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We offer refinancing at fixed rates from 5.50-6.25% APR.

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.

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We could save you money.

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Refinancing your student loans with lower interest rates and better terms could save you thousands.

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Save money

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When you refinance with a lower interest rates or longer payment terms your monthly payments could decrease.

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Lower monthly payments

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Keeping up with multiple payments on several loans can be difficult. With refinancing you can consolidate all your federal student loans into one with just one monthly payment.

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Combine multiple loans into one

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If you refinance your student loans with a shorter term you will pay off your loans faster.

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Pay off your student loans faster

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One of the major reasons to refinance is a lower interest rate than your original loans. This means you can save money and have lower payments.

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Lower your interest rate

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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.

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Better customer service

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Refinancing student loans has major benefits

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Refinancing Interest Rates and Terms from New Mexico Student Loans


  • Our Refinancing Rates are from 5.50% - 6.25% 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
  • See how much money you could save with our loan repayment calculator
Apply Now

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.

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Refinancing Interest Rates and Terms

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Why refinance with us?

  • Easy application process
    Apply in minutes today or for personalized help email us at refinance@nmeaf.org or call us at 844.703.9147.
  • 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.
  • 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 only refinance federal student loans

    In order to give you the best interest rate possible, we only refinance federal student loans, not private loans.
  • 35+ years of excellent customer service

    We’ve been helping New Mexico's families by servicing student loans since 1981.
Apply Now

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Why refinance with us?

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Refinancing Student Loans 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. 

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Refinancing Disadvantages

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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: refinance@nmeaf.org or 844.703.9147

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Application Checklist

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Interest Rates and Repayment Terms

The interest rate you receive is based on the repayment term you select. To receive the lowest interest rate, you must select the shortest repayment term.

Consider the following when you choose your repayment term:
  1. Find out the number of payments remaining on your current loans before selecting the repayment term on your refinance loan. If you choose a repayment term on the refinance loan that is longer than remaining repayment period on your current loans, you may pay more interest. This is because a longer repayment term will result in you paying the lower interest rate for a longer period of time.
  2. If you choose a repayment term on your refinance loan that is shorter than the remaining term on your current loans, your monthly payment may increase even though you receive a lower interest rate.

Refinancing vs. Federal Student Loans

Refinancing federal student loans is not for everybody. When you refinance your federal student loans, you convert them from a federal loan to a privately-owned student loan (commonly referred to as a “private education loan”.) There are repayment assistance and loan forgiveness benefits only available on federal student loans.

Carefully review the following federal loan benefits you will lose if you refinance your federal student loans:
  1. Income-Driven Repayment (IDR)
    Federal student loans are eligible for income-driven repayment programs (IDR) designed to assist borrowers who cannot afford their monthly payments. IDR programs allow your monthly payment to be adjusted each year based on your adjusted gross income, family size, and the state in which you reside. Any balance remaining, if any, may be forgiven after 20 or 25 years of qualifying payments (depending on the type of IDR for which you qualify.) If you refinance, these income-based repayment and forgiveness programs will not be available to you.
  2. Deferments and Forbearance
    Federal student loans are eligible for payment deferments and forbearance, which allow you to postpone making payments in case of short-term financial difficulties. Although New Mexico Educational Assistance Foundation offers short-term repayment assistance during times of financial hardship, the relief offered is not as generous as the federal student loan program. If you refinance, these federal student loan hardship assistance programs will no longer be available to you.
  3. Interest Subsidy
    Subsidized federal student loans (called Subsidized Stafford loans) qualify for interest subsidies while you are attending school at least half-time, during your grace period after graduating, and during certain deferments. You may even be eligible for these interest subsidies on your federal student loans if you return to school at least half-time (for a graduate degree, for example.) Interest subsidies are also available in certain situations on income-based repayment (IBR) and Pay-As-You-Earn (PAYE) repayment plans. An interest subsidy means the federal government pays the interest on your behalf. If you refinance, these interest subsidies will no longer be available to you.
  4. Military Service Member Benefits
    Full-time, active duty military service members are entitled to certain interest rate reductions and repayment assistance under the Servicemembers Civil Relief Act (SCRA), and your refinance loan will be eligible for this assistance. However, the federal student loan programs offer more generous deferment, forbearance, and interest rate reductions than required by the SCRA. Military service members receiving hostile pay also qualify for zero interest on their federal student loans. If you refinance, these special benefits for military service members will no longer be available to you.
  5. Loan Forgiveness
    Borrowers working in certain public-service organizations, and teachers in certain employment situations, may be eligible for forgiveness of all or part of their federal student loans. Federal regulations also allow loan discharge in other situations, such as the closing of a school. If you refinance, these loan forgiveness options will no longer be available to you.
  6. Future Changes to Federal Regulations
    In the future, new regulations could be enacted by Congress or the U.S. Department of Education that would provide new or enhanced benefits to federal student loan borrowers. If you refinance, these new benefits will not be available to you.
  7. Refinancing is Permanent
    Once you refinance your federal student loans, they become private education loans. This process cannot be reversed. Refinanced student loans cannot be converted back to federal student loans. If you refinance, you permanently lose all federal student loan benefits.
The benefits and risks identified above are only those most frequently used by federal student loan borrowers. The list is not exhaustive. Refinancing federal student loans is not for everybody. Consider seeking professional advice from a trusted financial or legal counselor to fully assess the risk of losing federal student loan benefits.

If you have questions about refinancing your student loan with us, please contact us at: refinance@nmeaf.org or 844.703.9147

Button URL: 

https://www.campusdoor.com/NMEAF/refi

Text Area Headline: 

Read This Before Refinancing Your Student Loans

Button Text: 

Apply Now

Target: 

_blank

Disable Mouseover Effect: 

Style A

We could save you money.

We offer refinancing at fixed rates from 5.50-6.25% APR.

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.
Style E

Refinancing student loans has major benefits

Piggy Bank

Save money

Save money

Refinancing your student loans with lower interest rates and better terms could save you thousands.
Coin stacks with down arrow

Lower monthly payments

Lower monthly payments

When you refinance with a lower interest rates or longer payment terms your monthly payments could decrease.

stacks of dollars

Combine multiple loans into one

Combine multiple loans into one

Keeping up with multiple payments on several loans can be difficult. With refinancing you can consolidate all your federal student loans into one with just one monthly payment.
Stopwatch

Pay off your student loans faster

Pay off your student loans faster

If you refinance your student loans with a shorter term you will pay off your loans faster.

Percent sign

Lower your interest rate

Lower your interest rate

One of the major reasons to refinance is a lower interest rate than your original loans. This means you can save money and have lower payments.

Call Center Icon

Better customer service

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.
Style F

Refinancing Interest Rates and Terms

Refinancing Interest Rates and Terms from New Mexico Student Loans


  • Our Refinancing Rates are from 5.50% - 6.25% 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
  • See how much money you could save with our loan repayment calculator
Apply Now

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?

Why refinance with us?

  • Easy application process
    Apply in minutes today or for personalized help email us at refinance@nmeaf.org or call us at 844.703.9147.
  • 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.
  • 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 only refinance federal student loans

    In order to give you the best interest rate possible, we only refinance federal student loans, not private loans.
  • 35+ years of excellent customer service

    We’ve been helping New Mexico's families by servicing student loans since 1981.
Apply Now

Refinancing Disadvantages

Refinancing Student Loans 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

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: refinance@nmeaf.org or 844.703.9147

Style A

Read This Before Refinancing Your Student Loans

Interest Rates and Repayment Terms

The interest rate you receive is based on the repayment term you select. To receive the lowest interest rate, you must select the shortest repayment term.

Consider the following when you choose your repayment term:
  1. Find out the number of payments remaining on your current loans before selecting the repayment term on your refinance loan. If you choose a repayment term on the refinance loan that is longer than remaining repayment period on your current loans, you may pay more interest. This is because a longer repayment term will result in you paying the lower interest rate for a longer period of time.
  2. If you choose a repayment term on your refinance loan that is shorter than the remaining term on your current loans, your monthly payment may increase even though you receive a lower interest rate.

Refinancing vs. Federal Student Loans

Refinancing federal student loans is not for everybody. When you refinance your federal student loans, you convert them from a federal loan to a privately-owned student loan (commonly referred to as a “private education loan”.) There are repayment assistance and loan forgiveness benefits only available on federal student loans.

Carefully review the following federal loan benefits you will lose if you refinance your federal student loans:
  1. Income-Driven Repayment (IDR)
    Federal student loans are eligible for income-driven repayment programs (IDR) designed to assist borrowers who cannot afford their monthly payments. IDR programs allow your monthly payment to be adjusted each year based on your adjusted gross income, family size, and the state in which you reside. Any balance remaining, if any, may be forgiven after 20 or 25 years of qualifying payments (depending on the type of IDR for which you qualify.) If you refinance, these income-based repayment and forgiveness programs will not be available to you.
  2. Deferments and Forbearance
    Federal student loans are eligible for payment deferments and forbearance, which allow you to postpone making payments in case of short-term financial difficulties. Although New Mexico Educational Assistance Foundation offers short-term repayment assistance during times of financial hardship, the relief offered is not as generous as the federal student loan program. If you refinance, these federal student loan hardship assistance programs will no longer be available to you.
  3. Interest Subsidy
    Subsidized federal student loans (called Subsidized Stafford loans) qualify for interest subsidies while you are attending school at least half-time, during your grace period after graduating, and during certain deferments. You may even be eligible for these interest subsidies on your federal student loans if you return to school at least half-time (for a graduate degree, for example.) Interest subsidies are also available in certain situations on income-based repayment (IBR) and Pay-As-You-Earn (PAYE) repayment plans. An interest subsidy means the federal government pays the interest on your behalf. If you refinance, these interest subsidies will no longer be available to you.
  4. Military Service Member Benefits
    Full-time, active duty military service members are entitled to certain interest rate reductions and repayment assistance under the Servicemembers Civil Relief Act (SCRA), and your refinance loan will be eligible for this assistance. However, the federal student loan programs offer more generous deferment, forbearance, and interest rate reductions than required by the SCRA. Military service members receiving hostile pay also qualify for zero interest on their federal student loans. If you refinance, these special benefits for military service members will no longer be available to you.
  5. Loan Forgiveness
    Borrowers working in certain public-service organizations, and teachers in certain employment situations, may be eligible for forgiveness of all or part of their federal student loans. Federal regulations also allow loan discharge in other situations, such as the closing of a school. If you refinance, these loan forgiveness options will no longer be available to you.
  6. Future Changes to Federal Regulations
    In the future, new regulations could be enacted by Congress or the U.S. Department of Education that would provide new or enhanced benefits to federal student loan borrowers. If you refinance, these new benefits will not be available to you.
  7. Refinancing is Permanent
    Once you refinance your federal student loans, they become private education loans. This process cannot be reversed. Refinanced student loans cannot be converted back to federal student loans. If you refinance, you permanently lose all federal student loan benefits.
The benefits and risks identified above are only those most frequently used by federal student loan borrowers. The list is not exhaustive. Refinancing federal student loans is not for everybody. Consider seeking professional advice from a trusted financial or legal counselor to fully assess the risk of losing federal student loan benefits.

If you have questions about refinancing your student loan with us, please contact us at: refinance@nmeaf.org or 844.703.9147