Perkins Loans

NMEAF provides customer service for the Perkins loan program for many New Mexico colleges and universities. A Perkins loan is a five percent simple-interest federal loan awarded to students who demonstrate exceptional financial need. Repayment of the Perkins loan begins nine months after you graduate or cease to be enrolled half-time. The minimum payment is $40 and the standard repayment period is 10 years.

Cancellation options are available for Perkins loans. In general, cancellation options include:

  • teaching in elementary or secondary schools servicing low-income students
  • teaching special education
  • teaching handicapped education
  • teaching in fields of expertise as determined by the state department of education
  • employment with Head Start Pre-School Program
  • employment as a nurse or medical technician
  • employment in a child or family service agency
  • employment in law enforcement
  • serving as a Peace Corps volunteer or a volunteer under the Domestic Volunteer Service Act
  • employment with early intervention services
  • engaged in Military Service in an area of hostility or imminent danger.

For specific requirements concerning the cancellation options, please see Cancellation Eligibility. If you have other questions, send an email to perkins@nmstudentloans.org