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Paying for College

MEFA’s college loans: 3 details that set us apart from the rest

“What’s the difference between MEFA and other college loan lenders?”


That’s one of the most common questions I get from families who are navigating through a myriad of loan options to pay their college bill. My first response is “MEFA is a non-profit.” Our non-profit mission drives everything we do at MEFA. Here's how...

Clear information up front

Transparency is our middle name. MEFA has always provided interest rates and APR’s up front in addition to total loan cost disclosures before families apply. We have been committed to transparency and educating families on wise borrowing long before federal regulations required  all lenders and credit card companies to do so. We believe that families should understand the total cost of a loan  before applying.

The lowest rates possible

When it comes to education lenders and loan programs, even the smallest differences can be significant. As we set the interest rates on the MEFA Loan each year, our goal is always the same- offer the lowest rates possible. This year we are pleased to offer lower interest rates on all of our repayment options. With rates starting at 5.49% (APR1 6.60% - 6.94%), compared to the Federal PLUS at 7.21%, MEFA borrowers reap the benefits of lower rates and bigger cost savings.

Helping families minimize debt

Most importantly, MEFA educates families to exhaust all other resources before borrowing. Whether it’s encouraging families to save early through our U.Plan and U.Fund college savings plans or educating families at over 500 free seminars each year about early college planning and the financial aid process, MEFA is much more than just a lender. We encourage families to utilize their college’s interest-free payment plan to reduce the amount they may need to finance. We’ve even created a Monthly Payment Calculator to help families create a financing strategy that combines a payment plan and loan program, which can save families thousands of dollars in comparison to borrowing the entire balance due.

The one Authority you can trust

By providing families the lowest rates, transparent and up-front loan details, and public service education and information, MEFA is on your side as the Authority when it comes to paying for college. Should you or a friend need help at any point in the process, give us a call! You can reach us at 800-449-MEFA (6332) or


1The Annual Percentage Rate (APR) reflects both the accruing interest and the effect of borrowing the origination fee and paying the expected monthly payment over the term of the loan. APR varies with length of deferral, length of the Anticipated In-School Period, and the presence of a co-borrower.





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