Features of MEFA Graduate Loans

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Fixed interest rates with no application or origination fees
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Loan term of 15 years
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Multiple repayment options
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Available to students across the country

Graduate School Loans

Why choose MEFA for graduate loans?

MEFA graduate loans have fixed interest rates from 6.55% to 7.95% APR** with multiple repayment options. By borrowing a loan with a fixed interest rate, you'll ensure stable, predictable monthly payments for the life of the loan. There's no origination fee, application fee, or prepayment penalty. MEFA Loans are available to graduate students across the country attending an eligible college.

A Special Message to MEFA Loan Borrowers

MEFA has options available to assist MEFA Loan borrowers who are experiencing economic hardship. Please call our loan servicing provider AES at (800) 233-0557 to discuss your options and determine a solution that is best for you. You may also engage with AES via their self-service website and mobile app. 

Review our FAQs

Frequently Asked Questions

What is the difference between federal and private graduate student loans?

Federal graduate student loans are funded by the federal government and have a fixed interest rate that is set for each year's loans. You can find the current interest rates here. Federal graduate student loans offer several repayment plans and other benefits, including deferment and forgiveness options. Students apply for graduate student loans by submitting the FAFSA. Private student loans are funded by state agencies, non-profits, and private lenders, including banks. They often offer both fixed and variable interest rates and multiple repayment options, but have less leniency during repayment. Typically, the interest rate is tied to the borrower's credit score. A higher credit score will result in a lower interest rate. Students apply for private student loans by submitting the lender's application.

How do graduate school loans work?

You can apply for federal graduate school loans by submitting the FAFSA, and for private graduate school loans by submitting the lender's application. You can find the MEFA Graduate Loan application here. If you submit the FAFSA, you will be approved for a federal graduate school loan as long as you are eligible for federal financial aid. Your approval of a private graduate school loan will be based on the lender's criteria, which usually includes a review of your credit score. Once you are approved for the loan, the lender will send the loan funds directly to the graduate school on a date determined by the school, who will place those funds directly into your student account.

How much can graduate students borrow in student loans?

The maximum you can borrow in a federal graduate loan is $20,500 per year, with an total aggregate limit of $138,500 (which includes anything you borrowed during undergraduate study). In a private graduate loan, you can borrow up to the school's total cost of attendance minus any financial aid received. Most private loan lenders do not have an aggregate limit.

Can you get student loans for master's degree programs?

Yes, graduate student loans are used to pay for master's degree costs. Most private lenders, including MEFA, require you to be enrolled in a degree-seeking program at least half time to borrow a graduate school loan. Check with each lender for their specific requirements.

Can graduate students get subsidized loans?

Subsidized loans (those on which interest does not accrue while the student is in school) are only available from the federal government for undergraduate students. Graduate school loans, regardless of whether they are federal or private, are not subsidized, which means the interest will accrue while the student is in school. The timing of interest repayment will be dictated by the terms of the loan. Some graduate school loans require immediate repayment of interest and/or the principal amount while the student is in school, while others defer all repayment until after the student leaves school.

Call us at (800) 266-0243 Monday to Friday, 8am-8pm ET or email us anytime at mefaloans@mefa.org