Trouble Making Payments?

Life Happens

We know that you have the best intentions of making your student loan payments on time, but sometimes circumstances arise that make it difficult to keep on track. Unexpected changes like the loss of a job, medical expenses, or other situations can take a toll on your finances. We are here to help.


Deferment is a temporary solution where your loan payments will be postponed for a period of time. 


Forbearance is a temporary solution that stops or decreases your student loan payments when you are struggling to pay your student loans.

Consolidation & Forgiveness

Consolidate all of your federal student loans into one new loan. Some loans can be forgiven if you meet specific qualifications.

Avoid Default

If you are late making payments your student loan is considered delinquent. After many missed payments your loan goes into default.

Top things to do when you can’t pay or have trouble paying your student loan


Don’t just stop making payments

When you fall behind on your payments, you are considered delinquent on your loan. Missing payments or late payments can affect your credit rating as well as jeopardize any cost saving benefits that you may receive. There are serious consequences for not making your student loan payments.


Contact us to find a resolution

We care about your situation and will do everything we can to help you find a good option for your financial situation to help you preserve your credit. Contact us today.


Look at your student loan repayment options

Changing repayment plans can help you with lower monthly payments to fit your budget.


See if you are eligible for Loan Consolidation

Consolidation will combine all of your federal loans into one with a longer payment period, and if you qualify with certain circumstances your entire loan can be cancelled.


Postpone and delay your loan payments with Deferment or Forbearance options

Temporarily stop or reduce the amount you pay on your loans with loan deferment or forbearance.


Some careers offer special loan benefits and forgiveness

If you are a Military Service Member, a Teacher or are in other qualifying non-profit Public Service jobs there are special programs for student loan forgiveness.

1 in 4 Student Loan Borrowers are in Default
and 70% Would Qualify for an Income-Driven Repayment Plan

-Department of Education, US News & World Report

Delinquent and Default – Don’t Do It

When is my loan considered deliquent?

Your loan will be considered delinquent if your full payments are not received by the due dates. You may be charged late fees for delinquency. You also can lose legibility for loan benefits like interest rate reduction. Your loan status will remain as “delinquent” until you make up the missed payments through deferment, forbearance or by paying.


When does a delinquent loan go into default?

A delinquent loan goes into default after you have not made a payment for a longer period of time (270 days for federal loans). Defaulting on student loans has serious long term consequences. Once your student loan is in default, the entire current balance becomes due, not just the missed payments.

What can I do to avoid default?

Contact us as soon as you know you are going to have trouble paying your student loans. We will work with you to find a way to keep your loan in good standing. If you are in are in Default there are still things you can do to get back on track. We want to help you rebuild your credit and also make sure your student loan payments are manageable.

Contact Us

Borrower Contact


TTY: Dial 711
(Hearing/Speach Impaired)

505-345-7269 or

Contact us through your
Account Access Login  

Defaulted Loan Contact


505-345-8821 Ext. 2110


Perkins or Campus-Based Loans Contact


505-345-8821 Ext. 2102

New Mexico Student Loan Ombudsmen

Have problems with your loans? Contact our Ombudsman to get additional help.


What is a Student Loan Ombudsman?

An Ombudsman is a neutral, informal, and confidential resource to help resolve disputes about your federal student loans. 

We strive to provide the best customer service. Please contact a supervisor or manager if you need additional assistance at 1-800-279-5063.

If you have already talked with us but still feel like you need additional assistance, our Ombudsman is available to help you. Our Ombudsman, Beth Leeway, is dedicated to helping resolve disputes related to Federal Family Education Loan (FFEL) Program loans and Guaranteed Student Loans.

Contact the NMEAF Ombudsman

Beth Leeway, Ombudsman New Mexico Educational Assistance Foundation
P.O. Box 92230
Albuquerque, NM 87199-2230

Toll-Free: 1-800-279-3070, Ext. 1366

Need additional help with your loan dispute?

The U.S. Department of Education has created the Office of the Student Loan Ombudsman to assist borrowers when all else fails. Contact the Department of Education’s Ombudsman at:

Office of the Ombudsman, U.S. Department of Education  
Room 3012, ROB #3 7th and D Streets SW
Washington, DC 20202
Toll Free: 1-888-557-2575