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.

You can refinance multiple student loans into one loan with one payment and potentially lower interest rate. The biggest caution of refinancing federal student loans is that you will forfeit and lose all your federal repayment options including loan forgiveness and income-based repayment plans. We encourage you to carefully calculate all the benefits and disadvantages of refinancing your student loans.


Refinancing student loans has major benefits

Save Money

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

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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 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.

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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. 

Application Checklist

Ready to apply to see if you qulaify for our refinancing loan? Here’s the information you will need:

  1. 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
  2. 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.
  3. 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.

Apply Now

If you have questions about refinancing your student loan with us, please contact us at: or 833-378-2312