Loans can be made to students to defray expenses incurred while obtaining eligible degree under the following conditions and limitations:
- A. The amount may not exceed seven thousand five hundred dollars $7,500 per academic year. The department may set lower maximum award amounts based on the level of degree being obtained and other considerations.
- B. Upon approval of the loan, a contract shall be drawn between the student and the department and signed by the student (for additional contract details see 5.7.32.14 NMAC).
[5.7.32.12 NMAC - N, 1/15/2008; A, 7/15/2015]