New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 7 - TUITION AND FINANCIAL AID
Part 29 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS
Section 5.7.29.12 - INFORMATION TO BE PROVIDED BY LENDERS TO ELIGIBLE BORROWERS
Universal Citation: 5 NM Admin Code 5.7.29.12
Current through Register Vol. 35, No. 6, March 26, 2024
At the time a lender makes an eligible loan to an eligible borrower the lender shall provide thorough and accurate loan information to the eligible borrower as required by the Higher Education Act and the guarantee corporation, which shall include:
A. the yearly and cumulative maximum amounts that may be borrowed by an eligible borrower;
B. the terms on which repayment will begin;
C. the maximum number of years in which the eligible loan must be repaid;
D. the interest rate that will be repaid, and the maximum amount of required monthly payments;
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