This act [21-21-1 to 21-21-13 NMSA 1978] may be cited as the “Student Loan Act”. History: 1953 Comp., § 73-38-1, enacted by Laws 1970, ch. 82, § 1. ANNOTATIONS Cross references. — For Medical Student Loan for Service Act, see 21-22-1 NMSA 1978 et seq. For Teacher Loan for Service Act, see 21-22E-1 NMSA 1978 […]
All bonds issued under the Student Loan Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians, and for the sinking funds of political subdivisions, departments, institutions and agencies of the state. When accompanied by all unmatured coupons appurtenant thereto, the bonds are […]
All proceeds from the sale of bonds under the Student Loan Act, except amounts set aside as reserves and the expenses of selling the bonds, which may also be paid from the proceeds, shall be deposited with the state treasurer for credit to the student loan fund. History: 1953 Comp., § 73-38-11, enacted by Laws […]
All money received by the state treasurer as repayment of student loans granted under the Student Loan Act and interest on the loans shall be credited to the “student loan sinking fund” in the state treasury, except that an amount determined as described in Section 6 [21-21-6 NMSA 1978] of the Student Loan Act shall […]
A. Money in the student loan sinking fund and money in the student loan fund in excess of the amount necessary for student loans may be invested by the state treasurer in: (1) direct obligations of, or obligations whose principal and interest are guaranteed by, the United States; (2) direct obligations of, or participation certificates […]
Sections 1 through 11 [21-21-14 to 21-21-24 NMSA 1978] of this act may be cited as the “Student Loan Guarantee Act”. History: 1978 Comp., § 21-21-14, enacted by Laws 1978, ch. 110, § 1.
The purpose of the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] is to establish a student loan guarantee program for post-high school students in accordance with such conditions as the board of educational finance may from time to time prescribe and consistent with Title IV, Part B, of the federal Higher Education Act […]
As used in the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978]: A. “board” [“commission” [“department”] means the board of educational finance [commission on higher education [higher education department]]; B. “eligible student” means a resident of New Mexico who has been accepted for enrollment or who is enrolled in a participating institution and who […]
The board [commission [department]] shall be the guarantor under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] and shall have the following powers in furtherance of the guarantee loan [guaranteed-loan] program: A. to guarantee the loan of money, upon such terms and conditions as the board may prescribe, to residents of this state […]
A. The state treasurer shall create a suspense account in the state treasury to be known as the “student loan guarantee fund” for the purpose of insuring student loans held by the fiscal agent. The student loan guarantee fund shall be held in trust and invested by the state treasurer in accordance with law. B. […]
ANNOTATIONS Repeals. — Laws 1981, ch. 319, § 24, repealed 21-21-19 NMSA 1978, as amended by Laws 1980, ch. 77, § 1, relating to investment of severance tax permanent fund in student loans, effective July 1, 1981. For present provisions, see 21-21A-18 NMSA 1978.
As used in the Student Loan Act: A. “participating institution” means any post-high school educational institution within the state, public or private, including junior colleges and vocational schools, which qualifies as an eligible institution for the federal guaranteed-loan program under the Higher Education Act of 1965, as amended, and participating in student loan programs under […]
The amount and conditions of any loan to an eligible student shall be determined according to regulations promulgated by the board [commission [department]]. No payment shall be made to any qualified student until he has executed a note, guaranteed under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] and payable to the severance […]
A. The fiscal agent shall accumulate individual loan applications from participating institutions and shall submit these applications to the board [commission [department]] for approval and guarantee. The fiscal agent may fix deadlines for the receipts of applications relative to each academic term. Upon receipt of an accumulation of guaranteed notes, the fiscal agent shall report […]
The fiscal agent shall be reimbursed by the board [commission [department]] for the expenses connected with his duties under the terms of an agreement negotiated annually by the board [commission [department]] with the approval of the state board of finance. Reimbursement shall include a reasonable overhead in addition to direct costs. An annual appropriation to […]
Upon report by the fiscal agent of the accumulated total of guaranteed loans requiring funding under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978], the board shall certify to the state treasurer the demonstrated need for disbursement from the severance tax permanent fund. The state treasurer shall then disburse the needed funds to […]
The board [commission [department]] shall make annual reports to the governor and to the legislature, prior to each regular session, of its activities, together with the amount of claims that the fiscal agent has submitted to the board in connection with loan guarantees, and a list of the participating institutions, together with the loan default […]
The board of educational finance [commission on higher education [higher education department]] may contract with one or more attorneys or law firms or with any other private business concern to assist the board [commission [department]] in collecting any defaulted loan made pursuant to the Student Loan Act [21-21-1 to 21-21-13 NMSA 1978] or the Student […]
No student loans shall be made under the provisions of the Student Loan Act [21-21-1 to 21-21-13 NMSA 1978] subsequent to the effective date of the Student Loan Guarantee Act. It is the intent of the legislature that the Student Loan Act be continued solely for the purpose of administering student loans made under the […]
There is created in the state treasury the “student loan fund”. The state treasurer may use the student loan fund to: A. purchase, from the fiscal agent, loans guaranteed by the United States made to qualified students at participating institutions; and B. purchase from lending agencies located in New Mexico student loan notes guaranteed by […]
