New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 7 - TUITION AND FINANCIAL AID
Part 13 - TEACHER LOAN-FOR-SERVICE ACT
Section 5.7.13.14 - CONTRACTS
Current through Register Vol. 35, No. 6, March 26, 2024
A contract shall be drawn between each student receiving a loan and the department on behalf of the state of New Mexico. The contract shall:
A. provide for the payment by the department of a specified sum as determined in 5.7.13.13 NMAC;
B. state that the borrower shall select from the list of designated shortage areas at the time he/she is ready to begin service;
C. state the conditions of repayment or forgiveness as detailed in 5.7.13.13 NMAC;
D. state that the loan shall bear interest as detailed in 5.7.13.13 NMAC;
E. state the legal responsibilities of the borrower and that delinquent loans shall be referred to the department for appropriate action, which may include referral to the office of the attorney general, if deemed necessary;
F. state that the borrower's obligations of the contract with the department shall be binding on borrower's estate;
G. state that the department may cancel any contract on thirty (30) days written notice for any reasonable and sufficient cause;
H. state that in the event the borrower fails to make any payment when due, the entire indebtedness including interest due and accrued thereon shall, at the option of the department, become immediately due and payable; and
I. state that jurisdiction and venue shall be proper in Bernalillo or Santa Fe county, New Mexico for purposes of any suit to enforce the contract.
