New Mexico Educational Assistance Foundation

"I agree w the negative reviews here - NMEAF seems determined to ruin my excellent credit rating by failing to process their own forms in a timely manner. It's as if they purposely evade communication and they even have essentially a fake website still up, which I have reported to them repeatedly. I am filing a Better Business Bureau complaint and suggest same to others. Wake-up NM Student Loans !!!"

"I fell under the FFELP loan trap and paid double of what I borrowed or even more. For all of the money they made off of me and millions others, you would think it would be easy to do auto payments. Nooo, they make you go through hoops as if we were back in the 90s. Their scripted BS is exactly that BS. Repaying to highest interest rate loans is not straight forward. Never get a loan from this organization. Do your homework on loans. They thrive on ignorance."

"I hate leaving bad reviews and wish I didn't have to leave this one but I don't know what else to do. I have my student loans with this organization and it is impossible to get help. Their staff made an error on my account and they refuse to correct it. The information the staff is giving me does not match my statements and they just assume I should trust what the staff says when they made the error in the first place. I cannot seem to get help from any of their supervisors and no longer trust the honesty of this organization. Hopefully, the NM Attorney General's office can help me."

"I am a current student at ASU and have been paying monthly on my student loans now for at least 4 years. I have started receiving calls from these people telling that my old CNM account may be in arrears. Not true. Those loans have already been paid. Shysters. Simple. They want me to call back and give them my social and my date of birth. HA!! Never going to happen. Stay away. I sense a scam. SO STOP CALLING ME 2-3 TIMES A DAY!!!!!"

"I've had loans with this company for over 10 years. The reason for that is because they won't allow me to consolidate the non-federal loans I took out, but that's beside the point. This is a New Mexico business, and I mean that in every sense. I've never been impressed with the website; it usually looks like websites looked 10 years ago. The payment system is a joke. If you set up automatic payments, the payment plan will automatically pay off your lowest-interest loans (not a good thing). If you pay extra via the website, they will apply that extra money to FUTURE interest payments (not your principal). The only way to pay extra towards your principal is to mail a CHECK every month and write in the notes that you want the extra money to be paid to the principal of "loan group B" (or whatever your case is). In contrast, I had loans with Sallie Mae and their payment system was GREAT. They had ALL the options available for you. Plus, they offer generous deferment and forbearance options. The interest rate was higher, but that could have been a product of market forces and not business practice. In short, I cannot recommend this company. The people on the phone are nice, but so are the people at Sallie Mae. The only possible reason you could have for using this company is if they offer a significantly lower interest rate, and even then I think it might not be worth it."