Deferment

What is a Deferment?

A postponed of payment on a loan that is allowed under certain conditions and during which interest does not accrue on Direct Subsidized Loans, Subsidized Federal Stafford Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) of the loan(s).

Types of Deferment

This deferment postpones payments for a borrower during times of financial difficulty and the borrower receives public assistance, serves in the Peace Corps, receives the deferment on a Direct or Perkins loan, or meets specific income criteria.

How to Apply

  1. Complete, print and sign the Economic Hardship Deferment (PDF) form.
  2. Provide all documentation requested.
  3. Send the completed form to the following address or fax.
  4. New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  5. Fax: (505) 345-7269 or (505) 341-9361

Note: The Economic Hardship Deferment 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.

This deferment type postpones payments for borrowers engaged in a full-time course of study in a Graduate Fellowship program or a full-time rehabilitation training program.

How to Apply

  1. Complete, print and sign the Education Related Deferment (PDF) form.
  2. Provide all documentation requested.
  3. Send the completed form to the following address or fax.
  4. New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  5. Fax: (505) 345-7269 or (505) 341-9361

Note: The Education Related Deferment 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.

Any borrower who is certified by an eligible school as enrolled on a full-time or half-time basis may receive this deferment.

How to Apply

  1. Complete, print and sign the In-School Deferment (PDF) form.
  2. Provide all documentation requested.
  3. Send the completed form to the following address or fax.
  4. New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  5. Fax: (505) 345-7269 or (505) 341-9361

Note: The In-School Deferment 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.

This deferment type may postpone payments for borrowers serving on active duty or performing qualifying National Guard duty during a war or other military operation or national emergency.

How to Apply

  1. Complete, print and sign the Military Deferment (PDF) form.
  2. Provide all documentation requested.
  3. Send the completed form to the following address or fax.
  4. New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  5. Fax: (505) 345-7269 or (505) 341-9361

Note: The Military Deferment 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.

This deferment is for a Parent borrower who's dependant student is enrolled in a rehabilitation training program, attending an eligible school at least half-time or greater, or for a Parent borrower who's Parent PLUS loans are eligible for 6 month grace period after the student or borrower is no longer enrolled at least half time.

How to Apply

  1. Complete, print and sign the Parent PLUS Borrower Deferment (PDF) form.
  2. Provide all documentation requested.
  3. Send the completed form to the following address or fax.
  4. New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  5. Fax: (505) 345-7269 or (505) 341-9361

Note: The Parent PLUS Borrower Deferment 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.

This deferment type postpones payments for borrowers who are seeking full-time employment through registry with an employment agency or are receiving unemployment benefits.

How to Apply

  1. Complete, print and sign the Unemployment Deferment (PDF) form.
  2. Provide all documentation requested.
  3. Send the completed form to the following address or fax.
  4. New Mexico Student Loans
    P.O. Box 27020
    Albuquerque, NM 87125-7020
  5. Fax: (505) 345-7269 or (505) 341-9361

Note: The Unemployment Deferment 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.

Please contact New Mexico Student Loans immediately if you are having trouble making your student loan payment. If you do not qualify for a deferment, you may be able to change your loan repayment plan. There may be a repayment plan that offers lower payments than you're currently making.