NM Student Loans Easy Pay allows you to authorize an automatic payment from your bank account and receive a .25% interest rate reduction (certain restrictions may apply). It's convenient and saves you time and money.

Automatic Payment Authorization Form

1. Return the completed form with a copy of a voided check or a savings account deposit slip that contains the routing number and account number to:

 New Mexico Student Loans
PO Box 27020
Albuquerque, NM 87125-7020



2. Once the form is processed you will receive a letter from New Mexico Student Loans.  The initial debit usually begins 20 to 30 days following processing.  Your account must be current for the debit to occur.  If you have prepaid your account, or if your account is in a grace, in-school, or deferment status, a debit will not occur until a payment is due.  Under certain conditions we may be able to withdraw payments before the account(s) enter active repayment.  Contact our Customer Service Representatives for more information.  Please continue to make payments until you receive the acknowledgment letter.



3. The designated payment amount will be deducted from your bank account within 2 business days following your due date, until the account is paid in full or the agreement is terminated.  If a payment is not honored due to insufficient funds (NSF), New Mexico Student Loans will resubmit the request for payment.  If the payment is not honored the second time, your account will be assessed a $30.00 service charge.  If you have two NSF payments within a twelve month period, your preauthorized payment agreement will be cancelled.



4. The automatic debit will cease during periods of deferment, unless requested otherwise, and will resume once the deferment ends.  Following a forbearance period where no payment is required, you must submit a new request for the automatic debit to resume.



5. Once set up on the Easy Pay Program, any additional loan(s) entering active repayment at a later date will cause an increase of the debit amount.  The amount drafted from your bank account will automatically be adjusted whenever your monthly required minimum payment is adjusted.



6. If you need assistance or have questions about he preauthorized payment form, please email Stafford@nmstudentloans.org or call 1-800-279-5063 or 505-345-3371, extension 1472.