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With a MEFA Education Refinancing Loan, you can combine your existing student debt into one loan that’s easy to manage.

  • Lower your monthly payment on average by $206*
  • Lower your interest rate on average by 2.13%*
  • Refinance both federal and private loans
  • Make it easier to manage and pay your monthly loan bills
  • No application fee, origination fee, or prepayment penalty

Our CFO explains how a MEFA Education Refinancing Loan can create additional discretionary income to help you take those next steps toward your financial goals.

*See disclosure below
  • Fixed interest rates starting at 4.45% APR and variable interest rates as low as 4.64% APR* (Learn how variable rate loans work)
  • Minimum refinance amount: $10,000
  • 10 and 15-year repayment terms
  • Convenient online account access and loan payments
  • Loan refinancing is different than consolidation. See the comparison here.


*The interest rate and monthly payment on a MEFA variable rate Education Refinancing Loan may increase or decrease as its index, the 1-Month London Interbank Offered Rate (LIBOR), fluctuates. Rate listed is as of 12/1/18. Learn about LIBOR.

To be eligible for a MEFA Education Refinancing Loan, you must:

  • Be a citizen or permanent resident of the United States
  • Have an established credit history; a co-signer can help strengthen the application
  • Have no history of default on an education loan
  • Have no history of bankruptcy or foreclosure in the past 60 months
  • Be a signer on all loans being refinanced

You may refinance any loan that:

  • Is a federal or private education loan, including Federal Direct Undergraduate and Graduate Loans, Stafford Loans, PLUS Loans, and Graduate PLUS Loans
  • Is in repayment and current at the time of your refinance application
  • Is not in a grace period, deferment, or forbearance
  • Was used to fund an education at an eligible college or university (as defined by MEFA)
  • You have made on-time payments on all of your outstanding education loans in each of the previous 12 months

Minimum MEFA Education Refinancing Loan amount is $10,000.

Keep in mind that refinancing a federal student loan will cause you to forfeit all benefits for which you may be eligible that only federal loans offer. Learn more

There’s a difference between education loan consolidation and refinancing, and you should understand the facts before you decide on either option.

What is Consolidation?
Consolidation allows a borrower to combine two or more federal loans into one. When dealing with education loans, consolidation refers to the Direct Consolidation Loan program, an option offered only by the federal government. With a Direct Consolidation Loan, you can only consolidate your federal student loans, not private, and your new interest rate will not decrease. Your new rate will simply equal the weighted average of your current rates. Your new loan term will depend on the amount of your debt and the repayment plan you select.

What is Refinancing?
Refinancing also combines two or more loans into one new loan. You can combine both federal and private education debt when refinancing and you’ll receive a new (often lower) interest rate based on your credit history and determined by your new lender.

The Comparison
Both consolidation and refinancing will make your life easier by requiring just one monthly loan payment. However because consolidation only takes a weighted average of your current loan interest rates, you won’t save money on a monthly basis unless you extend your loan repayment term. And extending your loan term will increase the amount you pay for your loan in total over time. Refinancing can often offer you a new, lower rate, which can equate to a lower monthly loan payment and extra cash per month.

You can find more information about the comparison between consolidation and refinancing here.

Applying for a MEFA Education Refinancing Loan is easy and free, and takes just a few minutes for pre-approval.

1. Click the green button below to complete our online application and get an instant credit decision.
2. After receiving pre-approval, upload the requested documents to verify your income and current loan details, including a payoff statement from each of your current lenders.
3. After final approval, select between a fixed or variable interest rate.
4. As your last step, e-sign your loan documents.

If you have any questions during the application process, please call (855) 433-REFI (7334).
Apply Online

We want to ensure you know everything about this product before you apply. Our average monthly payment and average interest rate reductions are based on MEFA REFI Loan borrowers who refinanced their loans from January 5, 2016 through August 31, 2018. The minimum MEFA Education Refinancing Loan amount is $10,000. The average monthly payment reduction is the average difference between the previous student loan monthly payment and the new MEFA REFI Loan monthly payment. This calculation is for all MEFA REFI Loans where the MEFA borrower has made the decision to reduce their monthly payment. The average interest rate reduction is the average difference between the previous student loan interest rate(s) and the new MEFA REFI Loan interest rate. This calculation is for all MEFA REFI Loans where the MEFA borrower has made the decision to reduce their interest rate. For variable rate MEFA REFI Loans, this calculation is based on the variable interest rate initially in effect on the MEFA REFI Loan. The total repayment amount may be higher on the MEFA REFI Loan than on the refinanced loan despite the new lower monthly payment.

Our Loan Disclosure Form below provides all of the important details about our education refinance loans.

MEFA’s Education Refinance Loan Application and Solicitation Disclosure