Interest Rates

Low Fixed Interest Rate Private Student Loans

Looking for a private student loan to finish school? A loan from NMEAF has some distinct advantages.

Fixed Interest Rates from 5.48% - 6.98%

  • Just like government student loans, we only offer fixed interest rate loans to students. We do this because this is the best way to plan for your future and succeed with reasonable loan repayment options.

Interest Rate Reductions

  • Interest Rate Reduction for On-time Payments
    We believe you will be a good borrower so after 24 consecutive on-time repayments we will reduce your interest rate by 0.25%.
  • Interest Rate Reductionn After Graduation
    Your success matters to us. When you graduate we will reduce your interest rate by 0.25% as our special graduation present to you.
  • Interest Rate Reduction for Automatic Payments
    When you sign up for automatic payments we will reduce your interest rate by 0.25%.

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Loan Repayment Plans

We offer three loan repayment option plans to choose from. Choose the least expensive option that works with your finances as you cannot change to a different plan after you loan is dispersed.


Interest Only


5.48% Fixed Interest 6.23% Fixed Interest 6.98% Fixed Interest
Monthly payments of principal and interest. Only pay the loan interest when you are enrolled at least half time.  Make no payments until after you graduate. 
Payment start 45 days after loan disbursement.
Interest-only payment start 45 days after loan disbursement. Full payment start 45 days after the student graduates, leaves school without completing a degree, or drops below half-time enrollment. .
Payment start 45 days after the student graduates, leaves school without completing a degree, or drops below half-time enrollment. Repayment can be aligned with federal student loan payments.
Least expensive option, payments start immediately.
Lower monthly payments while attending school at least half time. 
Pay nothing until after graduating, but this is the most expensive option.


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Additional Information About NMEAF Private Student Loans

We’d rather focus on your financial stability than make money off you. We want to invest in your education and your financial future.

Variable interest rates change over time. Due to this, your monthly payments will change as well. Fluctuating payments make it difficult to budget and plan for the future. Many students end up paying much more and taking much longer to pay off loans due to rate increases with variable interest rate loans. 

If you answer yes to the following, you are eligible to apply for a New Mexico Student Loan:

  1. Are You a U.S. Citizen?
  2. Are you enrolled at least half time?
  3. Are you a New Mexico resident?
    • If no, are you attending a college or university in New Mexico?
  4. Do you have an average credit score of at least 680?
  5. Do you have an annual income of at least $30,000?
    • If no, does your cosigner have an annual income of at least $30,000?

Answered Yes? Apply for a Loan


A note about credit and cosigners:

Because we care about your long term financial health, you must meet credit score, annual income, and debt-to-income requirements to be approved for a New Mexico Student Loan. Learn more about credit

Most borrowers need to have a cosigner such as a spouse, parent, grandparent, relative or other credit-worthy adult. A cosigner is equally responsible with you for repaying the loan. Learn more about cosigners

We know there are many expenses for attending school beyond tuition. Student Loan amounts are based on what your school certifies that you are eligible to receive. Your school calculates eligibility by deducting the amount of all other aid you will receive from the annual cost of attendance. The annual cost of attendance is determined by your school and includes tuition and fees, room and board, books and supplies, transportation and other expenses.

We can only approve and issue loans up to the amount certified by your school.

The NMEAF private student loan annual amounts are:

  • Minimum: $2,000   
  • Maximum: $20,000
  • Total Maximum: $100,000