Use our Loan Payment Calculator to determine your total cost and monthly payment on an undergraduate MEFA loan. To minimize borrowing, we also recommend that you consider using your college’s interest-free monthly payment plan to pay for a portion of your college costs. Talk to your college financial aid office for further details.
|Immediate Repayment: 10 Years||Immediate Repayment: 15 Years||Interest-Only Repayment: 15 Years||Deferred Repayment: 15 Years||Student Deferred with Co-borrower Release: 15 Years|
|In-School Monthly Payment|
|Post College Monthly Payment|
|Total Cost of Loan|
|Interest Rate (In-school)||4.69%||5.09%||6.09%||6.29%||7.09%|
|Interest Rate (After-school)||5.54%||5.94%||6.89%||6.29%||7.09%|
|Loan Details||Loan Details||Loan Details||Loan Details||Loan Details|
* All loans have a minimum monthly payment of $50.
**The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan. The APR reflects the interest rate, timing of payments, and any other costs paid during the life of a loan. Maximum deferment is 5 years.
All payment information provided by this calculator is an estimate only. All monthly payment figures, loan balances, and total cost figures are estimates based on data you provided on the data input screens. Your actual loan payments and estimated total payment may vary based on the type of loan, interest rate, loan term, and your repayment habits. The origination fee is added to the loan amount.
- Principal Loan Amount:$10,000
- Origination Fee:4%, added to loan at time of disbursement
- Loan Term:10-15 Years (from final disbursement date
|Interest Rate||Immediate Repayment |
|Immediate Repayment |
|Interest Only |
(15 Year Term)
|Student Deferred |
|In-School Period Rate:||4.69%||5.09%||6.09%||6.29%||7.09%|
|After In-School Period Rate:||5.54%||5.94%||6.89%||6.29%||7.09%|