mefa_loans

For more than 35 years, MEFA has been offering low-cost fixed interest rate loans for undergraduates to help families pay for a college education.

  • Fixed interest rates from 3.95% to 7.30% APR* for multiple repayment options with no fees
  • Fixed interest rate ensures stable, predictable monthly payments for the life of the loan
  • No origination fee, application fee, or prepayment penalty
  • Available to families across the country

For a comprehensive overview on how to compare undergraduate student loan options, watch our webinar.

*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.

Immediate Repayment (10-year term)Immediate Repayment (15-year term)Interest-Only Repayment (15-year term)Deferred Repayment (15-year term)Student Deferred Repayment with Co-Borrower Release* (15-year term)
Interest rateFixed interest rates as low as 3.95%Fixed interest rates as low as 4.25%Fixed interest rates as low as 5.45%Fixed interest rates as low as 5.75%Fixed Interest rates as low as 5.95%
APR***3.95% - 5.95%4.25% - 6.20%5.45% - 7.30%5.49% - 7.09%5.67% - 7.26%
Monthly payment per $10,000 borrowedAs low as $101.98As low as $76.01As low as $46.02 in-school, then payments step up to as low as $86.36 at the end of the in-school period**As low as $92.63As low as $93.95
*The co-borrower may request release after the first 48 consecutive on-time payments have been made and if meeting then-current underwriting standards.

**In-School period is the period as defined in the MEFA Undergraduate Loan Application and Solicitation Disclosure

***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. The APR in this example reflects the presence of a co-borrower.

  • You may apply for an undergraduate student loan for one academic year. If you will need a loan for more than one year, you must reapply each year.
  • Maximum undergraduate student loan amount: Cost of attendance (tuition, fees, room, board, books, and miscellaneous expenses) minus financial aid
  • Minimum undergraduate student loan amount: $2,000 for a private school, $1,500 for a public school
  • Most undergraduate students will need a co-borrower. Student applicant and all co-borrowers are equally responsible for loan repayment.
  • No origination fee, application fee, or prepayment penalty
  • Deferred loans are subject to a maximum deferral period of 60 months

To be eligible for a MEFA Undergraduate Loan, the student must:

  • Be enrolled at least half time in an accredited degree-granting undergraduate program at an eligible non-profit college or university. If the student is enrolled or plans to be enrolled at least half time during the regular academic year, a student may borrow a MEFA Loan for enrollment that is less than half time during the summer.
  • Maintain satisfactory academic progress as defined by the college or university

In addition, at least one borrower must:

  • Meet MEFA’s current credit approval standards
  • All borrowers must be citizens or permanent residents of the United States

    Applying for a MEFA Undergraduate Loan is easy and free. Just click below to apply online and get an instant credit decision. Or apply by phone at (800) 266-0243. APPLY ONLINE

    MEFA Undergraduate Loans offer several repayment options:

    • Immediate: Interest payment and principal repayment begin on the 28th day of the month following the final disbursement. Loan must be fully repaid within 10 or 15 years (depending on loan type) of final disbursement.
    • Interest-Only: Interest payment begins on the 28th day of the month following the month of the final disbursement and principal and interest repayment begins after the end of the undergraduate anticipated in-school period. Loan must be fully repaid within 15 years of final disbursement.
    • Deferred: Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. Deferred loans are subject to a maximum deferral period of 60 months.
    • Deferred with Co-Borrower Release: Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. The co-borrower may request release after the first 48 consecutive on-time payments have been made and if meeting then-current underwriting standards. Deferred loans are subject to a maximum deferral period of 60 months.
    • There is no penalty for early repayment on loans for undergraduates. Learn more about managing your loan repayment.

    After you apply for a MEFA Loan, the process takes just a few more steps.
    1. Once you select your interest rate and repayment term, all borrowers will need to log in separately to e-sign the loan document.
    2. MEFA will ask the college to certify the loan. Some schools don’t start certifying until close to the start of the semester, so keep this in mind if you apply early.
    3. Once the school certifies your loan, you will receive an email letting you know.
    4. Your loan funds will be sent to the college on the college’s selected disbursement date (this date differs from school to school).

    Our Loan Disclosure and Self-Certification Form provide all the important details about our loans.

    See Terms & Conditions

    MEFA reserves the right to modify or terminate benefits, products, services and terms in its sole discretion and without prior notice.

    MEFA education loan availability is subject to MEFA’s acceptance of a completed loan application, including credit approval and fund availability for the applicable loan category at the proposed disbursement time. Read More