Student Loan Relief Extended
You most likely have seen reports in the news media that President Biden has signed an executive order extending pandemic relief (a temporary suspension of payment obligations) for about 41 million federal student loan borrowers through January. 30th 2022. At this time, this order is limited to Direct Federal Loans.
Your loan with NMEAF (whether it is in a repayment status or in a defaulted status) is a commercial FFELP loan which is not included in the present executive order and programs designed for Direct Federal Loans. To participate in those programs, you would have to consolidate your FFELP loans with the Federal Loan Program. Loan consolidation is not a decision which should be made without considering all the potential consequences. The temporary suspension of payments is only for a short term (January 30, 2022), while consolidation may result in a long term increase of your interest rate and an extension of your repayment term. We are happy to review your account with you and answer any questions you have. Additional program information about Direct Federal Loans is available on their website. (Link below).
Our Response to the Novel COVID-19 Virus
Our hearts go out to those who have been impacted by the Coronavirus (COVID-19). We have taken precautions for the health and safety of our employees and are now working from home. Our dedicated staff continues to make customer service their top priority.
New Mexico Educational
Assistance Foundation (NMEAF)
Provider of New Mexico Student Loans
When it comes to how to pay for college, we’ve been helping students and families make smart financial decisions for more than 35 years. There are a variety of avenues to research when determining the best way to pay for college. Most students and families use several different sources to finance higher education, such as student loans.
Our partners with College Connect NM and NM Knowledge 4 College host FAFSA Workshops throughout the state of New Mexico. Attendees of the workshops who have completed their FAFSA are elgible to enter to win a $500 scholarship by completing this form: FAFSA Scholarship Form
Here’s our best advice on how to approach the different ways to finance your future: