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We offer refinancing at fixed rates from 3.65% - 4.40% 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.
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When you refinance with a lower interest rate or longer payment terms your monthly payments could decrease.
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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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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.
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Refinancing Interest Rates and Terms from New Mexico Student Loans
- Our Refinancing Rates are from 3.65% - 4.40% 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.
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Why refinance with us?
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Easy application process
Apply in minutes today or for personalized help email us at nmeaf@annova.com 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 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.
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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:-
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: nmeaf@annova.com or 833-378-2312
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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:
- 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.
- 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:
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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. -
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. -
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. -
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. -
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. -
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. -
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.
If you have questions about refinancing your student loan with us, please contact us at: nmeaf@annova.com or 833-378-2312