New Mexico Administrative Code

A. Student eligibili1y requirements: A student is eligible to be a borrower from the NMALF program if the student: (1) is enrolled as at least a half-time student at an eligible school; and (2) is a citizen or permanent alien resident of the United States; and (3) is a resident o…

A. Application fee: A non-refundable application fee must accompany the NMALF application at the time it is submitted to the lender. B. Fee payable upon origination: The lender will charge the borrower a five percent fee payable upon origination as a condition of making the loan.…

A. Amendments: These program regulations may be amended or revised by the lender from time to time. B. Headings: The headings used in the NMALF program regulations are for convenience only.

A. Debt to income test: (1) The debt to income ratio shall not exceed forty percent. (2) Debt is defined as all monthly installment, revolving credit, mortgage payments, or rent, and the anticipated monthly payment on the NMALF loan. (3) Income is defined as the gross monthly inc…

Scope of program regulations. These program rules are binding on alternative loan fund participants.

[RESERVED]

Permanent

[Filed October 4, 1995]

[RESERVED]

A. Borrower. The individual who signs the promissory note, receives the proceeds of the loan, and is liable for repayment. A student who is either a credit-worthy individual or who obtains a credit-worthy individual as cosigner may be a borrower. A borrower maybe someone who is n…

A. Program purpose: The New Mexico alternative loan fund program (NMALF) is an alternative loan program designed to supplement the educational financing needs of New Mexico students attending eligible schools, or out of state students attending New Mexico eligible schools, and th…

A. Mininium/maximum loan amounts. The annual loan limits apply to a twelve month period. Loans made under the NMALF program will have the following annual limits: (1) the minimum annual amount is $1,500.00; (2) the maximum annual amount is the lesser of:(a) the student's estimate…

New Mexico Educational Assistance Foundation.

These self-insurance regulations may be amended or revised by the NMEAF from time to time.

CERTIFICATE OF INSURANCE: The undersigned officer of the New Mexico Educational Assistance Foundation (the "Foundation") hereby certifies that the Foundation has insured the following student loan under the Foundation's Self-Insurance Program: Borrower: __________________________…

[RESERVED]

[RESERVED]

Permanent

[Filed October 4, 1995]

The New Mexico educational assistance foundation ("NMEAF") has adopted program regulations ("program regulations") governing its alternative loan fund program ("program"). A requirement of the New Mexico Educational Assistance Act, Sections 21-21A-1 et seq. NMSA 1978 ("Act") is t…

[RESERVED]

The program regulations set forth definitions, credit criteria, due diligence criteria in servicing and collecting the student loans made under the program and other provisions relating to the program, all of which are incorporated in these self-insurance regulations by reference…

A. Loan Insurance Fund: The NMEAF shall establish, under the trust indenture and any supplemental trust indenture relating to the issuance of bonds under the act to finance the program (the "indenture") a loan insurance fund into which shall be deposited, at the election of the N…

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.

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: A. the yearly and cumulative ma…

[RESERVED]

[RESERVED]

Permanent

[Filed November 27, 1995]

[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…

State of New Mexico Higher Education Department

A. Upon receipt of application forms and supporting documentation from eligible participants, a committee will be convened by the commission staff person charged with the administration of this program to make award recommendations. Applicants will be notified within 30 days of t…

Upon approval, a participation agreement shall be drawn between each eligible participant receiving loan repayment and the department on behalf of the state of New Mexico. The agreement shall state both the participant's obligation under the program as well as the department's re…

A. If a program participant does not comply with the terms of the participation agreement, the department shall assess a penalty of up to three times the amount of award disbursed, plus eighteen percent interest, unless the commission finds acceptable extenuating circumstances fo…

The following educational debts are not eligible for repayment under this program: A. amounts incurred as a result of participation in any department administered loan-for-service program or other state programs whose purpose states that service be provided in exchange for financ…

The department shall submit a report to the governor and the legislature prior to each regular legislative session. The report shall describe the program activity during the previous years, including the statistics, and analysis of the progress of the Health Professional Loan Rep…

Provisions for 5.7.3 NMAC apply to certain practicing health professionals in New Mexico.

Sections 21-1-26 and 21-22D, NMSA 1978.

Permanent.

July 15, 1998, unless a later date is cited at the end of a section.

The objective and purpose of 5.7.3 NMAC is to increase the number of health professionals in underserved areas of the state through a program of loan repayment of eligible educational loans. The program will pay its participants for the principal and reasonable interest accrued o…

A. "Commission", without further specification, means the New Mexico higher education department. B. "Committee" means the health professions advisory committee of the department. C. "Department" means the New Mexico higher education department. D. "Eligible educational loan" mea…

The health profession advisory committee is created to advise the department on matters relating to the administration of the Health Professions Student Loan-for-Service Acts and the Health Professional Loan Repayment Act. A. The committee shall be appointed by the department pur…

To be eligible for this program, an applicant must: A. submit an application containing biographical, educational and health profession education loan information including lender name, address, telephone number, loan numbers, loan balances, interest rates and remaining payments …

Education Trust Board, State of New Mexico.