Undergraduate and graduate student loans built for success.

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Competitive, Fixed Interest Rates
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Set Monthly Payments
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Instant Decision on Complete Applications
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Multiple Repayment Options

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Why a private student loan from MEFA might be the right choice for you

MEFA is working for you. Our goal is to help you save money on your student loans because your education should propel you forward, not hold you back. As a trusted authority on education financing, we adhere to a set of guiding principles that help students and families plan for the future and promote borrower success.

Undergraduate Loans

MEFA's loans for undergraduate students offer five repayment options, no origination fee, application fee, or prepayment penalty, and fixed interest rates from 5.75% to 8.95% APR*. MEFA's undergraduate student loans are available to families across the country for use at any eligible non-profit college or university in the United States.

Explore Undergraduate Loans

Graduate Loans

MEFA's loans for graduate students offer two repayment options, no origination fee, application fee, or prepayment penalty, and fixed interest rates from 7.15% to 8.95% APR*. MEFA's graduate student loans are available to students across the country for use at any eligible non-profit college or university in the United States.

Explore Graduate Loans

Frequently Asked Questions

What is a private student loan?

Private student loans are offered by many different lenders including banks and not-for-profits, like MEFA. Private student loans require a submitted application, and borrowers are evaluated based on their credit profile, along with other factors. Private student loans have different benefits and conditions than federal student loans.

How do private student loans work?

You apply for a private student loan by submitting an application to the lender. Most require students to have a credit-worthy co-borrower. Once you are approved for a private loan, the lender will typically send the payment directly to the school. Interest will begin to accrue once the funds are disbursed. The process varies from lender to lender, but for a detailed overview of how the process works for MEFA Loans, read our blog post, You've Been Approved for a MEFA Loan. Now What?

How do you get a private student loan?

Families can apply for private student loans through the lender's website, a third-party website, or sometimes by phone. You can learn more about applying for private loans in our blog post, How to Apply for Private Student Loans. Many colleges have lender lists that include private loans they have vetted. Those can typically be found on the school's financial aid page.

What's the average student loan interest rate?

Typically, the interest rate provided on a student loan is tied to the borrower's credit score. A higher credit score will result in a lower interest rate. It is best to compare interest rates when researching private loans. Some lenders offer fixed rates, which result in a set monthly payment, while others offer variable rates, which result in a monthly payment that can change each month. The interest on a private loan typically starts to accrue after the first disbursement of the loan.

Can you refinance private student loans?

Yes. Refinancing can come with many benefits such as reducing your monthly payment, lowering your interest rate, and simplifying your finances. MEFA offers a refinancing option. For more information on refinancing, read our blog post, How to Refinance Student Loans.

What's the difference between private loans and federal loans?

Federal loans are funded by the federal government and typically more lenient in repayment than private loans. They offer several repayment plan options based on the student's income and deferment if the student decides to go to graduate school. Private loans usually have stricter regulations around repayment. For example, many private lenders don't allow deferment of loan repayment if the student decides to attend graduate school. For more information on student loans, watch our Comparing College Loan Options webinar.

Do student loans affect my credit score?

Yes, student loans do affect your credit score, so do everything you can to pay back your loans 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. If you anticipate difficulty in making a payment, contact your loan servicing provider right away to find out your options.

How long does it take to pay off student loans?

The amount of time it takes to pay off student loans is different for everyone, but creating a budget and making a plan can help you pay off your student loan as fast as possible. Remember, most lenders allow you to repay your loans early with no penalty. Find out how to make a plan to pay off your student loans in our blog post, How I'm Paying off My Student Loans, FAST!

What can private loans for college be used for?

Students can use private loans for any expenses included in the school's cost of attendance, including tuition, food and housing, books, supplies, transportation, and miscellaneous expenses. To determine the amount of private loan eligibility, a student can subtract the financial aid received from the total cost of attendance. The resulting difference is the maximum amount a student may borrow in a private loan.

Competitive, Fixed Interest Rates
MEFA has competitive, fixed student loan interest rates available to students and families across the country. As an authority on education financing, MEFA is committed to supporting college-bound students and their families with expert guidance, helpful tools and resources, and affordable financial products.
Looking to refinance your student loans?
With a MEFA REFI Loan, you can combine your existing student debt into one easy-to-manage loan.


*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 fees. MEFA's lowest rates are only available to the most creditworthy applicants.