FAQ’s

 

Frequently Asked Questions

Here’s a list of the most frequently asked questions about student loans. Please contact us for personalized assistance to pay your student loans or for other information.

Payment Questions

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You can sign up to have your loan payments automatically withdrawn from your bank account each month by completing and returning the Direct Debit Form.

    How do I pay extra on one group/loan?

    Your account must be current before you can pay more to any single group. Extra payments must be mailed or paid in person and cannot be processed online. Include instructions on check of your extra payment of how you want the payment to be posted and include the specific loan group/loan number.
    Mail payments to:
    NMEAF- New Mexico Student Loans

    P.O. Box 27020

    Albuquerque, NM 87125-7020


    Visit us to drop off payments:
    NMEAF
    
7400 Tiburon NE
    Albuquerque, NM 87109
    Open Monday-Friday 8am-5pm

    How do I pay loan principal only?

    Extra payments to the principal of your loan must be mailed or paid in person and cannot be processed online. Your account must be current before you can pay more to any single group. Include instructions on check of your extra principal payment of how you want the payment to be posted and include the specific loan group/loan number.

    Mail payments to:
    NMEAF- New Mexico Student Loans

    P.O. Box 27020

    Albuquerque, NM 87125-7020


    Visit us to drop off payments:
    NMEAF
    
7400 Tiburon NE
    Albuquerque, NM 87109
    Open Monday-Friday 8am-5pm

    How can I set up a payment arrangement?

    You can call our office at at 800.279.5063 or 505.345.3371 and our representatives will be happy to discuss your options. Download forms for repayment programs here.

    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 self-certifying statement (certifying name of employer, address, telephone number, hourly pay and scheduled work hours, salary and pay frequency). Call us at 800.279.5063 or 505.345.3371 for more information.

    Where can I find and download loan repayment forms?

    All loan repayment forms are available on our Forms page here.

    I’m having trouble making payments, what are my options?

    There are several repayment options available to consider, see our trouble making payments pages for information on programs. We are here to help you with repayment options, please call us at 800.279.5063 or 505.345.3371 for personalized help.

    How do I make a payment online?


    To make online payments you must create an online account.
    To create a user account:

    1. Click on register
    2. Select a user name and password
    3. Verify your account information
    4. Select and answer the security questions


    Online Account Payments Links:

    Do I have to continue making loan payments while I'm in the process of applying for a deferment?

    Yes, unless you have applied for and been granted a forbearance to cover the payments that will come due while you are in the process of applying. Continuing to make payments will help protect your credit. We will notify you, in writing, when your request has been approved.

    How do I edit or cancel my recurring online payments?

    You can call our 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.

    How can I stop a garnishment?

    To stop a wage garnishment you can pay off the loan balance. If that is not possible, you may enter in to Loan Deferment or Income Driven Repayment plan. Call us at 800.279.5063 or 505.345.3371 to discuss your options.

    Billing Questions

    Why did my monthly payment go up?

    There are many factors that may impact your payment. Call us 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 payoff loan). If it is determined your current payment will not pay off the loan within the remaining term then the payment may increase.

      How is my loan interest calculated?

      The formula for computing daily/simple interest is principal balance multiplied by the interest rate divided by the number of days in the year multiplied by one day. (Principal Balance x Interest Rate/365 or 366 = Daily Interest Accrued) Call us at 800.279.5063 or 505.345.3371 for more information.

      Why isn’t my balance going down?

      Interest accrues on your account daily. Paying less than the minimum due payment amounts, missing payment, or using deferments, forbearances or payment arrangements slows progress in paying your loans. Call us at 800.279.5063 or 505.345.3371 for more information.

      Why is my 1098-E tax form interest different than the amount I paid?

      The IRS uses a calculated formula to determine your deductible tax interest over the life of your loan not year by year. Some years you may be eligible to have deduction greater than the amount of interest you paid and some years less. You will receive entire amount of deductible tax interest over the entire life of your loan. The amount on your 1098-E is what we reported to the IRS based on the complex yield formula. Contact your tax professional regarding any specific questions or find additional information at irs.gov. You can also call the IRS at 800-829-3676 for publications and forms, or 800-829-1040 for questions.

      Where can I find tax information?


      Tax information for your loans is on our Forms and Tax info page.

      How do I renew a deferment or forbearance?

      To determine if you are eligible to renew your deferment or forbearance, call us at 800.279.5063 or 505.345.3371.

      How will I know if my deferment or forbearance application is approved?

      We will send you confirmation, in writing, once your application has been received and approved. It can take up to 5 to 7 business days for us to process once we receive your application.

      Account Access Questions

      How do I reset my security questions?

      Log in to your online account. On the upper left click on profile and select change security questions. Make all changes to security questions and click the change security questions button.

        I forget my password or my user name or I want to change my password?

        You can reset your user name or password by verifying your account online here verify your account. Please call 800.279.5063 or 505.345.3371 for further assistance.

        Glossary

        Student Loan Terms

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