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Federal Family Education Loan Program
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GetWisEdu Student Contact Programs
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Welcome to the New Mexico
Student Loan Guarantee Corporation
NMSLGC was created in 1982 by the New Mexico state legislature as a non-profit corporation separate and apart from the state to administer New Mexico’s participation in the U.S. Department of Education’s Federal Family Education Loan Program (FFELP).
NMSLGC is the state’s designated loan guarantor.
In addition, NMSLGC has a regulatory mandate from the federal government to assist New Mexico’s students and their families plan, prepare, and pay for education after high school.
Top reasons why paying your student loans on time is essential
Did you know that not paying your student loan is one of the worst things you can do? Not paying your loan can have serious consequences for your future.
- Not paying your student loan bill on time or defaulting on your loan (delinquent or default) can have long term consequences.
- Your wages or your Social Security could be garnished or the government could seize your tax refunds if you don’t properly manage your student loans.
- A delinquent or defaulted loan can destroy your credit and make it difficult (or impossible) to get a credit card, auto loan or a home mortgage.
- You may also have trouble getting a cell phone plan, renting an apartment, or signing up for utilities.
- Bad credit may result in higher interest rates on future loans than someone with good credit.
- It can take many years to reestablish a good credit record.
- Student loans are rarely eligible to be discharged in bankruptcy (student loans are only discharged in bankruptcy in[very rare] cases of “undue hardship”).
We’re here to help you find the best option to pay your student loans and avoid all of the trouble that comes with delinquent and defaulted student loans. Contact Us at 1-800-279-3070 or info@nmslgc.org with questions about paying and managing your student loans.
Loan Rehabilitation is an option for getting your loan out of default.
To rehabilitate a defaulted FFEL Loan, you must
- Agree in writing to make 9 reasonable and affordable monthly payments within 20 days of your due date, and
- Make all 9 payments during a 10 consecutive month period.
If you can’t afford the monthly payments, you may qualify for an alternative monthly calculated payment based on the amount of your monthly income that remains after your monthly expenses are subtracted. You must provide documentation of your monthly income and expenses, including the Loan Rehabilitation Income and Expense Information Form. Contact us to get these forms and learn more.
An option for getting your FFELP loan out of a default status is to consolidate it into a Direct Consolidation loan.
To consolidate you must:
- Agree to repay the new Direct Consolidation Loan under an Income-Driven Repayment plan, or
- Make 3 consecutive, voluntary, on-time full monthly payments on the defaulted loan before you consolidate.
Just announced: The Student Debt Relief application is now available.
If you have a Direct Loan or a defaulted FFELP loan, you can apply for debt relief until December 31, 2023. For the latest information, visit StudentAid.gov/debtrelief.
On April 6, 2022, the U.S. Department of Education (ED) announced the “Fresh Start” initiative. The program is intended to help eligible defaulted student loan borrowers get out of default. Fresh Start will continue through one year after the COVID-payment pause ends.
If your loans are eligible, you could temporarily regain several student aid benefits. You’ll also get the opportunity to get out of default and keep those benefits for the long term. For detailed information about the Fresh Start Program, visit the Federal Student Aid website by clicking the following link: A Fresh Start for Federal Student Loan Borrowers in Default | Federal Student Aid . Contact NMSLGC if you would like to Opt-In to take advantage of this program.
Contact Us
New Mexico Student Loan Guarantee Corporation
Toll Free: 1-800-279-3070
Local: 505-345-8821
Fax: 505-344-3631
Email: info@nmslgc.org
Hours
Normal business hours are 8am-5pm, Monday to Friday
Holiday closures and special hours are listed on Google
Mailing Address
New Mexico Student Loan Guarantee Corporation
P.O. Box 92230
Albuquerque, NM 87199-2230
Our Collection Agency Partners