Cosigner Early Release

Releasing Cosigners from New Mexico Student Loans

Cosigners invest in student’s future because they believe the student will graduate and be responsible to repay the loan. We reward cosigners for their investment and students for being responsible. After 24 months of qualifying on-time payments the student borrower may apply for a cosigner release from our private student loans.

Here’s how a student borrower can qualify and apply for cosigner release from NMEAF:

Only the student borrower may apply for cosigner release.

The student borrower must submit a completed application and all required documentation.

Provide proof of graduation or completion of a certification program.

Provide proof of student borrowers’ income.

Be current on all loan payments for the past consecutive 24 months and not have any delinquent payments.

Have not had any federal student loans in hardship, forbearance, or income-based repayment program for the past 24 months immediately before the application

The student borrower must pass a credit check that shows a satisfactory credit history including but not limited to no bankruptcy, foreclosures, defaulted student loans, or 90-day delinquencies in the last 24 months.

These requirements are subject to change. The cosigner release option is only available to NMEAF private student loans only and not to federal student loans serviced by NMEAF.