New Student Loans

Low Fixed-Interest Rates from a Trusted Non-Profit for Private Student Loans

Rates & Eligibility

We Offer Low Fixed Interest Rates from 4.39% – 5.89%


We Offer Cosigner Early Release Options


You Could Save Money on Your Existing Student Loans

Let Us Help You Finish School

Get Money to Pay for Higher Education Costs

Looking for money for school? A private student loan, also known as an alternative student loan, is a good option for certain students to complete their undergraduate degree, graduate degree, online degree, or trade school certification. We will issue loans up to 100% of your school-certified undergraduate and graduate school costs. A New Mexico Student Loan is a fixed-rate supplemental education loan for graduate and undergraduate students enrolled at least half-time. The New Mexico Educational Assistance Foundation encourages you to first apply for federal financial aid, scholarships, and grants before applying for a private student loan.

Learn more about our loan rates and eligibility, how to find and ask a cosigner

For questions about our student loan options or personal help with your application, please contact us at 1-844-247-7375 or

Woman graduate illustration

Top 10 Reasons to Apply for New Student Loans from NMEAF

We are a Non-Profit Organization

That’s right – we are NOT for profit. Unlike other lenders, all of the money we earn beyond expenses goes back into helping students and families plan, prepare and pay for college.


We Won’t Issue Bad Loans

If we feel that a private student loan is not in your best interest we won’t approve your application. We want our students to have a healthy financial future.

We Only Offer Fixed Interest Rates

Unlike other private loan providers, we don’t issue variable interest rate loans because we care about your financial future. Fixed interest rates allow you to plan for and establish a reasonable loan repayment strategy. Federal government student loans also only have fixed interest rates.

We’re Based in New Mexico

We understand New Mexico’s students and universities better than any other student loan provider. If you ever want help in person you can visit our friendly representatives in our Albuquerque office. Also, when you borrow from us, you are helping employ fellow New Mexicans.

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%.

Graduation Interest Rate Reduction

Your success matters to us. When you graduate we will reduce your interest rate by 0.25% as our special graduation present to you.

No Origination or Disbursement Fees

We won’t charge you for processing or disbursing your student loan; we feel this is money that should stay with you. All student loans have no penalties for early payments. 

Multiple Repayment Options

We care about your financial future success so we will work with you to find the right loan repayment plan. And, if you sign up for automatic payments we will reduce your interest rate by 0.25%.

Cosigner Early Release Option

After 24 months of payments and a proven credit check, the student borrower may apply to have their cosigner released from the student loan.

Helping NM Students Since 1981

We’ve been helping New Mexican families by servicing student loans since 1981. Our experienced and knowledgeable team provides excellent customer service and has a proven history of success.

Have Questions? Need Help?

For questions or personal help with your application, please contact us at 833-999-3092 or


How to Succeed with Student Loans

Since 1981, we’ve helped students repay their loans and make wise financial choices. Here’s our best advice for paying for college and succeeding with alternative student loans.

Borrow for tuition, not for lifestyle

That $4 daily latte might fuel your studying, but your daily coffee habit can add up to over $1,400 per year. It’s not worth taking out additional student loans to pay for lifestyle expenses that can be controlled.


Limit total borrowing to less than your expected 1st-year salary

Some careers pay more than others. What do you think your first year’s salary will be once you graduate? Make sure you don’t borrow more money than your future career will allow you to reasonably repay.

Graduate ASAP – enroll, focus, and finish in as little time as possible

The more time it takes you to graduate, the more it will cost. Adding years onto your degree will also take a toll on your finances. Try to take as many credits as possible per semester, focus, and finish ASAP.

Set a goal to pay off student loans in 10 years

The standard repayment for federal student loans is 10 years, this can be extended to 20 years, but wouldn’t you rather have the extra dollars each month in your pocket? Make a goal to pay off your student loan as fast as you can. 


Don’t ignore your student loans

It’s easy to forget about your future financial obligations when you are in school and focused on your coursework. A study by the Brookings Institute found that 49% of students can’t estimate their loan within 10% of its value. If you can start paying your loan’s interest while in school, you will pay off your loan faster.

New Mexico Non-Profit Organization

We are proud to be serving the community of New Mexico for more than 35 years. You can trust that you are in good hands with NMEAF as we have been servicing New Mexicans since 1981 and have helped more than 340,000 borrowers with $2.9 billion in loans. 

Borrow Responsibly

The best way to pay for college is through scholarships, grants, savings and federal student loans. Make sure you evaluate all anticipated monthly loan payments and how much you expect to earn in the future after graduating before considering a private student loan.