With rising interest rates, students and families are advised to be savvy consumers and compare terms and conditions of college loans before picking one. To help navigate the confusing world of college loans, MEFA provides free online resources, webinars, and one on one appointments with experts.…
By      |
Tips include knowing the total cost of the loan, having good credit, reading the fine print, understanding that all borrowers have equal responsibility, and choosing the option that is best for your family. …
By Stephanie Wells    |
Learn if MEFA Loans require means testing, if co-borrowers roll off after a certain point, if you can borrow MEFA Loans without borrowing Federal Direct Student Loans, if there' s maximum amount you can borrow, and what to do if you are not sure how much you need to borrow. …
By Jonathan Hughes    |
The MEFA Loan interest rates will start at 3.75% for the 2021-22 academic year, substantially lower than the 6.28% offered by the Federal Direct PLUS Loan, and will have no origination fee, no application fee, and no prepayment penalties. …
By Lisa Rooney    |
Federal loans can be subsidized or unsubsidized, have an interest rate that changes with each year's loans, and tend to be more lenient with repayment. Private loans are offered by various lenders, typically have interest rates tied to credit scores, and usually are stricter with repayment.…
By Shaun Connolly    |
Learn what you need to know when comparing private loan options and the steps for applying once you have decided on a lender, including visiting the lender's website, completing the application, selecting your loan, and signing the Loan Agreement with your co-borrower. …
By Shaun Connolly    |
Get the facts including interest rates, no fees, instant application decision, multiple repayment options, set monthly payments, and expert guidance. …
By Meredith Clement    |
Next steps include signing the MEFA Loan Agreement (MLA) and Self-Certification Form, having the college certify the loan, setting up an account with our servicer American Education Services (AES), returning excess funds, and making voluntary payments if you wish to do so. …
By Stephanie Wells    |
The repayment term on a MEFA Loan will affect the total loan cost and interest rate, and determine when repayment begins. The sooner the repayment begins, the lower the total cost of the loan.…
By Meredith Clement    |
Learn how to use the Student Loan Payment Calculator to find out your projected monthly payment and total loan cost based on the amount you plan to borrow, the interest rates for all five repayment options, and the length of repayment.…
By Meredith Clement    |