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 5.7.27.11 - PERMISSIBLE CHARGES
Current through Register Vol. 35, No. 18, September 24, 2024
A. Application fee: A non-refundable application fee must accompany the NMALF application at the time it is submitted to the lender.
B. Fee payable upon origination: The lender will charge the borrower a five percent fee payable upon origination as a condition of making the loan. This fee will be paid out of the loan proceeds.
C. Interest:
D. Late charges: The lender will assess late charges against a borrower when payments are past due. The late charge will be the lesser of five percent of the installment payment, or $5.00. The late charge will be assessed on any payment received ten days or more after the due date.
E. Collection and litigation expenses. The lender will assess attorney fees, and other reasonable and necessary costs of collection and litigation against a borrower who defaults.
F. Jurisdiction and venue. Borrower will consent to jurisdiction and venue in the state of New Mexico, county of Bernalillo for any litigation involving the NMALF program. The borrower and/or the cosigner waive the right to trial by jury for any litigation involving the NMALF program.
