New Mexico Administrative Code

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New Mexico Educational Assistance Foundation.

Student loans purchased by the foundation shall be serviced by the foundation or on behalf of the foundation by a servicer in accordance with such procedures as may be approved by the foundation from time to time.

The maximum amount of student loans permitted for an eligible borrower shall be determined in accordance with the Higher Education Act.

A. At the time a lender makes an eligible loan to an eligible borrower the lender shall provide thorough and accurate loan information to the eligible borrower as required by the Higher Education Act and the guarantee corporation, which shall include: (1) the yearly and cumulativ…

These regulations shall be subject to amendment, modification and revision from time to time to conform the same to the provision of the Higher Education Act or for any other purpose. If any such amendment, modification or revision will materially adversely affect the rights of a…

These regulations shall be of application to those activities of the foundation undertaken by it in connection with the program.

[RESERVED]

[Permanent.]

[Filed December 11, 1992] The effective date of these regulations shall be December 10, 1992.

[RESERVED]

Terms: A. "Bank" shall mean the bank providing a letter of credit under a letter of credit agreement applicable to a particular indenture. B. "Bonds" shall mean the bonds issued by the foundation under the terms of the indenture applicable to a loan purchase agreement. C. "Certif…

A. For eligible loans originated prior to the date of a loan purchase agreement and which are to be sold to the foundation pursuant to such loan purchase agreement, the lender must certify and agree, as an inducement and a condition of the purchase of such eligible loans by the f…

Any persons (or any related person, as defined in Section 147 (a) (2) of the Internal Revenue Code of 1986, as amended), from whom the foundation may, under the program, acquire student loans shall not, pursuant to any arrangement, formal or informal, purchase bonds, notes or obl…

New Mexico Educational Assistance Foundation.

A. Written request: All requests for administrative review must be made in writing. B. Submittal deadline: All requests for administrative review must be received at the foundation within 30 days of the date of the applicable notice. Failure to submit a request within the prescri…

A. Purpose: The purpose of an administrative hearing is to provide the appellant with a fair and equal opportunity to be heard so that the administrative hearing officer may be completely informed in the matter and enabled to render a proper determination based on all the facts a…

A. Final determination: A final determination occurs: (1) when the administrative hearing officer makes his decision; or (2) if no request for hearing has been properly and timely submitted, thirty days following the date of the notice provided in accordance with the foregoing Se…

The information obtained by the foundation from the TRD under the Tax Refund Intercept Program Act shall be confidential and shall be used by the foundation only in pursuit of the collection of a judgment debt on an educational loan under the act.

Because there is an outstanding educational loan judgment balance which has not been paid, your name has been referred to the New Mexico Taxation and Revenue Department for the collection of this obligation. Any tax refund to which you may be entitled may be retained in full or p…

Because a judgment for an educational loan debt has been filed against your spouse, your name has been referred to the New Mexico State Taxation and Revenue Department for collection of this obligation. Any tax refund to which you may be entitled may be retained in full or partia…

[RESERVED]

[RESERVED]

[Permanent.]

[Filed July 7, 1988]

[RESERVED]

[RESERVED]

A. Eligible accounts: Requests for collection by refund offset may be made by the foundation to enforce repayment of educational loan debts pursuant to the Tax Refund Intercept Program Act, Laws 1985 Ch. 106, Sec. 1, et seq., as amended by Laws 1987, Ch. 125 Sec. 1 et seq. B. Cri…

A. Notice to debtor: Within ten days after the foundation receives notice from TRD of a match of an offset request the foundation shall send a notice to the affected debtor substantially in the form of the attached Exhibit A [now 5.7.25.14 NMAC]. The notice will inform the debtor…

New Mexico Educational Assistance Foundation.

Student loans purchased by the foundation shall be serviced by the foundation or on behalf of the foundation by a servicer in accordance with such procedures as may be approved by the foundation from time to time.

The maximum amount of student loans permitted for an eligible borrower shall be determined in accordance with the Higher Education Act.

A. At the time a lender makes an eligible loan to an eligible borrower the lender shall provide thorough and accurate loan information to the eligible borrower as required by the Higher Education Act and the guarantee corporation, which shall include: (1) the yearly and cumulativ…

These regulations shall be subject to amendment, modification and revision from time to time to conform the same to the provision of the Higher Education Act or for any other purpose. If any such amendment, modification or revision will materially adversely affect the rights of a…

These regulations shall be of application to those activities of the foundation undertaken by it in connection with the program.

[RESERVED]

Permanent

[Filed November 29, 1993] The effective date of these regulations shall be September 23, 1993.

[RESERVED]

Terms: A. "Bond" or "bonds" means any bond or all of the bonds issued under and at any time outstanding pursuant to the indenture. B. "Certificate of insurance" means a certificate of federal loan insurance issued with respect to a student loan by the secretary of education pursu…

A. For eligible loans originated prior to the date of a loan purchase agreement, and which are to be sold to the foundation pursuant to such loan purchase agreement, the lender must certify that the eligible loans were originated by lender with the reasonable expectation that suc…

No eligible borrower or any related person thereto within the meaning of Section 144 (a) (3) of the Internal Revenue Code of 1986, as amended, shall purchase, pursuant to any arrangement, formal or informal, any notes, bonds or any other obligations of the foundation in an amount…

New Mexico Educational Assistance Foundation.