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Want to help your student graduate?
The Federal Parent PLUS Loan (Parent Loan for Undergraduate Students) is one option parents can use to finance education. But, the Parent PLUS loan might be a more expensive option than cosigning a private student loan with NMEAF.
A Parent PLUS loan is a federal student loan taken out by the parent. The parent is solely responsible for repayment. To qualify, parents must pass a credit check and their student must complete the FAFSA and qualify for federal student aid. Our Private Student Loan might be a better alternative to the Federal Parent PLUS Loan for New Mexico students and families.
The Federal Parent PLUS Loan (Parent Loan for Undergraduate Students) is one option parents can use to finance education. But, the Parent PLUS loan might be a more expensive option than cosigning a private student loan with NMEAF.
A Parent PLUS loan is a federal student loan taken out by the parent. The parent is solely responsible for repayment. To qualify, parents must pass a credit check and their student must complete the FAFSA and qualify for federal student aid. Our Private Student Loan might be a better alternative to the Federal Parent PLUS Loan for New Mexico students and families.
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NMEAF Private Student Loan - Cosigner |
Federal Parent PLUS Loan* |
|---|---|
| 4.85% - 6.35% Fixed Interest Rates | 7.08%* |
| No Loan Fees | 4.236% Loan Fees* |
| Interest-only and deferred repayment options available |
Repayment starts immediately but you may apply for deferment
|
| Both the student and cosigner are equally responsible for repayment |
Only the parent is responsible for repayment
|
| Cosigner early release option | No release option |
| Interest rate reductions for automatic and on-time payments and after graduation | Only interest rate reduction for automatic payments |
| Repayment option selected with the loan application | Multiple repayment plan options |
| No FAFSA required | FAFSA required to apply |
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Have questions?
For personal help with your application, please contact us at 833-999-3092 or nmeaf@annova.com
For personal help with your application, please contact us at 833-999-3092 or nmeaf@annova.com
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"Parents who are paying for college with loans should look at the private lending market before signing on with a federal parent PLUS loan."
- US News & World Report, July 2018
- US News & World Report, July 2018
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Some other student loan providers offer student loans to parents without the student being a cosigner. We only offer student loans where both the student and parent are cosigners so each party is equally responsible for repayment. As your student transitions into adult life we believe that the obligation to repay the loan is an important part of learning financial responsibility.
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The best way to pay for college are to use scholarships, grants, savings, and federal student loans. Make sure you evaluate all anticipated monthly loan payments and how much your student expects to earn in the future after graduating before considering cosigning a private student loan.
*For the most current information on Federal Parent PLUS loan interest rates, fees and information see https://studentaid.ed.gov/sa/types/loans/plus
*For the most current information on Federal Parent PLUS loan interest rates, fees and information see https://studentaid.ed.gov/sa/types/loans/plus