New Mexico House Bill HB403

New Mexico 2023 Regular Session

• Introduced: 2/14/23
• Report Pass: 2/24/23
• Report Pass: 3/6/23
• Engrossed: 3/11/23
• Report Pass: 3/15/23

Caption

Public Service Loan Forgiveness Multiplier

Impact

The enactment of HB403 will notably impact state law by mandating public post-secondary educational institutions to adjust their employment certification processes for employees qualifying for public service loan forgiveness. By introducing a specific calculation that credits additional hours worked per hour of credit or classroom contact time, the bill facilitates a more favorable interpretation of adjunct employment status. As a result, many adjunct faculty members can potentially qualify for loan forgiveness sooner, which may lead to improved financial security for many educators in that role.

Summary

House Bill 403, known as the Public Service Loan Forgiveness Multiplier Act, is designed to enhance the eligibility of adjunct and contingent faculty at public post-secondary educational institutions for the federal public service loan forgiveness program. The bill establishes a multiplier for calculating hours worked, thereby allowing these educators to be considered full-time for forgiveness purposes even if they are technically employed part-time or on a contingent basis. This legislative initiative seeks to acknowledge the significant contributions of adjunct faculty in the education system while enabling them to benefit from student loan forgiveness more effectively.

Contention

Despite the benefits of HB403, there are points of contention regarding its implementation and impact. Critics may express concerns regarding the burden it places on educational institutions to navigate the new certification requirements, potentially requiring additional administrative resources and efforts. Furthermore, debates may arise over whether the defined multiplier accurately reflects the actual workload of adjunct faculty, questioning whether it justly compensates their contribution to education. Such discussions highlight the broader discourse on the treatment of adjunct faculty within academic institutions.