New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 7 - TUITION AND FINANCIAL AID
Part 36 - COMMUNITY GOVERNANCE ATTORNEY PROGRAM
Section 5.7.36.13 - LOAN REPAYMENT AND FORGIVENESS
Current through Register Vol. 35, No. 18, September 24, 2024
All loans shall be forgiven or repaid to the state together with interest according to the following provisions:
A. The department shall forgive one hundred percent of the principal plus accrued interest for participants who after completion of their course of study, are employed for two consecutive years as a community governance attorney by a qualified employer.
B. The department shall forgive fifty percent of the principal plus accrued interest for participants who, after completion of their course of study, are employed for one year as a community governance attorney by a qualified employer.
C. Participants shall complete a full year of employment to receive credit for that year.
D. A participant who fails to carry out their employment obligations, in whole or in part, is subject to the following provisions:
E. The maximum period of repayment shall be ten years, commencing six months from the date the participant completes or discontinues the course of study. Subject to applicable statutory limitations, the department may extend or modify the repayment period for good cause.
F. In the event it becomes necessary, the department may postpone loan repayments if the participant is willing, but financially unable to make payments under the repayment schedule, deferral of repayment obligation may be considered for the following reasons:
G. Authorized charges and fees:
H. Participants shall notify the department in advance of any change of address and of any action which necessitates reconsideration of a promissory note. A participant's failure to notify the department and to execute a promissory note on request shall cause the full amount of principal and accumulated interest to become due immediately.