New Mexico Student Loans
Since June 18, 2010, New Mexico Student Loans are no longer being processed. New Mexico Student Loans were offered by most of the renowned financial institutions and private banks: such as Chase Bank, Citi Group, and Sallie Mae. There are however numerous federal student loan programs to increase the available options. Federal student loan programs also offer a consolidation option with a longer repayment schedule; however, the longer time period causes more money to be paid in comparison to private loans.
Features of New Mexico Student Loans
Various student loan providers in New Mexico offered various features. A credit worthy cosigner would help reduce the Annual Percentage Rate (APR). NM Student Loans also offered a deferment option where you could stop the repayments for a certain period of time, subject to a valid reason. You could start making payments after the completion of your studies; so nothing had to be paid while you were still in school. These conditions still apply to loans processed before 2010. Banks, such as Chase, would also provide a free computer with the loan, which would help the student with research and studying.
There were different eligibility criteria for the New Mexico Student Loans, including citizenship and residency requirements.
What are the eligibility criteria for New Mexico student loans?
New Mexico student loans are loans available to residents of New Mexico. To receive New Mexico student loans, a student must be a legal resident of New Mexico with a valid social security number, must have completed his or her high school education, must be enrolled in an accredited American higher education institute, must demonstrate financial need, and in the case of private student loans, they need to have a co-signer with a strong credit history.
Do I need to fill out the FAFSA form to apply for New Mexico student loans?
Students who want to apply for New Mexico student loans need to fill out the Free Application for Federal Student Aid (FAFSA), as this form is where you provide information such as your family’s financial assets and income. Then, this information will inform your loan package, which will be based on your financial need.