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Benefits
IMPORTANT NOTICE:
As a
result of the Ensuring Continued Access to Student Loans Act of 2008
that was passed on May 7, 2008, the Department of Education will
only allow certain borrower benefits on FFELP educational loans that
may be sold to them.
Borrowers whose loans are sold or pledged as collateral to the
Department of Education will qualify only for the following
benefits:
● 0% default fee (NMSL pays on behalf of the student)
● 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 for
Stafford, PLUS and Grad-Plus loans 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
●
Special incentives on loans for public
school teachers, MDs and
nurses who work in
New Mexico
New Mexico Student Loans
reserves the right to modify or discontinue programs/benefits at any
time. Some restrictions may apply.