Borrower Questions & Answers

Q. Will I be able to continue to make walk-in payments?
A. For any loan that is currently part of NMSL portfolio, students would still be able to make walk-in payments.

Q. What will happen to loans that I currently have in-grace with NMSL?
A. Nothing will change; we will continue to service the loans until they are paid in full.

Q. What will happen to loans that I have in repayment with NMSL?
A. NMSL will continue to service the loans until the loans are paid in full.

Q. If NMSL’s loans are sold to the Department of Education (DOE) in 2009-2010, will NMSL notify me that “DOE has purchased my loans?”
A. Yes, if NMSL sells your loans to DOE we will notify you of the new contact information. NMSL doesn’t have plans to PUT loans at this time. However, we are evaluating our finances and are in the process of finalizing details for permanent financing.

In the event that the loans did end up being sold to DOE, in general terms, whenever a loan is sold both the selling and purchasing entity are required to notify the borrower within 45 days after the sale occurs. That notification is required to include:

       ● Identity of the new owner of the loan

       ● Address the borrower should use for payments and communications

       ● Telephone numbers of both the buying and selling lenders, or their servicer

       ● Effective date of the loan’s assignment, sale, or transfer

       ● Date on which the date on which the original lender will stop accepting

          payments/communications and the date the new lender will start accepting

          payments/communications.

Q. Would I be able to receive a discount on my loans if I pay them off earlier then the pay off date?
A. No

Q. What will happen to the borrower benefits that NMSL had committed to borrowers whose loans disbursed prior to June 30, 2009?
A. New Mexico Student Loans evaluates all incentive programs on a yearly basis to ensure that funding is available. No changes will be made to the program this year, however, changes may be made in the years to come.

Q. Since I qualified for 0% interest rate for my nursing loans, will that 0% continue for the life of the loan?
A. New Mexico Student Loans evaluates all incentive programs on a yearly basis to ensure that funding is available. No changes will be made to the program this year, however, changes may be made in the years to come.

Q. Since I qualified for 0% interest rate for my teacher loans, will that 0% continue for the life of the loan?
A. New Mexico Student Loans evaluates all incentive programs on a yearly basis to ensure that funding is available. No changes will be made to the program this year, however, changes may be made in the years to come.

Additional questions can be directed to the Borrower Customer Service toll free number: 1-800-279-3070 or answers@nmstudentloans.org