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Student Loan Repayment – Life After College (Part 3)

student loan repaymentThe holiday season is upon us  and here at MEFA, we’re thankful for the many opportunities we have to help families plan, save, and pay for college. We understand the importance of a college education and are happy to offer ways for families to achieve this goal.

We also know that this time of year can cause a bit of stress as the months of November and December can mean the start of paying back your education loans. This may seem like a stressful topic, but it doesn’t have to be! Trust us, you’ll be thankful and more at ease if you take a few moments to learn more about your upcoming payments.

For borrowers who have been in the “Grace Status” of their loan repayment, we have been sharing some important information over the past number of weeks about how to make a smooth transition to repayment. From learning budgeting tips to knowing your loan servicer, you can be better equipped to efficiently manage your education loan.

Today we’d like to continue helping your transition to repayment by spotlighting the many methods you have to pay back your education loan. These options may include:

Automatic Debit

  • Never be late with this payment method! As long as there are sufficient funds in your bank account, your monthly payment will automatically be deducted by the due date.

  • Register for automatic debit on your loan servicer’s website.

  • MEFA’s loan servicer ACS uses ACH Checkmate II™ - sign up here.

  • Sometimes signing up for Automatic Debit provides benefits such as interest rate deductions.

Fast One-Time Online Payments

  • Need to make a payment quickly? Often a loan servicer will provide a way to make a non-recurring payment online.

  • The program ACS uses is called ExpressPay℠, and can be found here.

Mobile Web

  • In our constantly evolving technological world, loan servicers need to keep up with the times, too! Today you can often make a loan payment on the mobile web.

Automated Phone Service

  • If you are unable to find answers to your questions on your loan servicer’s website, you can always call with questions or call to make a payment.

  • If you have a MEFA Education Loan, you can call MEFA Customer Care at 877-469-7259.

Mailing Payment by Check

  • Never send cash by mail, but you can send checks or US money orders to make payments.

  • Loan servicers usually will ask for you to include your account number with a check so they can apply your funds appropriately.

  • To pay for your MEFA Education Loan, mail any payments to:
    MEFA c/o ACS P.O. Box 371821, Pittsburgh, PA 15250-7821

Also consider going green by opting into e-billing and email payment reminders. This will not only streamline your own billing, but it can also give you faster access to your accounts with just one click! Online you can easily update your contact information, too. Making sure your loan servicer knows how to reach you with important information is a crucial step to maintaining timely payments of your loan.

Hopefully you feel ready and fully equipped to take on your education loan repayment so that you can rest easy and enjoy your upcoming holiday season!

What are you thankful for this year? Have you had a smooth transition to your loan repayment already? What did you do to make sure that happened? Feel free to share! Leave these comments and any other questions you may have in the comment section below and we’ll be sure to respond. And if you’d like to speak to one of our representatives here at MEFA, give us a call at 800-449-MEFA (6332).

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