What You Need to Know about MEFA Loans

If you have a child going to college this fall, your college bill will likely arrive in the next few weeks. Remember that many schools now post the bill within the student online portal, and notify the student, not the parent, of the bill's existence. Be in communication with your student to make sure you know once that bill arrives. And in anticipation of that bill, if you plan to borrow a college loan, start making a decision about your lender. MEFA has loans available with a range of interest rates and repayment options. Here's some fast facts about MEFA Loans to keep in mind as you consider your college financing options.

Interest Rates

The interest rate you're offered on your MEFA Loan will depend on the strength of your credit profile (and the credit profile of your co-borrowers) as well as the repayment term associated with the loan. You can view the full range of interest rates on our Undergraduate Loans page. You'll be shown the Annual Percentage Rate (APR) of each loan, which is designed to help you understand the relative cost of the loan and reflects the loan's interest rate, timing of payments, and fees.

No Application or Origination Fees

We don't have any application or origination fees on our loans, which means you won't pay anything extra to apply for or originate your loan. Good news, right?

Instant Decision on Complete Applications

When you apply for a MEFA Loan, you'll be told within seconds if you're approved, and you'll be provided your loan options with your decision. That means you'll know within an instant if you can borrow with us, and once you select your loan terms and sign your documents, your application process will be complete. Simple!

Multiple Repayment Options

As mentioned above, you'll have a choice of repayment plans with a MEFA Loan. You can decide to start repayment while the student is still in school, or opt to only pay the interest that's accruing during that period, or decide to delay all repayment until after the student leaves school or graduates. There's a different range of interest rates associated with each repayment plan, and you'll be provided with all options for which you qualify when you apply.

Set Monthly Payments

All of our interest rates are fixed, which means your monthly loan payment will be the same throughout your entire repayment. This makes figuring out your budget during your repayment term much easier, as you'll know the amount you need to set aside each month for your loan(s).

Expert Guidance

Along with your MEFA Loan, you'll receive expert guidance from our team of seasoned college financing professionals. Through our emails, blogs, and social media posts we provide information, tips, and important news on loan repayment, college life, scholarships, and federal policy. We'll keep you informed on what you need to know to best finance (and repay) a college education.

Have questions or need more information? We're always happy to help. Reach out to one of our college planning team members at (800) 449-MEFA (6332) or collegeplanning@mefa.org. And if you're ready to apply for a MEFA Loan, head over to our Undergraduate Loans page and click Apply Now.