Ways to Save Money

New Mexico Student Loans Borrower incentive programs for loans disbursed on or after July 1, 2008.

Borrowers whose loans are sold or pledged as collateral to the Department of Education will qualify only for the following benefits:

●  0% default fee
●  0.25% interest rate reduction for electronic payment

However, if New Mexico Student Loans holds the loans impacted by this notice at the time any borrower benefits are earned, the following money-saving borrower benefits will apply to those loans:

● 0% default fee to student
● 0.25% interest rate reduction for electronic payment
● 5% principal reduction after 48 monthly on-time payments
● 0% interest on Stafford & Grad-PLUS loans during repayment for public
   school teachers, MDs and nurses who work fulltime in New Mexico after
   graduation.

Teachers for Tomorrow

Effective for new Stafford loans guaranteed on or after May 1, 2000, 0% interest will be charged when your loan enters repayment with NM Student Loans and you teach full-time in New Mexico. You must use the standard repayment option and apply each year to receive this benefit. The minimum monthly loan payment is $50.

Nurses for New Mexico

0% interest will be charged when your loan enters repayment with New Mexico Student Loans and you work full-time as a nurse in New Mexico. You must use the standard repayment option and apply each year to receive this benefit. The minimum monthly loan payment is $50.

New Mexico Student Loans reserves the right to modify or discontinue programs/benefits at any time. Some restrictions may apply.