Student Loan Rates & Eligibility
Competitive Fixed Interest Rates
5.85% – 7.35%
Looking for a private student loan to finish school? A loan from NMEAF has some distinct advantages. Just like government student loans, we only offer fixed-interest rate personal loans to students. We do this because this is the best way to plan for your future and succeed with reasonable loan repayment options.
Interest Rate Reductions Up to -0.75%
#1
-0.25% for On-time Payments
After 24 consecutive on-time repayments we will reduce your interest rate by 0.25%.
#2
-0.25% After Graduation
Your success matters to us. When you graduate, we will reduce your interest rate by 0.25% as our special graduation present to you.
#3
-0.25% for Automatic Payments
When you sign up for automatic payments we will reduce your interest rate by 0.25%.
Student Loan Repayment Plans
We offer three loan repayment option plans to choose from. Choose the least expensive option that works with your finances as you cannot change to a different plan after your personal student loan is dispersed. Repayments can be aligned with federal student loan payments.
Immediate Repayment
5.85%
Fixed Student Loan Interest Rate*
Monthly payments of principal and interest.
Payment start 30-60 days after loan disbursement.
The least expensive option, full payments start immediately.
* Prior to applicable interest rate reductions
Interest Only Repayment
6.60%
Fixed Student Loan Interest Rate*
Only pay the loan interest when you are enrolled at least half time.
Interest-only payments start 30-60 days after loan disbursement. After the student graduates, leaves school without completing a degree, or drops below half-time enrollment, there is a 6-month deferral then full payment will start 30-60 days after the deferral.
Lower monthly payments while attending school at least half time.
* Prior to applicable interest rate reductions
Deferred Repayment
7.35%
Fixed Student Loan Interest Rate*
Make no payments until after you graduate or leave school.
After the student graduates, leaves school without completing a degree, or drops below half-time enrollment, there is a 6-month deferral then full payment will start 30-60 days after the deferral.
Pay nothing until after graduating or leaving school, but this is the most expensive option.
* Prior to applicable interest rate reductions