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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.

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Federal Parent PLUS Loans vs. Private Student Loans for Higher Eductation

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Apply Now

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NMEAF Private Student Loan - Cosigner

Federal Parent PLUS Loan*

5.95% - 7.45% Fixed Interest Rates 7.6% Fixed Interest Rate*
No Loan Fees 4.264% 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
Interest rate reductions for automatic and on-time payments and after graduation No interest rate reductions
Repayment option selected with the loan application Multiple repayment plan options
No FAFSA required  FAFSA required to apply

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Student Loan Options for Parents

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Have questions? 
For personal help with your application please contact us at 844-703-9147 or loan@nmeaf.org
 

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Learn more about our New Mexico Student Loans

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Apply Now

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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

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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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Why We Don't Offer Parent Loans

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The best way to pay for college is 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

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Borrow Responsibly

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Federal Parent PLUS Loans vs. Private Student Loans for Higher Eductation

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.




Student Loan Options for Parents

NMEAF Private Student Loan - Cosigner

Federal Parent PLUS Loan*

5.95% - 7.45% Fixed Interest Rates 7.6% Fixed Interest Rate*
No Loan Fees 4.264% 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
Interest rate reductions for automatic and on-time payments and after graduation No interest rate reductions
Repayment option selected with the loan application Multiple repayment plan options
No FAFSA required  FAFSA required to apply

Learn more about our New Mexico Student Loans

Have questions? 
For personal help with your application please contact us at 844-703-9147 or loan@nmeaf.org
 




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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
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Why We Don't Offer Parent Loans

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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Borrow Responsibly

The best way to pay for college is 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