N.M. Admin. Code § 5.7.29.12
Current through Register Vol. 36, No. 1, January 14, 2025
Section 5.7.29.12 - INFORMATION TO BE PROVIDED BY LENDERS TO ELIGIBLE BORROWERSAt 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;N.M. Admin. Code § 5.7.29.12