New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 7 - TUITION AND FINANCIAL AID
Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS
Section 5.7.27.10 - ELIGIBILITY
Universal Citation: 5 NM Admin Code 5.7.27.10
Current through Register Vol. 35, No. 18, September 24, 2024
A. Student eligibili1y requirements: A student is eligible to be a borrower from the NMALF program if the student:
(1) is enrolled as at
least a half-time student at an eligible school; and
(2) is a citizen or permanent alien resident
of the United States; and
(3) is a
resident of the state of New Mexico if attending an eligible school outside the
state of New Mexico, or if not a resident of the state of New Mexico is
attending an eligible school in the state of New Mexico; and
(4) has satisfied the NMALF program
requirements; and
(5) is not a
credit-worthy individual, secures a credit-worthy individual as a
cosigner.
B. Credit-worthy individual eligibility requirements. A credit-worthy individual may be a borrower or cosigner if:
(1) the
student meets the criteria set forth in Paragraph 4-1 (a)(b)(c)(d) [now
Paragraphs (1), (2), (3) and (4), of Subsection A of 5.7.27.10 NMAC];
and
(2) the credit-worthy
individual completes the financial section of the NMALF application, and
satisfies, in the sole judgment of the lender, the credit requirements set
forth in Section 7 [now 5.7.27.13 NMAC]; and
(3) is a citizen or permanent alien resident
of the United States.
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