Use our Loan Payment Calculator to determine your total cost and monthly payment on an undergraduate MEFA Loan. To minimize borrowing, we also recommend that you consider using your college’s interest-free monthly payment plan to pay for a portion of your college costs. Talk to your college financial aid office for further details.

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 College Monthly Payment          
Total Cost of Loan     
Interest Rate (In-school)4.50% 4.80% 6.40% 6.70% 7.20% 
Interest Rate (After-school)5.40% 5.70% 7.30% 6.70% 7.20% 

* 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.

More details
  • Principal Loan Amount:$10,000
  • Origination Fee:4%, added to loan at time of disbursement
  • Loan Term:10-15 Years (from final disbursement date
Interest RateImmediate Repayment
(10-Year Term)
Immediate Repayment
(15-Year Term)
Interest Only
(15-Year Term)
(15 Year Term)
Student Deferred
(15-Year Term)
In-School Period Rate:4.50%4.80%6.40%6.70%7.20%
After In-School Period Rate:5.40%5.70%7.30%6.70%7.20%
1 Year6.03%6.15%7.75%7.25%7.75%
2 Years5.88%6.03%7.62%7.12%7.60%
3 Years5.74%5.93%7.50%6.96%7.43%
4 Years5.63%5.84%7.40%6.80%7.25%
5 Years6.63%7.06%