The New Mexico Educational Assistance Foundation plans to issue a $224 million Federal Family
Education Loan Program (FFELP) –backed student loan securitization deal.
The deal, Series 2013-1A-1, has been assigned preliminary ratings of ‘Aaa’ by Moody’s Investors Service.
The deal is backed by FFELP student loans, which are loans that are indirectly guaranteed by the U.S. Department of Education for a minimum of 97% of defaulted principal and accrued interest.
The NMEAF is a private, nonprofit corporation created by the New Mexico State Legislature in 1981.