The Second Session of the 57th Legislature

January 2-16, 2026: Legislation may be prefiled
January 20: Opening day (noon)
February 4: Deadline for introduction
February 19: Session ends (noon)
March 11: Legislation not acted upon by governor is pocket vetoed
May 20: Effective date of legislation not a general appropriation bill or a bill carrying an emergency clause or other specified date

BlueSky Profile

Senator Jacob Candelaria Announces Legislation to Reduce Student Loan Debt

Contact: Erika Martinez
(505) 986-4819
Erika.Martinez@nmlegis.gov

FOR IMMEDIATE RELEASE
November 10, 2014

Senator Jacob Candelaria Announces Legislation to Reduce Student Loan Debt
Bill Would Make New Mexico National Leader in Tackling Student Loan Crisis

Albuquerque, New Mexico—Senator Jacob Candelaria (D-26-Bernalillo) has announced that he plans to introduce the Student Loan Debt Responsible Reduction Act during the 2015 legislative session. This bill will aid New Mexico college students in repaying student loan debt.

This announcement comes on the heels of recent national reports that found New Mexico has the highest rate of student loan default in the country. While default rates have been steadily declining nationally, rates in New Mexico have skyrocketed over the past two years to an all time high of 20.8 percent.

“The rapid increase in student-loan debt and loan default rates are a state and national economic crisis,” said Sen. Candelaria. “It’s time for the states to step up and do something—the longer we wait, the more challenging things become for our students, reducing the chance that they’ll be able to buy a home, or start a business.”

Sen. Candelaria’s legislation would provide students a state-based tax deduction for dollars spent paying off student loan interest. This bill would complement existing federal student-loan repayment deductions, providing added incentives and increasing students’ ability to quickly repay student loans.

“This is yet another sign that New Mexico’s economy is in bad shape—a weak job market means that our students can’t work, and will fall deeper into debt,” said Sen. Candelaria. “This legislation will send a clear message to our kids that we have their backs, we’ll help them pay off their debt, and in doing so, we will head off a serious threat to the economic security of this state and our country.”

Sen. Candelaria also announced today his plans to convene a special symposium in December to identify additional ways the state, universities and students can collaborate to reduce student loan debt. Interested parties should contact Sen. Candelaria at onourside@jacobcandelaria.com.

###