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MEFA Loans

Undergraduate Student Loans

For more than 35 years, MEFA has been offering low-cost fixed interest rate undergraduate loans to help families pay for a college education.

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Why choose MEFA for undergraduate loans?

  • Fixed interest rates from 3.75% to 5.75% APR*** for multiple repayment options with no fees
  • Fixed interest rate ensures stable, predictable monthly payments for the life of the loan
  • No origination fee, application fee, or prepayment penalty
  • Available to families across the country

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Low Rates
Details
Eligibility
Repayment
Next Steps
Disclosures

Undergraduate Loan Rates

Immediate Repayment (10-year term) Immediate Repayment (15-year term) Interest-Only Repayment (15-year term) Deferred Repayment (15-year term) Student Deferred Repayment with Co-Borrower Release* (15-year term)
Interest Rate Fixed interest rates as low as 3.75% Fixed interest rates as low as 3.95% Fixed interest rates as low as 4.25% Fixed interest rates as low as 4.55% Fixed interest rates as low as 4.80%
APR*** 3.75% - 5.30% 3.95% - 5.35% 4.25% - 5.40% 4.38% - 5.50% 4.62% - 5.75%
Monthly Payment Per $10,000 Borrowed As low as $100.98 As low as $74.43 As low as $35.79 in-school, then payments step up to as low as $79.90 at the end of the in-school period** As low as $84.87 As low as $86.43

*The co-borrower may request release after the first 48 consecutive on-time monthly installments have been made and if meeting then-current underwriting standards.

**In-school period is the period as defined in the MEFA Undergraduate Loan Application and Solicitation Disclosure

***The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees.

Details of MEFA Undergraduate Loans

  • You may apply for an undergraduate student loan for one academic year. 
    If you need a loan for more than one year, you must reapply each year.

  • Maximum undergraduate student loan amount: 
    Cost of attendance (tuition, fees, room, board, books, and miscellaneous expenses) minus financial aid.

  • Minimum undergraduate student loan amount: 
    $2,000 for a private school, $1,500 for a public school.

  • Most undergraduate students will need a co-borrower. 
    Student applicant and all co-borrowers are equally responsible for loan repayment. Typically the parent or other credit-worthy individual is the "notice borrower" and will receive the billing statement and other notices.

  • No origination fee, application fee, or prepayment penalty

  • Deferred loans are subject to a maximum deferral period of 60 months

Undergraduate Loan Eligibility


To be eligible for a MEFA Undergraduate Loan, the student must:

  • Be enrolled at least half time in an accredited degree-granting undergraduate program at an eligible non-profit college or university. If the student is enrolled for the current academic year, a student may borrow a MEFA Loan for the summer session.

  • Maintain satisfactory academic progress as defined by the college or university.

All borrowers must be citizens or permanent residents of the United States.

The loan application must meet MEFA's current credit approval standards.

Repayment Options for MEFA Undergraduate Loans

  • Immediate: Interest payment and principal repayment begin on the 28th day of the month following the final disbursement. Loan must be fully repaid within 10 or 15 years (depending on loan type) of final disbursement.

  • Interest-Only: Interest payment begins on the 28th day of the month following the month of the final disbursement and principal and interest repayment begins after the end of the undergraduate anticipated in-school period. Loan must be fully repaid within 15 years of final disbursement.

  • Deferred: Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. Deferred loans are subject to a maximum deferral period of 60 months.

  • Deferred with Co-Borrower Release: Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. The co-borrower may request release after the first 48 consecutive on-time monthly installments have been made and if meeting then-current underwriting standards. Deferred loans are subject to a maximum deferral period of 60 months.

There is no penalty for early repayment on undergraduate loans. Learn more about managing your loan repayment.

After you apply for a MEFA Loan:

  1. Once you select your interest rate and repayment term, all borrowers will need to log in separately to e-sign the loan document.

  2. MEFA will ask the college to certify the loan. Some schools don't start certifying until close to the start of the semester, so keep this in mind if you apply early.

  3. Once the school certifies your loan, you will receive an email letting you know.

  4. Your loan funds will be sent to the college on the college's selected disbursement date (this date differs from school to school).

MEFA Undergraduate Loan Disclosures

Our Loan Disclosure and Self-Certification Form provide all the important details about our loans.

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