Refinancing Student Loans
We could save you money.
We offer refinancing at fixed rates from 5.11% – 5.86% APR.
Presently, we are only offering refinancing on private student loans. Federal Student Loans get Coronavirus relief from the federal government as part of the CARES Act – Learn More.
Refinancing student loans has major benefits
Refinancing your student loans with lower interest rates and better terms could save you thousands.
Lower Monthly Payments
When you refinance with a lower interest rate or longer payment terms your monthly payments could decrease.
Combine your loans into one
Keeping up with multiple payments on several loans can be difficult. With refinancing you can consolidate all your private student loans into one monthly payment.
Pay off your student loans faster
If you refinance your student loans with a shorter term you will pay off your loans faster.
Lower your interest rate
One of the major reasons to refinance is to get a lower interest rate than your original loans. This means you can save money and have lower payments.
Better customer service
Are you dissatisfied with your student loan servicer? Refinancing with us means you get a non-profit lender with a reputation for excellent customer service.
Refinancing Interest Rates and Terms from New Mexico Student Loans
- Our Refinancing Rates are from 5.11% – 5.86% APR – The interest rate you receive is based on the term of repayment you select. To receive the lowest interest rate, you must select the shortest repayment term.
- 5, 10, 15, or 20-year loan terms
- $10,000 minimum loan balance
- $200,000 maximum loan refinancing amount
- 0.25% interest rate reduction for automatic payments
- No origination fees
- No pre-payment penalties
Notice: NMEAF’s Refinance Loan is a private loan. Understand that when you refinance federal loans, you forfeit certain flexible repayment options. If you have financial hardship that affects your ability to repay, you should consider federal consolidation loan options instead of refinancing. See below for additional information.
Why Refinance with us?
- Easy application process
Apply in minutes today or for personalized help email us at firstname.lastname@example.org or call us at 833-378-2312.
- 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. Learn more about us.
- We only offer fixed interest rates
Unlike other refinancing companies, we don’t issue variable interest rate loans because as variable rates go up, your payments go up and you could end up paying more for your loan.
- We’re based in New Mexico
When you refinance with us, your money stays in New Mexico. Our refinancing product is only avaiable to NM residents.
- No application or origination fees
We won’t charge you for processing your application, we feel this is money that should stay with you.
- Multiple repayment options and no pre-payment penalties
We care about your financial future success so we offer multiple repayment terms.
- Interest rate reductions for automatic payments
If you sign up for automatic payments we will reduce your interest rate by 0.25%.
- We refinance only private student loans
We can combine multiple private student loans into one new loan when you refinance.
- 35+ years of excellent customer service
We’ve been helping New Mexico’s families by servicing student loans since 1981.
Refinancing Student Loan Disadvantages
We care about your financial future. It’s important to weigh all of the advantages and disadvantages of refinancing student loans. Here’s some reasons refinancing might not be right for you:
- Longer payment terms
If you refinance from a 10-year to a 20-year repayment plan your monthly payments will decrease but you will pay more total interest because you will be repaying for a longer period of time.
- Paying more for your loans
We recommend you carefully research your loan refinancing options to make sure you are getting the best deal for your financial situation now and in the future. The interest rate and payment length will determine how much you end up paying for your loans.
- Lose access to federal repayment plans
When you refinance you are taking out a new private loan. Refinancing payment terms will be less flexible than the many repayment plans offered on federal student loans. We encourage you to compare all of your options for repayment plans before you consider refinancing.
See below for additional information on student loan refinance options.
Ready to apply to see if you qulaify for our refinancing loan? Here’s the information you will need:
- Information about each of your federal loans:
- Current balances
- Name of the loan servicers
- Name of the lender
- Your account numbers
- Your monthly payment amounts
- Current interest rates
- Remaining number of payments
- You will be asked to upload a loan balance statement or payoff statement for each of your federal loans. You can upload a scanned copy or a picture from your mobile phone.
- You will be asked to upload documentation verifying that you have annual income of at least $50,000. You can upload a scanned copy of a payroll statement or paystub, or you can upload a picture from your mobile phone.
If you have questions about refinancing your student loan with us, please contact us at: email@example.com or 833-378-2312