Fillable ALTERNATIVE REPAYMENT OPTIONS REQUEST This agreement will confirm (New Mexico Educational Assistance Foundation)

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ALTERNATIVE REPAYMENT OPTIONS REQUEST This agreement will confirm (New Mexico Educational Assistance Foundation)

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Account _____________
NAME:______________________________________
ADDRESS:___________________________________
CITY, STATE, ZIP CODE _______________________
TELEPHONE--PRIMARY ( )________________
TELEPHONE--ALTERNATE ( )________________
ALTERNATIVE REPAYMENT OPTIONS REQUEST
This agreement will confirm that you and the New Mexico Educational Assistance Foundation
DBA New Mexico Student Loans, also referred to as the Foundation, have agreed as follows:
GRADUATED REPAYMENT REQUEST
M
onthly payment amounts are calculated as installment payments which are
increased by 13.5% every 12 months. However, the loan term is not extended.
INCOME SENSITIVE REQUEST
I
expect the following amount of gross monthly income from employment and other
sources during the next 12-month period: $
I am
enclosing copies of my recent pay statements (or other evidence) of my
GROSS monthly income. The evidence of income cannot be dated more than 90
days prior to the date on the request. New Mexico Student Loans cannot process
your application without this document.
I re
quest monthly payments based upon this percentage of my monthly income:
% (between 4% - 25 %). If no percentage is listed, percentage will be 4%.
The payment must at least equal the monthly-accrued interest to qualify for Income
Sensitive Repayment.
Incom
e sensitive schedules are set-up for a year at a time (renewable annually for up to a total
of 5 years) followed by increased level payments sufficient to repay the loan within the
repayment period. The term of the loans are extended to match the terms approved on the
Income Sensitive Repayment schedule.
505-345-3371
Fax 505-345-7269
www.nmstudentloans.org
NMEAF & NMSLG DBA New Mexico
P.O. Box 27020
Albuquerque,
NM 87125-7020
Student Loans
1
Account ______________
EXTENDED REPAYMENT PLAN
I
f 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. When selecting this plan, you must choose either a Standard or Graduated
Repayment Plan by checking the appropriate box below.
Extended Standard
Extended Graduated
If
my account is currently past due because of financial circumstances, I request a forbearance
to cover payments due before the alternative payments begin. I understand that all accrued
unpaid interest may be capitalized no more frequently than quarterly and at the end of the
forbearance. I understand that I must continue to make regularly scheduled payments until I am
notified of a new payment amount.
X____________
______________________ X_______________________________
BORROWER'S SIGNATURE DATE CO-MAKER'S SIGNATURE DATE
HOME PHONE NUMBER: ______________ HOME PHONE NUMBER: _____________
WO
RK PHONE NUMBER: ______________ WORK PHONE NUMBER: _____________
If
you have not received notification of either acceptance or denial of this request within 20 days
of mailing, please contact our office at 800-279-5063 Ext. 1472 or 761-2000.
AP
PROVAL (TO BE COMPLETED BY NMEAF)
APPROVED BY:_______________________________ DATE:_____________________
505-345-3371
Fax 505-345-7269
www.nmstudentloans.org
NMEAF & NMSLG DBA New Mexico
P.O. Box 27020
Albuquerque,
NM 87125-7020
Student Loans
2
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ALTERNATIVE REPAYMENT OPTIONS REQUEST This agreement will confirm (New Mexico Educational Assistance Foundation)

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Completed 11 June 2021

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