Program Benefits

Borrowers whose loans are sold or pledged as collateral to the Department of Education will qualify only for the following benefits:
       ●  0% default fee
       ●  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 Nurses for New Mexico program will apply.

Stafford Loans

When you work full-time as a nurse (LPN or RN) in New Mexico, you may qualify for 0% interest when your NMSL Stafford Loans and/or PLUS Graduate Student Loans enter repayment.  You must select the standard repayment option and be certified each year to receive this benefit.  The minimum monthly loan payment is $50.

How to qualify

If you are a current student:

1. Complete a Free Application for Federal Student Aid (FAFSA).
2. Request a Stafford student loan through your Financial Aid Office.
3. Have your loans guaranteed and disbursed by NM Student Loans or a participating lender.

When your loan enters repayment:

4. Work full-time as a Registered or Licensed Practical Nurse in a public or private healthcare facility in New Mexico.
5. Choose the standard repayment option for your loans.
6. File the NMSL certification form annually.
7. Once New Mexico Student Loans approves your certification form, the interest rate on your NMSL Stafford and PLUS Graduate Student loans will be adjusted to 0% for the year.

Certain restrictions may apply. If you have questions, call New Mexico Student Loans customer service for details: 345-3371, ext.1472 (Albuquerque area) or 1-800-279-5063 (nationwide) or email stafford@nmstudentloans.org.

You can also print the Nurses for New Mexico Certification Form.  You must submit this completed form each year in order to receive the Nurses for New Mexico interest benefit.

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