MEFA Blog

MEFA Blog

Keep up to date with the latest news about planning and financing a college education and preparing for your financial future, from experts here at MEFA and across the industry. Browse through our blog and use it as your very own college planning guide.

Father and daughter using computer to learn about MEFA Loans
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    |
Computer with charts
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    |
Family reviewing papers
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    |
What You Need to Know About MEFA Loans
Get the facts including interest rates, no fees, instant application decision, multiple repayment options, set monthly payments, and expert guidance. …
By Meredith Clement    |
You've Been Approved for a MEFA Loan. Now What?
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    |
Understanding MEFA Loan Repayment Options
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    |
MEFA's College Loans: 3 Details That Set Us Apart From The Rest
Details include providing clear information up front, offering the lowest rates possible, helping families minimize debt, and being The Authority you can trust. …
By Stephanie Wells    |