New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 7 - TUITION AND FINANCIAL AID
Part 13 - TEACHER LOAN-FOR-SERVICE ACT
Section 5.7.13.12 - LOANS
Current through Register Vol. 35, No. 6, March 26, 2024
Loans may be made to students to defray expenses incurred in obtaining initial licensure or to additional licensure endorsements under the following conditions and limitations:
A. The amount is dependent upon the relative need of each student, but may not exceed four thousand dollars ($4,000) per academic year for five consecutive years (maximum of $20,000.00). The department may set lower maximum award amounts based on the level of degree being obtained and available funding. The exact amount of the loan for which the applicant is eligible will be determined as a result of an analysis of the financial situation of each applicant using a standard needs analysis carried out by the financial aid office of the student's institution.
B. A loan recipient enrolled in an eligible education program in an institution for less than the regular academic year, less than full-time study, or during summer sessions, may receive a pro rata share of the authorized loan amount at the discretion of the department. The total loan amount may not exceed four thousand dollars ($4,000) in a twelve (12) month period.
C. Upon approval of the loan, a contract shall be drawn between the student and the department and signed by the student (for additional contract details see 5.7.13.14 NMAC).
