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MEFA Loans

Student Loans Refinancing

Join those who have on average reduced their interest rate by 28%*
It's easy, it's quick.

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An Important Message

Due to the current landscape related to COVID-19, MEFA recommends you carefully review your current and potential future benefits on your federal loans before refinancing with a private education loan. When you refinance your federal student loan debt with MEFA, you will lose current and future benefits associated with your federal student loan. Currently, there are changes that temporarily waive interest and suspend your obligation to make payments on federally held loans. You can learn more about these benefits by contacting your federal student loan servicer.

Free up money for other financial goals

With a MEFA REFI Loan, you can combine your existing student debt into one easy-to-manage loan.

Low fixed and variable
interest rates**
Flexible 7-, 10-, and 15-year repayment terms
Private, federal, undergraduate, and graduate loans are eligible
Find your rate in minutes without affecting your credit score

Why refinancing your student loans with MEFA might be the right choice for you

At MEFA, we're on a mission to help you plan, save, and pay for college, before, while, and after you attend. Our goal is to help you save money on your student loan payments. Your education should propel you forward, not hold you back. Refinancing your student loans can allow you to take control of your finances and provide you greater financial freedom.

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Frequently Asked Questions

Will refinancing my student loans be beneficial to me?

Refinancing your existing loans is beneficial to many people, but may not be the best choice for everyone. And keep in mind that refinancing will cause you to lose any benefits tied to your federal loans. Currently, there are changes that temporarily waive interest and suspend your obligation to make payments on federally held loans. It is important to review all of your options before making the decision to refinance your debt. We advise you to compare your current loan amount, monthly payment, terms, and benefits to decide if refinancing is best for you. Refinancing your loans could provide you the following benefits:

  • A lower interest rate, which could reduce the amount you owe over time
  • A lower monthly payment, which will free up money for you to pay or save for other expenses
  • A simplified monthly bill by combining multiple loans into one, so that you only have to make one payment each month to one lender, allowing easier management of debt
What's the difference between student loans refinancing and consolidation?

Refinancing allows you to combine multiple student loans, both federal and private, into one new loan. Refinancing may result in a new, lower interest rate, which can equate to a lower monthly student loan payment and extra cash per month.

Consolidation allows you to combine only federal loans into one new federal loan through the Direct Consolidation Loan program offered by the federal government.

Want to learn more about refinancing vs. consolidation? Click here.

How can I get a MEFA REFI Loan preliminary interest rate without affecting my credit score?

Our MEFA REFI application process means you can obtain conditional approval for a loan without a hard pull on your credit. We'll simply ask you to provide some demographic and financial information, and let you know if you've been approved based on that information. If you decide to proceed with the loan, we'll then ask for some additional information and documents, and perform a hard credit check before your final approval.

What documents and information will I need for the application?

Personal Documents: Proof of identity and Social Security number
Contact Information: Current address, phone number, and email address
Financial Information: Monthly income, housing costs, employment information, two most recent pay stubs or proof of income, and current billing statements for loans to refinance. There are times when we also may need to collect statements for your loans not being refinanced for underwriting purposes.

Should I get a fixed or variable interest rate loan?

It all depends on your comfort level. Fixed rate loans have an interest rate that does not change over the term of the loan, so the monthly payment will always be the same. Variable rate loans have an interest rate that will rise and fall based on market interest rates, so your payments will do the same.

How long does the MEFA REFI application process take?

It will take you approximately 10-15 minutes to submit an application for conditional approval if you apply alone. The process can take longer if you have a co-borrower. After you have received a conditional approval and submitted all of your requested financial documents, the final review of your application should be completed within 10-14 days. Once the loan is approved and you have e-signed your loan documents, the loan will disburse within the next 5 days.

Who is eligible for student loans refinancing?

To be eligible for a MEFA Education Refinancing Loan, you must:

  • Be a citizen or permanent resident of the United States
  • Have an established credit history; a co-borrower can help strengthen the application
  • Have no history of default on an education loan and no delinquencies on education debt in the past 12 months
  • Have no history of bankruptcy or foreclosure in the past 60 months
  • Be a borrower on all loans being refinanced
How will I know if I qualify for a MEFA REFI Loan?

In order to qualify for a MEFA REFI Loan, you need an established credit profile. Your credit profile is determined by your credit score, income, repayment history of debt, and other factors. If you do not have a long credit history or are unsure if you will be eligible for this loan, a qualified co-borrower can be added to your application. This co-borrower may increase your chance of eligibility.

What are the repayment details?
  • Fixed interest rates starting at 3.05% APR and variable interest rates as low as 3.05% APR* (Learn how variable rate loans work)
  • Minimum refinance amount: $10,000
  • 7-, 10- and 15-year repayment terms
  • Convenient online account access and loan payments
  • A MEFA Education Refinancing Loan is different than a Federal Direct Consolidation Loan. See the comparison here.

*The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates. Rate listed is as of 5/1/2021. Learn about LIBOR.

Which student loans are eligible for refinancing?

You may refinance student loans that:

  • Are federal or private education loans, including Federal Direct Undergraduate and Graduate Loans, Stafford Loans, PLUS Loans, and Graduate PLUS Loans
  • Are in repayment and current at the time of your refinance application
  • Are not in a grace period, deferment, or forbearance
  • Were used to fund the cost of attendance at an eligible, not-for-profit, degree-granting college or university (as defined by MEFA)
  • Have been repaid on time in each of the previous 12 months

The minimum MEFA Education Refinancing Loan amount is $10,000.

Keep in mind that refinancing a federal student loan will cause you to forfeit all benefits for which you may be eligible that only federal loans offer. Learn more

How do I get started with refinancing my student loans?

Applying for a MEFA Education Refinancing Loan is easy and free, and takes just a few minutes.

  1. Click the green button below and create an account.
  2. We'll run a soft credit check (with no effect on your credit) and you'll receive your offered interest rates.
  3. Once you select a rate, you'll provide a bit more information, including details about your loans.
  4. We'll run a hard pull on your credit for approval, and if you're conditionally approved, we'll request that you upload a few documents.
  5. Upon final approval, you'll select a fixed or variable interest rate and e-sign your loan document.

If you have any questions during the process, please call (855) 433-REFI (7334).

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Still have questions? Email us at or call us at (855) 433-7334


Our Application and Solicitation Disclosure provides all of the important details about our education refinancing loans.

*Weighted average reduction in interest rate is based on all MEFA REFI Loan borrowers who refinanced their loans from May 1, 2017 to June 30, 2020. For variable rate MEFA REFI Loans or refinanced variable rate loans, the reduction assumes that the variable interest rate in effect on the MEFA REFI Loan or the refinanced loan at the time of the refinancing continues in effect, or would have continued in effect, for the life of the applicable loan; depending on actual changes in the variable interest rate, the portion of the average reduction attributable to variable rate MEFA REFI Loans and variable rate refinanced loans could be higher or lower.

**The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR), or its replacement index or reference rate, fluctuates. Rate listed is as of 5/1/2021. Learn about LIBOR. Rates and offers subject to change. This offer is not transferable. All loans are subject to individual approval. Applicant must meet other eligibility and underwriting criteria to receive final approval of the refinancing loan.

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