Managing Loan Repayment

Get to Know Your Loan Servicer

Your lender provides you the money for your loan, and your loan servicer administers your loan and collects your payments. After your lender disburses your loan, the loan servicer:

• Communicates with you as the repayment period approaches so that you know what to do when it's time to begin repaying the loan.
• Sends monthly bills, keeps track of your payments, and reports your loan status to the credit reporting agencies.
• Answers questions about your loan and manages all other tasks associated with your loan

Always keep your loan servicer updated with your current contact information, and contact your loan servicer with any questions about your loan repayment. To find out your loan servicer for your federal loans, log into StudentAid.gov.

Your loan servicer for all MEFA Loans is American Education Services (AES) and can be reached at (800) 233-0557 between 7:30 a.m. and 9:00 p.m. ET Monday through Friday. To manage your MEFA Loan account online, you need to sign up for Account Access, AES's online account management tool. Visit the AES website to get started or to log in. Each borrower on a loan can and should establish his or her own Account Access username and password in order to view information specific to his or her MEFA Loans. Parents can establish a single account on Account Access to view information on all of their MEFA Loans even if they have multiple children.

Make the Most of Your Grace Period

If you have a deferred loan, it usually comes with a grace period that postpones your first repayment until six months after the student graduates, reduces enrollment to below half-time status, or withdraws from the academic program. This is designed to give the recent graduate time to find a job and get on his or her feet financially. During the grace period:

• Read all of the information that is sent to you by your loan servicer carefully as it will explain your repayment amount, due date, and options.
• Make sure you know when your payments are scheduled to begin. Your loan servicer can provide this information. If you are a MEFA borrower, you can log into your AES account to find out your exact date.
• Plan your loan repayment into your monthly budget so you're prepared when the first payment is due.

Make Payments On Time

Do everything you can to pay your loan on time, as becoming delinquent or defaulting on your loan can impact your credit score. Remember that all borrowers on the loan are equally responsible for repayment of the loan. Here are a few helpful tips:

• If you anticipate difficulty in making a payment, contact your servicer right away to find out your options.
• Explore the different repayment options available to repay your federal loans.
• Use an automatic debit payment process, which ensures on-time payment and avoids delinquencies. MEFA borrowers should enroll in Direct Debit with AES.

If you'd like to make a MEFA Loan payment, you have options:

Online
Simply sign into Account Access for AES, our loan servicer, and select Payments and Billing to get started.

By Telephone
Call (800) 233-0557 to make a MEFA Loan payment over the phone. AES's 24/7 self-service phone feature allows you to schedule a one-time electronic payment from your checking or savings account.

By Mail
To make a MEFA Loan payment by mail, include your AES account number on a check or money order made payable to AES and send the payment to:

American Education Services
PO Box 65093
Baltimore, Maryland 21264-5093

Direct Debit
If you would like your MEFA Loan payment automatically withdrawn from your bank account each month, you will need to complete an AES Electronic Funds Transfer (Direct Debit) Agreement. Sign into AES Account Access to access the agreement.

Consider Refinancing Your Loans

It may make sense to refinance your loans, which could lower your monthly payment and interest rate, and make it easier to manage your loan debt. Learn more about MEFA's Education Refinancing Loan to see if this option is right for you.