New Mexico Student Loans
Easy Pay Authorization Form
I h
ereby authorize New Mexico Student Loans (NMSL) to initiate debit entries to my checking or savings
account at my depository institution. I realize I am responsible for making payments until the form is
processed. The designated payment amount will be deducted from my account within 2 business days of
my due date, until the account is paid in full, or the agreement is terminated. This authority may remain in
effect for 30 days following receipt by NMSL and depository institution of notification from me to
terminate this payment method. Cancellations to preauthorized debits are preferred in writing.
NMSL has the right to collect a $30 fee from me on all returns due to insufficient funds. NMSL reserves
the right to discontinue the .25% interest rate reduction at any time.
The automatic debit will cease during periods of deferment, unless requested otherwise, and will resume
once the deferment ends.
Please note: You must submit a new request for the automatic debit to resume following a
forbearance period where no payment was required.
The account must be current in order for the debit to occur. If the account is pre-paid or is not in active
repayment, the debit will not occur until a payment is due. Under certain conditions we may be able to
withdraw payments before the account(s) are in active repayment. Contact our Customer Service
Representatives for more information.
I understand that additional loans entering repayment after the initiation of Easy Pay will result in an
i
n
crease of the original debit amount authorized.
______________________________________________________________________________________
Name of Financial Institution City State Zip
______________________________________________________________________________________
Checking Routing Number Account Number
Savings
If you wish to make payments on loans that are not in active repayment, the minimum payment amount
must be equal to the active repayment amount. Your drafted amount will be automatically adjusted
whenever your required minimum monthly payment is adjusted.
Monthly Payment Amount $______________________
Amount to be Drafted $______________________
______________________________________________________________________________________
Name on NMSL Account Account Number Address & Phone
______________________________________________________________________________________
Signature of Holder of Bank Account to be Debited
If you have questions, you may email Stafford@nmstudentloans.org or call 1-800-279-5063 or
505-345-3371. Send authorization and voided check or savings deposit slip to:
New Mexico Student Loans
PO Box 27020
Albuquerque, NM 87125-7020
Please attach a voided preprinted check or a savings account deposit slip that includes the bank
routing number and account number with this form.
