New Mexico Student Loans 2019 in United States (U.S.).
New Mexico Student Loans – The New Mexico Educational Assistance Foundation is also known as NMEAF. It is a private non-profit corporation established by the New Mexico Legislature in the year 1981.
I believe post-secondary education, be it a technical certification or an academic degree, is the single most important investment an individual can make.
They actively promote higher education throughout all of New Mexico’s diverse school districts and provide resources for financial planning to fund higher education.
In this article, my main emphasis is on the New Mexico student’s loan.
New Mexico Student Loan
They facilitate community outreach programs and events to assist New Mexico’s low-income, first generation, and other disadvantaged groups.
NMEAF operates three primary programs they include:
- New Mexico Student Loans (NMSL)
They provide private student loans, loan refinancing, and service a variety of student loan programs. They sponsor several borrower benefits programs that decrease interest rates which have saved their borrowers millions.
- New Mexico Education Council (NMEC)
This is a partnership with New Mexico’s public colleges and universities and produces events promoting higher education at New Mexico high schools and provides scholarships to NM high school seniors attending a college in NM.
- Community Outreach
They produce various programs and events assisting New Mexico’s students and families save, plan, prepare and pay for post-secondary education through our collaboration with other statewide non-profits with College Connect NM.
How to Apply
Applying for private student loans is similar to applying for any other type of non-federal loan. Once a borrower determines what their need is, they can contact multiple lenders and fill out applications to get qualified and receive interest rate offers.
Borrowers that are denied on their own might be approved if they are able to obtain a credit-worthy cosigner.
Many private lenders encourage borrowers to apply with a cosigner right from the start since the odds are low that most borrowers will be qualified without one.
These days, there are websites specifically geared toward helping borrowers get multiple offers from many lenders at once by filling out just a single application.
Borrowers should be prepared to provide lenders with proof of their financial need, by way of documentation from their college’s financial aid office, prior to final approval of their loan amount.
The New Mexico Educational Assistance Foundation
In the year 1981, the state legislature of New Mexico established the New Mexico Educational Assistance Foundation (NMEAF) in order to increase access to financial assistance for its citizens in the form of private educational loans.
NMEAF also operates under the name of New Mexico Student Loans (NMSL), and it offers low-cost loans to two categories of students.
The first category is New Mexico residents attending undergraduate or graduate school in any state. The second is students from any state including New Mexico who are attending school in New Mexico.
Approval and Interest Rates
To be approved for a loan from NMEAF, a borrower be enrolled in school at least half-time and meet certain credit and income requirements.
Borrowers who do not meet the requirements on their own can qualify if they use a cosigner who does meet the requirements.
Once approved, a borrower can elect one of three repayment schedules, each with their own fixed interest rate.
Presently, the first-rate option starts as low as 5.48%, but this plan requires the borrower to start making payments of interest and principal 45 days after the loan is disbursed.
The next option comes with a rate of 6.23% and requires interest-only payments while the borrower is enrolled in school, again starting 45 days after disbursement.
The most expensive option is a rate of 6.98%, but this option allows the borrower to defer the repayment until after the borrower graduates or leaves school. However, interest still accrues during the time of deferment.
Benefits of Obtaining a Loan from NMEAF
NMEAF offers very competitive terms for a private loan.
- Aside from the appeal of their relatively low fixed interest rates, they also offer zero origination fees and no prepayment penalties.
- Also, cosigners are released from the loan if a borrower makes twenty-four on-time payments and meets NMEAF’s credit qualifications at the time. And unlike many other private loans, if the borrower dies the cosigner is released from liability for the loan balance.
- Finally, NMSL offers temporary postponement of payments, similar to federal deferment but with interest still accruing, for borrowers experiencing economic hardship.
- How do I set up automatic payments?
You can sign up to have your loan payments automatically withdrawn from your bank account each month by completing and also returning the Direct Debit Form.
- What information is necessary for documentation of income for an Income-Driven Repayment
Only the sources of taxable income are required. This includes your current federal tax return, pay statements (pay stubs), letter from employer, and also a self-certifying statement (certifying the name of employer, address, telephone number, hourly pay and scheduled work hours, salary and pay frequency). You can call their customer care on 800.279.5063 or 505.345.3371 for more information.
- I’m having trouble making payments, what are my options?
There are several repayment options available to consider, please call their customer care at 800.279.5063 or 505.345.3371 for personalized help.
- How do I edit or cancel my recurring online payments?
You can call their office at 800.279.5063 or 505.345.3371 to cancel a single payment or stop recurring payments completely. You must provide notice of at least three business days to stop a payment.
- Why did my monthly payment go up?
There are many factors that may impact your payment. Call their office at 800.279.5063 or 505.345.3371 to review your loan status.
Periodically your loan is evaluated on the minimum payment and the loan term remaining (amount of months remaining to pay off the loan). If it is determined your current payment will not pay off the loan within the remaining term then the payment may increase.
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