Nm Student Loans Nurses For New Mexico - Request For Interest Benefit Form (Page 2 of 2) in pdf

NM Student Loans

Nurses for New Mexico

Eligibility Requirements

Must be employed full-time in New Mexico as a nurse providing health care in a public or private facility.

Eligible Loans

Stafford Loans

For Stafford loans guaranteed between May 1, 2000 and July 1, 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 last date of school attendance must be on or after May 1,

2000 on underlying loans paid off by the Consolidation. 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 New Mexico as a nurse providing health care in a public or

private facility. Eligible Consolidation loans will have interest reduced to 1.25% when the applicant

works full-time in New Mexico as a nurse providing health care in a public or private facility. 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. 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.

Revised 12/2013

Nm Student Loans Nurses For New Mexico - Request For Interest Benefit Form Page 2