1. Minimize Borrowing by Considering All Resources First
Use your savings
If you have saved in a college savings plan, we have the details on how to use your savings to pay for college costs. Get the Details
Sign up for the college's payment plan
Payment plans are an interest-free way to pay your college balance over several months. Learn More
2. Borrow Wisely
Learn key terms and borrowing tips
We highlight important loan terminology and how to make wise borrowing decisions. See the List
Find out how loans work
Be sure to know how much you can borrow, when to apply, and how to access your loan funds. Get the Facts
Use our Student Loan Payment Calculator
Before you borrow, find out your potential interest rate, monthly payment, and total loan cost on a MEFA Loan. Calculate Now
3. Borrow Federal Direct Student Loans First
Borrow federal first
If you haven't yet, submit the FAFSA to receive your Federal Direct Student Loan, which you should borrow before any private loan. Federal student loans offer loan forgiveness options, flexibility in repayment plans, the absence of a credit check, and no need for a co-borrower. File the FAFSA
Understand loan types
There are significant differences between federal and private student loans. Learn More
The MEFA Podcast: How Do Private Student Loans Work?
90 Seconds with MEFA: Wise Borrowing
Contact Us
Reach out to our College Planning Team with your questions at (800) 449-6332 or collegeplanning@mefa.org.
Request an Appointment
Complete our online form to request a one-on-one appointment with a MEFA College Planning Team member.