a Bachelors degree or greater.

•

Must be employed full-time in New Mexico as a teacher providing direct classroom teaching or provide

classroom-type teaching in a non-classroom setting.

•

Must be directly employed full-time in New Mexico by the school system in a public or other nonprofit

elementary or secondary school, Head Start program, preschool, or providing an educational service

directly related to classroom teaching, such as school librarians and school guidance counselors.

•

Must teach for a complete academic year or its equivalent. A supervisor, administrator, researcher, or

curriculum specialist is NOT a teacher unless he or she primarily provides direct and personal educational

services to student. However, it a teacher has received the Teachers for Tomorrow program benefit and

then he/she is promoted to a supervisor, administrator, researcher, or curriculum specialist, then they are

eligible to continue receiving the benefit. The teacher must serve at least one year and have received the

Teachers for Tomorrow benefit before he/she is promoted in order to continue receiving the benefit.

Revised 12/2013

Nm Student Loans Teachers For Tomorrow - Request For Interest Benefit Form Page 2

Related Articles

Related forms

Related Categories