Loan Repayment Plans

Repayment Options are chosen when your loan enters repayment.  If your financial situation changes and you qualify, you may change repayment plans at any time.  Some of the plans take into consideration your income, amount of debt, family size and can be forgiven after 25 years of qualifying payments are made.

Under the Standard Repayment Plan, payments of principal and interest are divided into equal monthly installments throughout the repayment period. The maximum repayment period for Stafford and PLUS loans is ten (10) years. The loan term for consolidation can be between 10 to 30 years, depending on balance financed.

Eligible Loan Types

  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidation Loans

Minimum Monthly Payment

  • $50.00
  • Up to 10 years

How to Apply

No need to apply since you automatically start on this plan.

The Graduated Repayment Plan allows borrowers to make smaller payments at the beginning of the repayment term, which gradually increase over time. The maximum repayment period is 10 years.

Eligible Loan Types

  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidation Loans

Minimum Monthly Payment

  • Monthly interest accrual
  • Up to 10 years

How to Apply

  • Complete, print and sign the Alternative Repayment Request (PDF) form.
  • Send the completed form to the following address or fax.
  • New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  • Fax: (505) 345-7269 or (505) 341-9361

Note: The Alternative Repayment Request form listed is available in portable document format (PDF). If you do not have a PDF reader, you can download a free copy from Adobe Acrobat Reader. It will take a few minutes to complete the download.

If you are a new borrower after October 7, 1998 and have accumulated more than $30,000 in student loan debt, the repayment period may be extended up to 25 years. The extended plan may be used along with the standard or graduated plans.

Eligible Loan Types

  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidation Loans

Fixed Payments

  • $50.00
  • Up to 25 years

Graduated Payments

  • Monthly interest accrual
  • Up to 25 years

How to Apply

  • Complete, print and sign the Alternative Repayment Request (PDF) form.
  • Send the completed form to the following address or fax.
  • New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  • Fax: (505) 345-7269 or (505) 341-9361

Note: The Alternative Repayment Request form listed is available in portable document format (PDF). If you do not have a PDF reader, you can download a free copy from Adobe Acrobat Reader. It will take a few minutes to complete the download.

Under this plan, payments are based on the borrower's documented monthly income. The maximum repayment period is 10 years. Income sensitive schedules are valid for 12 months at a time and can be utilized five times during the life of the loan. Yearly, borrowers must certify their income to qualify for a continued 12 months of income sensitive payments.

Eligible Loan Types

  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidation Loans

Minimum Monthly Payment

  • increase or decrease based on your annual income and
  • are made for a maximum period of 10 years.

How to Apply

  • Complete, print and sign the Alternative Repayment Request (PDF) form.
  • Send the completed form to the following address or fax.
  • New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  • Fax: (505) 345-7269 or (505) 341-9361

Note: The Alternative Repayment Request form listed is available in portable document format (PDF). If you do not have a PDF reader, you can download a free copy from Adobe Acrobat Reader. It will take a few minutes to complete the download.

Under this plan, payments are based on the borrower's documented monthly income. The maximum repayment period is 10 years. Income sensitive schedules are valid for 12 months at a time and can be utilized five times during the life of the loan. Yearly, borrowers must certify their income to qualify for a continued 12 months of income sensitive payments.

Eligible Loan Types

  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidation Loans

Minimum Monthly Payment

  • increase or decrease based on your annual income and
  • are made for a maximum period of 10 years.

How to Apply

  • Complete, print and sign the Alternative Repayment Request (PDF) form.
  • Send the completed form to the following address or fax.
  • New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  • Fax: (505) 345-7269 or (505) 341-9361

Note: The Alternative Repayment Request form listed is available in portable document format (PDF). If you do not have a PDF reader, you can download a free copy from Adobe Acrobat Reader. It will take a few minutes to complete the download.