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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 August 31st 2022.  At this time, this order is limited to Direct Federal Loans.

Your loan with NMEAF (in repayment 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 (August 31st, 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).

https://studentaid.gov



Income Driven Repayment Waiver and Adjustment

On April 19, 2022, the U.S. Department of Education (ED) announced several changes and updates that will bring borrowers closer to forgiveness under income-driven repayment (IDR) plans. These adjustments to borrower accounts include conducting a one-time revision of IDR payment counters to address past inaccuracies (including automatically discharging loans for eligible borrowers) and permanently fixing IDR payment counting by reforming ED’s IDR tracking procedures going forward. ED will begin work on implementing these changes immediately, but borrowers will not see the effect in their accounts until fall of 2022. While all details are not currently available, you can review the information provided from the Department of Education at the link below:
 

https://studentaid.gov/announcements-events/idr-account-adjustment



Public Service Loan Forgiveness (PSLF)—Am I eligible?

Currently Public Service Loan Forgiveness is not available for FFELP Loans. However, on Oct. 6, 2021, the U.S. Department of Education (ED) announced a change to PSLF program rules for a limited time as a result of the COVID-19 national emergency. The program changes will also apply to any qualifying FFELP loan that consolidates into the Direct Loan Program by October 31st 2022. For more information on the program and how it may benefit your account, please use the link below.

Our team is available for any questions or payment assistance. 505-345-3371 | 800-279-5063
 

Public Service Loan Forgiveness
StudentAid.gov/PSLFwaiver - information page on the limited PSLF waiver
StudentAid.gov/pslf - landing page for the PSLF help tool, where you can find out if the Department has previously determined of your employer qualifies for PSLF or not
StudentAid.gov/publicservice - information page about PSLF
StudentAid.gov/fsa-id/create-account - where you can go to get an FSA ID, which will enable you to receive direct communications from the Department as well as use the PSLF Help Tool and consolidate your loans
StudentAid.gov/consolidation - the landing page for the consolidation application

 


You may also call 1-800-4-FEDAID if you have additional questions about the limited PSLF waiver.




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: