Ways to Save Money

New Mexico Student Loans Borrower incentive programs for loans disbursed on or after July 1, 2006.

• 5% Principal reduction after 48 monthly on-time payments.
  
  

• 0% guarantee/default fee & 0% origination fee (NMSL pays 1% guarantee/default fee and 2% origination fee on behalf of its borrowers).
  

• 0% Interest rate on loans for public school teachers, doctors and nurses who work in New Mexico.
  
  

• Easy Pay program - .25 % interest rate reduction for electronic payment
  Download an automatic payment form.
  

• Loan forgiveness programs for borrowers in good standing.


• Special incentives for UNM Medical School and UNM Law School students.
  
  

Teachers for Tomorrow

Effective for new Stafford loans guaranteed on or after May 1, 2000, 0% interest will be charged when your loan enters repayment with NM Student Loans and you teach full-time in New Mexico. You must use the standard repayment option and apply each year to receive this benefit. The minimum monthly loan payment is $50.

Nurses for New Mexico

0% interest will be charged when your loan enters repayment with New Mexico Student Loans and you work full-time as a nurse in New Mexico. You must use the standard repayment option and apply each year to receive this benefit. The minimum monthly loan payment is $50.

New Mexico Student Loans reserves the right to modify or discontinue programs at any time. Some restrictions may apply