Online Loan Certification
You have two options to certify MEFA Loans for your students:
ELM
MEFA is pleased to work with ELM Resources as a lender partner. You can learn more about certifying MEFA Loans through ELM here.
By certifying MEFA Loans, you are authorizing on behalf of your institution that you have ensured that each of the following statements is true:
- The MEFA Loan has been certified for an amount equal to or less than 100% of the student's cost of attendance less other financial aid received for the academic period.
- The student is admitted or enrolled at least half time in an accredited degree-granting program and is making satisfactory academic progress as defined by your institution.
MEFA's Online Portal
We encourage you to take advantage of MEFA's online loan certification system, and to provide other college administrators at your school with access. You can learn more about certifying MEFA Loans through MEFA's Online Portal here.
- Add new users
- Modify current user access
- Set up electronic disbursements utilizing a wire transfer
- Send refunds via EFT School Refund EFT Transmittal Form
- View MEFA portal FAQs
- Watch online processing demo
College Financial Aid & FAFSA Simplification
- We have resources to help families through the financial aid process, including the brand new 2024-25 FAFSA. View resources
- Our on-demand webinar FAFSA Simplification Overview & Updates includes details about the 2024-25 FAFSA. Watch
- Download our new PDF, Who Needs an FSA ID?, in English, Spanish, & Portuguese.
Undergrad Loan Rates
Grad Loan Rates
Loan Eligibility
Loan Details
Loan Repayment Options
Disclosures and Fact Sheets
Undergraduate Student Loan Interest Rates
| Immediate Repayment (10-year term) |
Immediate Repayment (15-year term) |
Interest-Only Repayment (15-year term) |
Deferred Repayment (15-year term) |
Student Deferred Repayment with Co-Borrower Release* (15-year term) |
|
| Interest Rate | Fixed interest rates 5.75% - 8.50% |
Fixed interest rates 6.00% - 8.65% |
Fixed interest rates 7.15% - 8.95% |
Fixed interest rates 7.30% - 8.75% |
Fixed interest rates 7.40% - 8.85% |
| APR*** | 5.75% - 8.50% | 6.00% - 8.65% | 7.15% - 8.95% | 6.73% - 8.75% | 6.81% - 8.85% |
| Monthly Payment Per $10,000 Borrowed**** | $111.32 - $126.57 | $85.63 - $101.46 | $60.63 - $76.22 in school, then payments step up to $111.55 - $121.95 at the end of the in-school period** | $0 in school, then payments step up to $144.01 - $161.34 at the end of the in-school period** | $0 in school, then payments step up to $145.16 - $162.59 at the end of the in-school period** |
*The co-borrower may request release after the first 48 consecutive on-time monthly installments have been made and if meeting then-current underwriting standards.
**In-school period is the period as defined in the MEFA Undergraduate Loan Application and Solicitation Disclosure found in the Disclosures tab of this chart.
***The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects MEFA's current underwriting criteria, loan rates, and deferment period assumption. MEFA's lowest rates are only available to the most creditworthy applicants.
****Monthly payment is calculated based on a college freshman with four years until graduation. All dollar amounts are estimates.
Typically on an annual basis in the spring, the MEFA undergraduate and graduate loan rates are reset for the upcoming academic year. Once you receive an offered rate on an approved loan application, that rate will not change.
Graduate Student Loan Interest Rates
| Interest-Only Repayment (15-year term) |
Deferred Repayment (15-year term) |
|
| Interest Rate | Fixed interest rates 7.15% - 8.95% | Fixed interest rates 7.30% - 8.75% |
| APR** | 7.15% - 8.95% | 7.04% - 8.75% |
| Monthly Payment Per $10,000 Borrowed*** | $60.63 - $76.22 in school, then payments step up to $111.55 - $116.01 at the end of the in-school period* | $0 in school, then payments step up to $128.58 - $143.53 at the end of the in-school period* |
*In-school period is the period as defined in the MEFA Graduate Loan Application and Solicitation Disclosure found in the Disclosures tab of this chart.
**The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects MEFA's current underwriting criteria, loan rates and deferment period assumption. MEFA's lowest rates are only available to the most creditworthy applicants.
***Monthly payment is calculated based on a graduate student with three years until graduation. All dollar amounts are estimates.
Typically on an annual basis in the spring, the MEFA undergraduate and graduate loan rates are reset for the upcoming academic year. Once you receive an offered rate on an approved loan application, that rate will not change.
- Students must meet certain criteria to borrow a MEFA Loan. To be eligible for a MEFA Loan, the student must:
- Be enrolled at least half time in an accredited degree-granting program at an eligible non-profit college or university in the United States.
- If the student is currently enrolled at least half time for the current academic year, a student may borrow a loan for less than half time for the summer session. Summer loans may be certified using the student's enrollment status for the current academic year.
- Maintain satisfactory academic progress as defined by the college or university.
- Be a citizen or permanent resident of the United States (along with all other borrowers on the loan).
- Be enrolled at least half time in an accredited degree-granting program at an eligible non-profit college or university in the United States.
- The loan application must meet MEFA's current credit approval standards.
Details About MEFA Undergraduate Loans
- Undergraduate student loans are for one academic year at a time.
Students must reapply each year, if they need loans for multiple academic years. - Maximum undergraduate student loan amount:
100% of the cost of attendance (tuition, fees, food, housing, books, supplies, and miscellaneous expenses) minus financial aid received for the academic period. - Minimum undergraduate student loan amount:
$1,500 for a public or private school. - Most undergraduate students will need a co-borrower.
Student borrower and all co-borrowers are equally responsible for loan repayment. Typically the parent or other credit-worthy individual is the "notice borrower" and will receive the billing statement and other notices. - No origination fee, application fee, or prepayment penalty
- Deferred loans are subject to a maximum deferral period of 60 months
Repayment Options for MEFA Undergraduate Loans
- Immediate: Interest payment and principal repayment begin on the 28th day of the month following the final disbursement. Loan must be fully repaid within 10 or 15 years (depending on loan type) of final disbursement.
- Interest-Only: Interest payment begins on the 28th day of the month following the month of the final disbursement and principal and interest repayment begins after the end of the undergraduate anticipated in-school period. Loan must be fully repaid within 15 years of final disbursement.
- Deferred: Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. Deferred loans are subject to a maximum deferral period of 60 months.
- Deferred with Co-Borrower Release: Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. The co-borrower may request release from AES, MEFA's loan servicing provider, after the first 48 consecutive on-time monthly installments have been made after the student has left school, and if the student is meeting then-current underwriting standards. All borrowers will need to complete and sign a co-borrower release application. Deferred loans are subject to a maximum deferral period of 60 months.
There is no penalty for early repayment on undergraduate loans. Learn more about managing your loan repayment.
Our Loan Disclosures and Self-Certification Form provide all the important details about our loans. And our Loan Fact Sheets are perfect to share with students and their families.
Undergrad Loan Rates
Grad Loan Rates
Loan Eligibility
Loan Details
Loan Repayment Options
Disclosures and Fact Sheets
Undergraduate Student Loan Interest Rates
| Immediate Repayment (10-year term) |
Immediate Repayment (15-year term) |
Interest-Only Repayment (15-year term) |
Deferred Repayment (15-year term) |
Student Deferred Repayment with Co-Borrower Release* (15-year term) |
|
| Interest Rate | Fixed interest rates 5.75% - 8.50% |
Fixed interest rates 6.00% - 8.65% |
Fixed interest rates 7.15% - 8.95% |
Fixed interest rates 7.30% - 8.75% |
Fixed interest rates 7.40% - 8.85% |
| APR*** | 5.75% - 8.50% | 6.00% - 8.65% | 7.15% - 8.95% | 6.73% - 8.75% | 6.81% - 8.85% |
| Monthly Payment Per $10,000 Borrowed**** | $111.32 - $126.57 | $85.63 - $101.46 | $60.63 - $76.22 in school, then payments step up to $111.55 - $121.95 at the end of the in-school period** | $0 in school, then payments step up to $144.01 - $161.34 at the end of the in-school period** | $0 in school, then payments step up to $145.16 - $162.59 at the end of the in-school period** |
*The co-borrower may request release after the first 48 consecutive on-time monthly installments have been made and if meeting then-current underwriting standards.
**In-school period is the period as defined in the MEFA Undergraduate Loan Application and Solicitation Disclosure found in the Disclosures tab of this chart.
***The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects MEFA's current underwriting criteria, loan rates, and deferment period assumption. MEFA's lowest rates are only available to the most creditworthy applicants.
****Monthly payment is calculated based on a college freshman with four years until graduation. All dollar amounts are estimates.
Typically on an annual basis in the spring, the MEFA undergraduate and graduate loan rates are reset for the upcoming academic year. Once you receive an offered rate on an approved loan application, that rate will not change.
Graduate Student Loan Interest Rates
| Interest-Only Repayment (15-year term) |
Deferred Repayment (15-year term) |
|
| Interest Rate | Fixed interest rates 7.15% - 8.95% | Fixed interest rates 7.30% - 8.75% |
| APR** | 7.15% - 8.95% | 7.04% - 8.75% |
| Monthly Payment Per $10,000 Borrowed*** | $60.63 - $76.22 in school, then payments step up to $111.55 - $116.01 at the end of the in-school period* | $0 in school, then payments step up to $128.58 - $143.53 at the end of the in-school period* |
*In-school period is the period as defined in the MEFA Graduate Loan Application and Solicitation Disclosure found in the Disclosures tab of this chart.
**The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects MEFA's current underwriting criteria, loan rates and deferment period assumption. MEFA's lowest rates are only available to the most creditworthy applicants.
***Monthly payment is calculated based on a graduate student with three years until graduation. All dollar amounts are estimates.
Typically on an annual basis in the spring, the MEFA undergraduate and graduate loan rates are reset for the upcoming academic year. Once you receive an offered rate on an approved loan application, that rate will not change.
- Students must meet certain criteria to borrow a MEFA Loan. To be eligible for a MEFA Loan, the student must:
- Be enrolled at least half time in an accredited degree-granting program at an eligible non-profit college or university in the United States.
- If the student is currently enrolled at least half time for the current academic year, a student may borrow a loan for less than half time for the summer session. Summer loans may be certified using the student's enrollment status for the current academic year.
- Maintain satisfactory academic progress as defined by the college or university.
- Be a citizen or permanent resident of the United States (along with all other borrowers on the loan).
- Be enrolled at least half time in an accredited degree-granting program at an eligible non-profit college or university in the United States.
- The loan application must meet MEFA's current credit approval standards.
Details About MEFA Undergraduate Loans
- Undergraduate student loans are for one academic year at a time.
Students must reapply each year, if they need loans for multiple academic years. - Maximum undergraduate student loan amount:
100% of the cost of attendance (tuition, fees, food, housing, books, supplies, and miscellaneous expenses) minus financial aid received for the academic period. - Minimum undergraduate student loan amount:
$1,500 for a public or private school. - Most undergraduate students will need a co-borrower.
Student borrower and all co-borrowers are equally responsible for loan repayment. Typically the parent or other credit-worthy individual is the "notice borrower" and will receive the billing statement and other notices. - No origination fee, application fee, or prepayment penalty
- Deferred loans are subject to a maximum deferral period of 60 months
Repayment Options for MEFA Undergraduate Loans
- Immediate: Interest payment and principal repayment begin on the 28th day of the month following the final disbursement. Loan must be fully repaid within 10 or 15 years (depending on loan type) of final disbursement.
- Interest-Only: Interest payment begins on the 28th day of the month following the month of the final disbursement and principal and interest repayment begins after the end of the undergraduate anticipated in-school period. Loan must be fully repaid within 15 years of final disbursement.
- Deferred: Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. Deferred loans are subject to a maximum deferral period of 60 months.
- Deferred with Co-Borrower Release: Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. The co-borrower may request release from AES, MEFA's loan servicing provider, after the first 48 consecutive on-time monthly installments have been made after the student has left school, and if the student is meeting then-current underwriting standards. All borrowers will need to complete and sign a co-borrower release application. Deferred loans are subject to a maximum deferral period of 60 months.
There is no penalty for early repayment on undergraduate loans. Learn more about managing your loan repayment.
Our Loan Disclosures and Self-Certification Form provide all the important details about our loans. And our Loan Fact Sheets are perfect to share with students and their families.
Contact MEFA's College Relations Team
MEFA's College Relations Team
We provide professional development trainings for our college administrator partners focused on planning, saving, and paying for college, including information on certifying and processing MEFA Loans. Learn more
Upcoming Webinars
Recorded Webinars
Frequently Asked Questions
If a student's eligibility increases or decreases after I certify the loan, can I still make changes? Can changes be made to a loan that is fully disbursed?
At any time before the first disbursement, you can change the certified loan amount, disbursement amounts, and disbursement dates. After the first disbursement has been sent, you can modify subsequent disbursements. Once the loan is fully disbursed, you cannot make any changes. If a student needs to increase the loan after it's been fully disbursed, the student will need to apply for a new loan.
What is MEFA's Lender Code? Guarantor Code? Program Codes?
MEFA's Lender Code is 733921. MEFA's Guarantor Code is E10.
MEFA's Program Codes are as follows:
MEFA Undergraduate 15-Year Immediate: G67
MEFA Undergraduate 10-Year Immediate: M27
MEFA Undergraduate Interest-Only: R01
MEFA Undergraduate Deferred: G61
MEFA Undergraduate Deferred with Co-Borrower Release Provision: M26
MEFA Graduate Interest-Only: R02
MEFA Graduate Deferred: G62
Download this reference chart with MEFA's loan codes.
What is the best/preferred method for processing MEFA Loan refunds?
Whether you receive funds directly from MEFA (via check or EFT) or through ELM NDN, the preferred method is an electronic refund. If utilizing NDN, you can return funds via the NDN refund process. If you receive funds through MEFA, please complete the School Refund EFT Transmittal Form.
Our school is unable to send refunds electronically. Can we send a paper check?
While we strongly encourage you to send refunds electronically via our School Refund EFT Transmittal Form, we will accept paper refunds. Please send any loan refund checks to:
MEFA
Attn: Loan Refunds
60 State Street, Suite 900
Boston, MA 02109
A student recently requested a reduction to his MEFA loan. What is the best method for adjusting that loan?
If a student has requested a loan reduction prior to disbursement, you can reduce the loan amount (and make any other adjustments) directly in ELMOne or the MEFA portal. If the student has requested a loan reduction after disbursement, you will need to process a refund as outlined above. All interest will be reversed on the refunded amount.
Can MEFA Loans be used for summer enrollment?
Yes, students may borrow a MEFA Loan for the summer session if they are enrolled less than half time, provided they are enrolled at least half time during the academic year. Summer loans may be certified using the student's enrollment status for the current academic year.
Can a MEFA Loan be used for a prior balance?
A MEFA Loan can be used to cover a prior balance for the previous semester. At the time of certification, the student must be enrolled, intending to enroll, or have completed a degree.
Sign Up for Emails
Enter your email address to receive updates and resources
to help you guide families through college planning.
to help you guide families through college planning.
