MEFA’s new Find My Rate feature helps you explore potential MEFA Loan options before submitting a full loan application. In just a few minutes, you can view preliminary interest rates, repayment terms, estimated monthly payments, and estimated total loan costs for each eligible loan based on a few pieces of information provided by you. This prequalification uses a soft credit inquiry, which means checking your rate will not impact your credit score.
How It Works
- Start by visiting MEFA’s Undergraduate Loan or Graduate Loan webpage and clicking on the orange Find My Rate button at the top. Complete the first page of the form to create a MEFA account or log in to your existing account.
- Enter some basic information about yourself and your loan needs. Find My Rate is designed to provide a quick, streamlined assessment for either the student or the co-borrower individually.
- Consent to a soft credit inquiry.
- Review your preliminary loan offers and repayment options. You will be able to view your preliminary offers for 15 days.
- If you would like to officially apply for a MEFA Loan, you will need to complete a full loan application, which you can indicate on the screen. If your FICO score changes between receiving your preliminary rate and completing the full application, the rate offered after you submit your full application may be different.
What Happens Next
Once you submit a full loan application, a hard credit inquiry will be performed as part of the application review process. If you are not the student, the student must be included as a student borrower on the application (an additional co-borrower may also be added at that time). Final approval is not guaranteed and depends on a full review of all applicants’ credit information.
Ready to get started? Click below to check your interest rate without impacting your credit.
Or, are you ready to apply? Follow along step-by-step here or simply click below to start the loan application process.
*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 in-school and post-school period assumptions. MEFA’s lowest rates are only available to the most creditworthy applicants.
