What is the best/preferred method for processing MEFA Loan refunds?
Whether you receive funds directly from MEFA (via check or EFT) or through ELM NDN, the preferred method is an electronic refund. If utilizing NDN, you can return funds via the NDN refund process. If you receive funds through MEFA, please complete the School Refund EFT Transmittal Form.
Before MEFA transitioned to NDN, we received loan funds directly from MEFA. How should we handle any refunds for these loans that we received directly from MEFA?
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.
A student recently requested a reduction to their MEFA loan. What is the best method for adjusting that loan?
If a student has requested a loan reduction prior to disbursement, you can reduce the loan amount (and make any other adjustments) directly in ELMOne or the MEFA portal. If the student has requested a loan reduction after disbursement, you will need to process a refund as outlined above. All interest will be revered on the refunded amount.
Our school is unable to send refunds electronically. Can we send a paper check?
While we strongly encourage you to send refunds electronically via our School Refund EFT Transmittal Form, we will accept paper refunds. Please send any loan refund checks to:
MEFA
Attn: Loan Refunds
60 State Street, Suite 900
Boston, MA 02109
If you have any additional questions, please contact our College Relations Team at mefacertify@mefa.org.
