MEFA REFI

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

  • 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.

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  • Fixed interest rates starting at 3.60% APR and variable interest rates as low as 3.58% APR* (Learn how variable rate loans work)
  • Minimum refinance amount: $10,000
  • 7, 10 and 15-year repayment terms
  • Convenient online account access and loan payments
  • A MEFA Education Refinancing Loan is different than a Federal Direct Consolidation Loan. 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) or its replacement index or reference rate, fluctuates. Rate listed is as of 10/1/19. 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-borrower can help strengthen the application
  • Have no history of default on an education loan and no delinquencies on education debt in the past 12 months
  • Have no history of bankruptcy or foreclosure in the past 60 months
  • Be a borrower on all loans being refinanced

You may refinance student loans that:

  • Are federal or private education loans, including Federal Direct Undergraduate and Graduate Loans, Stafford Loans, PLUS Loans, and Graduate PLUS Loans
  • Are in repayment and current at the time of your refinance application
  • Are not in a grace period, deferment, or forbearance
  • Were used to fund the cost of attendance at an eligible, not-for-profit, degree-granting college or university (as defined by MEFA)
  • Have been repaid on time in each of the previous 12 months

The 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 student 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?
When you refinance student loans, you combine 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 student loan 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.
1. Click the green button below and create an account.
2. We’ll run a soft credit check (with no effect on your credit) and you’ll receive your offered interest rates.
3. Once you select a rate, you’ll provide a bit more information, including details about your loans.
4. We’ll run a hard pull on your credit for approval, and if you’re conditionally approved, we’ll request that you upload a few documents.
5. Upon final approval, you’ll select a fixed or variable interest rate and e-sign your loan document.

If you have any questions during the process, please call (855) 433-REFI (7334).
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*Weighted average reduction in interest rate is based on all MEFA REFI Loan borrowers who refinanced their loans from May 2017 to March 31, 2019. For variable rate MEFA REFI Loans or refinanced variable rate loans, the reduction assumes that the variable interest rate in effect on the MEFA REFI Loan or the refinanced loan at the time of the refinancing continues in effect, or would have continued in effect, for the life of the applicable loan; depending on actual changes in the variable interest rate, the portion of the average reduction attributable to variable rate MEFA REFI Loans and variable rate refinanced loans could be higher or lower.

Our Loan Disclosure Form below provides all of the important details you should know when you plan to refinance student loans through MEFA.

MEFA’s Education Refinance Loan Application and Solicitation Disclosure