For more than 30 years, MEFA has been offering low-cost fixed interest rate loans to help families pay for a college education. Our undergraduate loans feature interest rates starting as low as 4.69% (APR* 5.82–6.21%) and multiple repayment options. It’s easy to apply online, with no application fee and an instant credit decision.
MEFA has low-cost loans available to help graduate students pay for continuing education. Our graduate loans offer fixed interest rates starting as low as 6.09% (APR* 7.14–7.37%) and two different options for repayment. The online application process is quick and easy, with no application fee and an instant credit decisions.
Education Refinancing Loans
If you’re currently repaying an undergraduate or graduate loan – either federal or private — a MEFA Education Refinancing Loan can help you reduce your monthly payment, combine multiple student loans, and potentially lower your interest rate. Our refinancing loans offer fixed interest rates ranging from 4.95% to 6.85% APR and variable interest rates as low as 3.32% APR**. All loans have a 15-year repayment term.
*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.
**The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR), fluctuates. Rate listed is as of 10/1/16. Learn about LIBOR.