If you are a college administrator at an institution that certifies student loans through ELMOne, you will now see all active and prior MEFA Loans within that platform from July 1, 2019 onward.
We've answered some questions below that your college or university may be asking about this transition.
You will now see and have the ability to process all MEFA Loans within your ELMOne system. All MEFA Loan information is pre-loaded and is now flowing into ELMOne. Depending on whether your school set-up is file-based, or you certify online through ELMOne, the following will apply: MEFA will send all in-process loan data into ELMOne to centralize the processing. Note: If you do NOT want these loans through ELMOne, please let us know. MEFA will load all data going back to July 1, 2019. By certifying MEFA Loans through ELM, you are authorizing on behalf of your institution that you have ensured that each of the following statements is true: As part of the certification process and as a reminder that these certifications are deemed made by you when you certify a MEFA Loan, the loan record within ELM will be deemed that you have met the conditions outlined above and as such, the value "Authorized" will be added to the Application ID within the Lender Use Only field. Yes, students may borrow a MEFA Loan for the summer session if they are enrolled less than half time, provided they are enrolled at least half time during the academic year. Summer loans may be certified using the student's enrollment status for the current academic year. The MEFA Undergraduate Loan is considered a family loan, and the student is not the primary borrower on the loan. For MEFA Undergraduate Loans, the borrower data will be different than the student data. Colleges should look for, and upload, borrower data into your loan management system when certifying MEFA UG loans. As a school, you can view borrower data in three ways: If your school is unable to add separate borrower data to your loan management system, we recommend you certify MEFA Loans manually in ELMOne. Please Note: For MEFA Graduate Loans, student information is populated in both the student and borrower fields. Depending on your certification method, you will either set up a loan period on your FAM system or use templates in ELMOne. MEFA's Lender Code is 733921. MEFA's 's Guarantor Code is E10. MEFA's Program Codes are as follows: MEFA Undergraduate 15-yr Immediate: G67 MEFA Graduate Interest-Only: R02 No. Schools cannot enter $0 for EFA. If the student's EFA is $0, we recommend entering $1 in order for the loan to process. We require that you enter each student's Cost of Attendance and Estimated Financial Aid Amount when certifying using ELMOne or CommonLine File. Additionally, the certified MEFA Loan amount cannot exceed the Cost of Attendance minus the Estimated Financial Aid Amount. We cannot commit to or disburse a MEFA Loan until these criteria have been met. You can submit refund requests through ELMOne for all loans, regardless of who initially deposited the funds into your school's account. The actual funds returned from your school, however, will need to be sent to the entity (MEFA or ELM NDN) that originally disbursed the funds. ELM NDN is not able to accept returned funds or data for disbursements originated by MEFA. These funds, if received by you, will be returned to you with a message to return the funds directly to MEFA. Yes, schools will get a response file for certification requests and loan updates, as long as they have indicated that preference in their ELM profile set-up. Yes, MEFA is still disbursing only on Fridays for non-NDN disbursements. For NDN disbursements, MEFA will move to daily disbursement. NDN is now available for MEFA Loan disbursements. Any school set up to disburse through ELM NDN will automatically migrate over to NDN disbursement, and, as a result, any disbursement set up with MEFA will automatically deactivate.
MEFA Undergraduate 10-yr Immediate: M27
MEFA Undergraduate Interest-Only: R01
MEFA Undergraduate Deferred: G61
MEFA Undergraduate Deferred with Co-Borrower Release Provision: M26
MEFA Graduate Deferred: G62
If you have additional questions, the ELM National Service Center team is standing by ready to assist. You may contact them at nsc@elmresources.com or at (866) 524-8198.