Benefits of a Refinancing Loan
With a MEFA Education Refinancing Loan, you may be able to:
- Reduce your monthly payments: You can reduce the amount of your monthly loan payment and potentially lower your interest rate.
- Secure a low fixed interest rate: A fixed interest rate has a payment amount that remains the same over the term of the loan.
- Simplify your finances: If you refinance multiple private and/or federal college loans, you will have just one loan to monitor and one payment to make each month.
Things to Consider Before Refinancing a Federal Loan
A federal student loan offers unique benefits that will expire if the loan is refinanced through a MEFA Education Refinancing Loan. These benefits include:
- Repayment options based on income: You may qualify for a reduced monthly payment if you have a low level of income.
- Loan forgiveness for public employees: If you hold a public service job, you may qualify to have portions of your federal student loans forgiven.
- Medical and economic forbearance: Federal loan payments may be excused for up to 24 months in the case of a medical or economic hardship.
- Rehabilitation of defaulted loans: If your federal loan is in default, you may be able to have the default removed from your credit report.
To preserve these federal loan benefits, you may want to consider a Federal Direct Consolidation Loan as an alternative way to simplify your federal student loan debt.
Our Loan Disclosure Form below provides all of the important details about our education refinance loans.