Use our Loan Payment Calculator to estimate your total cost and monthly payment on an undergraduate MEFA Loan. Simply input the amount you plan to borrow, the estimated strength of your credit profile (you can learn more about your credit here), and the number of years before your child graduates (e.g. 4 years for incoming freshmen, 3 years for incoming sophomores, etc.)

To minimize borrowing, we also recommend that you consider using your college’s monthly payment plan to pay for a portion of your college costs. Payment plans are interest-free but usually require a small fee. Talk to your college financial aid office for further details.

When you’re ready to apply, simply click the green Apply Online button below. Once you provide your information, you will be presented with the MEFA Loans you are eligible to borrow based on the credit profile of all borrowers on the loan.

Immediate Repayment: 10 YearsImmediate Repayment: 15 YearsInterest-Only Repayment: 15 YearsDeferred Repayment: 15 YearsStudent Deferred with Co-borrower Release: 15 Years
In-School Monthly Payment          
Post-School Monthly Payment          
Total Cost of Loan     
Interest Rate     
APR3.95%-5.95%**4.25%-6.20%**5.45%-7.30%**5.49%-7.09%**5.67%-7.26%**

* All loans have a minimum monthly payment of $50.

***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 origination fee. Maximum deferment is 5 years.

All payment information provided by this calculator is an estimate only. All monthly payment figures, loan balances, and total cost figures are estimates based on data you provided on the data input screens. Your actual loan payments and estimated total payment may vary based on the type of loan, interest rate, loan term, and your repayment habits. The origination fee is added to the loan amount.