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.

What are we authorizing when certifying a MEFA Loan through ELM?

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:

  1. The MEFA Loan has been certified for an amount equal to or less than 100% of the student's cost of attendance less other financial aid received for the academic period.
  2. The student is admitted or enrolled at least half time in an accredited degree-granting program and is making satisfactory academic progress as defined by your institution.

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.

Can I see previous year MEFA Loans on ELM?

If you are a college administrator at an institution that certifies student loans through ELMOne, you will see all active and prior MEFA Loans within that platform from July 1, 2019 onward.

Can MEFA Loans be used for summer enrollment?

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.

Should schools be processing MEFA Loans as student loans or parent/sponsor loans?

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 Undergraduate loans.  

As a school, you can view borrower data in three ways: 

  • Via the borrower Information section of the Certification Details record
  • Via the SP2 file for those profiled to receive a CL response file from ELM
  • Via the Certifications Report via ELMOne (ELM NSC can assist a school's setup)

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.

How do we set up loan periods?

Depending on your certification method, you will either set up a loan period on your FAM system or use templates in ELMOne.

What is MEFA's Lender Code? Guarantor Code? Program Codes?

MEFA's Lender Code is 733921. MEFA's 's Guarantor Code is E10.

MEFA's Program Codes are as follows:

MEFA Undergraduate 15-Year Immediate: G67

MEFA Undergraduate 10-Year Immediate: M27

MEFA Undergraduate Interest-Only: R01

MEFA Undergraduate Deferred: G61

MEFA Undergraduate Deferred with Co-Borrower Release Provision: M26

MEFA Graduate Interest-Only: R02

MEFA Graduate Deferred: G62

Download this reference chart with MEFA's loan codes.

Are there additional requirements when certifying a MEFA Loan through ELM?

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. Do not include the MEFA Loan amount in the estimated financial aid amount.

How should we handle refunds for MEFA versus ELM NDN disbursed loans?

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.

When can I schedule disbursements on ELM NDN?

For NDN disbursements, MEFA will disburse on your school's preferred disbursement dates that are set up in ELMOne.

Can MEFA Loans be certified for a prior balance?

A MEFA Loan can be used to cover a prior balance for the previous semester. At the time of certification, the student must be enrolled, intending to enroll, or have completed a degree.

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.