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UNM Medical and
Law School
Borrower Benefits
New Mexico Student Loans offers
special borrower benefits for UNM law and medical school
students.
UNM Law School Students
- 0% default and origination
fees on Stafford Loans. NMSL pays the 2%
origination fee and 1% default fee for borrowers.
This means you automatically receive the full amount
of your loan up front, when you need it the most!
- 0% default and origination
fees on PLUS Graduate Student Loans. NMSL pays the
1% default fee and reimburses the 2% origination fee
to its borrowers’ principal balances.
- For Stafford loans guaranteed
after January 1, 2005, NMSL will reduce your
outstanding principal balance by 4.5% after
receiving 33 on-time monthly payments.
UNM Medical
School Students
UNM Medical School students can
select from two student loan savings options:
MDs for
New Mexico – Option 1: Physicians practicing medicine
in New Mexico
- 0% default and origination
fees on Stafford Loans. NMSL pays the 2%
origination fee and 1% default fee for borrowers.
This means you automatically receive the full amount
of your loan up front, when you need it the most!
- 0% default and origination
fees on PLUS Graduate Student Loans. NMSL pays the
1% default fee and reimburses the 2% origination fee
to its borrowers’ principal balances.
- Stafford & PLUS Loans: Work
full-time as a physician in New Mexico, choose the
standard loan repayment option, and file the NMSL
certification form annually. Once New Mexico
Student Loans approves your certification form, the
interest rate on your NMSL Stafford (guaranteed
after 5/1/2000) and PLUS Graduate Student loans will
be adjusted to 0% for the year.
MDs for
New Mexico – Option 2: Physicians practicing medicine
out-of-state
- 0% default and origination
fees on Stafford Loans. NMSL pays the 2%
origination fee and 1% default fee for borrowers.
This means you automatically receive the full amount
of your loan up front, when you need it the most!
- 0% default and origination
fees on PLUS Graduate Student Loans. NMSL pays
the 1% default fee and reimburses the 2% origination
fee to its borrowers’ principal balances.
- For Stafford loans guaranteed
after January 1, 2005, NMSL will reduce your
outstanding principal balance by 4.5% after
receiving 33 on-time monthly payments.
How do you
qualify for the 0% interest rate?
If you are a current student:
- Complete a Free Application
for Federal Student Aid (FAFSA).
- Accept a Stafford loan through
the UNM School of Medicine Financial Aid Office for
the current academic year.
When your
loan enters repayment:
- Work full-time as a practicing
physician in New Mexico.
- Choose the standard repayment
option for your loans.
- File the NMSL certification
form annually.
- Once New Mexico Student Loans
approves your certification form, the interest rate
on your NMSL Stafford and PLUS Graduate Student
loans will be adjusted to 0% for the year.
- Your interest rate reductions
will continue as long as you meet the program
criteria and file the certification form annually.
Certain restrictions may apply. If you have
questions, call New Mexico Student Loans customer
service for details: 345-3371, ext.1472 (Albuquerque
area) or 1-800-279-5063 (nationwide) or email
stafford@nmstudentloans.org.
You can also print the MDs for New Mexico
Certification Form. You must submit this completed
form each year in order to receive the Nurses for New
Mexico interest benefit.
Click here for
MDs for New Mexico brochure.
New Mexico
Student Loans reserves the right to modify or
discontinue programs at any time. Some restrictions may
apply.
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