Are there any government programs to help reduce student loan debt?

Yes, there are several government programs available in New Mexico that can help reduce student loan debt. The most common program is the Federal Student Loan Repayment Program, which allows borrowers to make payments based on their income and family size. This program is available for both federal and private student loan debt. The New Mexico Education Department also offers the College Achievement Program (CAP). This program provides loan repayment assistance, grant funding, and scholarships to eligible low-income post-secondary students. To qualify, students must meet certain criteria, including a minimum GPA, show demonstration of financial need, and must be enrolled in an accredited college or university in New Mexico. For current college students, the Education Department also provides the New Mexico Student Loan ==exemption program. This program offers eligible students a five-year exemption from paying interest and principal on their student loans. Additionally, if a student completes their degree program within five years, the loan will be wiped out after graduation. Finally, all borrowers in New Mexico should consider Income Based Repayment programs. This program allows borrowers to make payments on their student loan debt based on their income and family size, rather than the total amount they owe. This program can significantly reduce payments and help borrowers manage their finances more effectively.

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Are there any government programs to help reduce student loan debt?

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