Forbearance

What is a Forbearance?

A period during which your monthly loan payments are temporarily suspended or reduced. Your lender may grant you a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships. During forbearance, principal payments are postponed but interest continues to accrue. Unpaid interest that accrues during the forbearance will be added to the principal balance (capitalized) of your loan(s), increasing the total amount you owe.

Types of Forbearance

This forbearance type is granted to borrowers who are enrolled in a medical or dental internship/residency or a member of the National Guard on active duty, and have either all or part of their student loans repaid by the Department of Defense.

How to Apply

  1. Complete, print and sign the Mandatory Forbearance (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 Mandatory Forbearance 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 forbearance type is granted to borrowers who have excessive student loan debt burden which consist of Federal Student loan payments that are greater than or equal to 20 percent of the borrower's monthly gross income.

How to Apply

  1. Complete, print and sign the Loan Debt Burden Forbearance (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 Mandatory Forbearance 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 forbearance type is granted to borrowers who perform the qualifying teacher service for the federal loan forgiveness program.

How to Apply

  1. Complete, print and sign the Teacher Loan Forgiveness Forbearance (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 Mandatory Forbearance 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 forbearance, 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.