N.M. Admin. Code § 5.7.27.10

Current through Register Vol. 35, No. 23, December 10, 2024

Section 5.7.27.10 - ELIGIBILITY

A. Student eligibili1y requirements: A student is eligible to be a borrower from the NMALF program if the student:

(1) is enrolled as at least a half-time student at an eligible school; and

(2) is a citizen or permanent alien resident of the United States; and

(3) is a resident of the state of New Mexico if attending an eligible school outside the state of New Mexico, or if not a resident of the state of New Mexico is attending an eligible school in the state of New Mexico; and

(4) has satisfied the NMALF program requirements; and

(5) is not a credit-worthy individual, secures a credit-worthy individual as a cosigner.

B. Credit-worthy individual eligibility requirements. A credit-worthy individual may be a borrower or cosigner if:

(1) the student meets the criteria set forth in Paragraph 4-1 (a)(b)(c)(d) [now Paragraphs (1), (2), (3) and (4), of Subsection A of 5.7.27.10 NMAC]; and

(2) the credit-worthy individual completes the financial section of the NMALF application, and satisfies, in the sole judgment of the lender, the credit requirements set forth in Section 7 [now 5.7.27.13 NMAC]; and

(3) is a citizen or permanent alien resident of the United States.

N.M. Admin. Code § 5.7.27.10

Recompiled 10/31/01