The Public Service Loan Forgiveness Multiplier Act aims to enhance the certification process for adjunct and contingent faculty at post-secondary educational institutions in New Mexico regarding their eligibility for the federal public service loan forgiveness program. The bill introduces a multiplier that credits at least 4.35 hours worked for each hour of classroom contact time, ensuring that adjunct faculty can have their employment recognized as full-time for the purposes of loan forgiveness. It also establishes definitions for terms such as "certifying employment," "employee," and "public service employer," and mandates that public service employers adopt policies to maximize the time considered full-time for employees.

Additionally, the act requires the Higher Education Department to develop materials to promote awareness of the public service loan forgiveness program, which must be distributed to employees by public service employers. These materials will include a standardized letter, a detailed fact sheet, and a document with frequently asked questions. The act will take effect on July 1, 2025, and emphasizes the importance of timely certification of employment by public service employers to facilitate access to loan forgiveness for eligible employees.