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Link Education
Loan
The Link Education Loan is a private education loan
program providing supplemental educational financing for
New Mexico students attending an eligible college. The
Link Loan is intended to cover the student's cost of
attendance less any financial aid the student receives.
It is the LINK between financial aid and the cost of
attending school.
Low interest rate
Link Loans carry a variable
interest rate, calculated by adding .5% to the Prime
Rate and capped at 15%. NMSL adjusts Link Loan interest
quarterly, based on the Prime Rate published in the
Wall Street Journal at the end of each calendar
quarter.
Today's Link Loan interest rate is 5.75%. This is based
on the March 31, 2008 Prime Rate of 5.25% published in
the Wall Street Journal.
No fees
No application, origination, or guarantee fee.No payments while in school
Payments to principal and interest are deferred during
in-school period. The borrower enters repayment 6 months
from the date that he/she graduates or falls below half-time
enrollment status. If the borrower returns to school,
principal payments would be deferred, as long as the
borrower remains in half-time enrollment status. The
borrower is responsible for paying the interest during
this time period.
Flexible repayment
Depending on the amount borrowed, repayment periods
may be extended up to 25 years. The minimum monthly
payment amount will be $50, but may be more, depending
on the loan amount.
Borrower incentive programs
.25 % interest rate reduction for electronic payments.
.50 % interest rate reduction after 48 monthly on-time
payments.
Student qualifications
New Mexico resident
New Mexico resident attending an out-of-state 4-year
college or university
Non-resident attending a New Mexico college or university
US Citizen or Eligible Non-Citizen
Enrolled at an eligible school part-time
Credit worthy (or with credit worthy co-borrower)
Credit score criteria
Fico Score of 680 -- Eligible loan amount is less than
$5000
Fico Score of 720 -- Eligible loan amount is $5,000
- $14,999
Fico Score of 750 -- Eligible loan amount for $15,000
or higher
Based on FICO score, a borrower can ONLY receive the
maximum amount for which they are eligible in a 12-month
award year.
Loans must be certified by the school within an award
year, for example, August 2007 to June 2008. If you
have questions regarding your award year, please contact
your school.
How to apply
1. Apply online.
2. Obtain an application by calling 1.800.279.5063 or
345.3371, extension 1471.
Click here for
Link Education Loan brochure.
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