The Public Service Loan Forgiveness Multiplier Act aims to enhance the public service loan forgiveness program for adjunct and contingent faculty at post-secondary educational institutions in New Mexico. The bill introduces a new section in Chapter 21 NMSA 1978, establishing definitions related to employment certification, including terms such as "certifying employment," "employee," and "public service employer." It mandates that public service employers credit at least 4.35 hours worked for each hour of classroom contact time for adjunct faculty when certifying employment for loan forgiveness. Additionally, it stipulates that public service employers must adopt policies to maximize the time an employee's work can be considered full-time for the purposes of the loan forgiveness program.

Furthermore, the bill outlines the responsibilities of the Higher Education Department and public service employers in disseminating information about the loan forgiveness program. The secretary of higher education is tasked with developing materials to promote awareness of the program, which must be distributed to employees annually and provided to new hires within 30 days of employment. The act is set to take effect on July 1, 2025.