An Important Message

MEFA recommends you carefully review your current and potential future benefits on your federal and private loans before refinancing your federal or private student loans with MEFA. When you refinance your federal or private student loan debt with MEFA, you will lose current and future benefits, as well as any protections, associated with those loans. You can learn more about your loan benefits by contacting your student loan servicer or, for federal loans, by visiting

Free up money for other financial goals

With a MEFA REFI Loan, you can combine your existing student debt into one easy-to-manage loan.

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Competitive, fixed
interest rates
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Flexible 7-, 10-, and 15-year repayment terms
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Private, federal, undergraduate, and graduate loans are eligible
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Find your rate in minutes without affecting your credit score

Why refinancing your student loans with MEFA might be the right choice for you

At MEFA, we're on a mission to help you plan, save, and pay for college, before, while, and after you attend. Our goal is to help you save money on your student loan payments. Your education should propel you forward, not hold you back. Refinancing your student loans can allow you to take control of your finances and provide you greater financial freedom.

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Student Loan Refinancing Calculator
Want to save money on your education loan monthly payment? Use our Student Loan Refinancing Calculator to estimate how your monthly payment will change when refinancing your student loans with MEFA.


Should I refinance my student loans?

Refinancing your existing loans is beneficial to many people, but may not be the best choice for everyone. And keep in mind that refinancing will cause you to lose any benefits tied to your federal loans. Currently, there are changes that temporarily waive interest and suspend your obligation to make payments on federally held loans. It is important to review all of your options before making the decision to refinance your debt. We advise you to compare your current loan amount, monthly payment, terms, and benefits to decide if refinancing is best for you. Refinancing your loans could potentially provide you the following benefits:

  • A lower interest rate, which could reduce the amount you owe over time
  • A lower monthly payment, which will free up money for you to pay or save for other expenses
  • A simplified monthly bill by combining multiple loans into one, so that you only have to make one payment each month to one lender, allowing easier management of debt

Frequently Asked Questions

What's the difference between student loans refinancing and consolidation?

Refinancing allows you to combine multiple student loans, both federal and private, into one new loan. Refinancing may result in a new, lower interest rate, which can equate to a lower monthly student loan payment and extra cash per month.

Consolidation allows you to combine only federal loans into one new federal loan through the Direct Consolidation Loan program offered by the federal government.

Want to learn more about refinancing vs. consolidation? Click here.

How can I get a MEFA REFI Loan preliminary interest rate without affecting my credit score?

Our MEFA REFI application process means you can obtain conditional approval for a loan without a hard pull on your credit. We'll simply ask you to provide some demographic and financial information, and let you know if you've been approved based on that information. If you decide to proceed with the loan, we'll then ask for some additional information and documents, and perform a hard credit check before your final approval.

What documents and information will I need for the application?

Personal Documents: Proof of identity and Social Security number
Contact Information: Current address, phone number, and email address
Financial Information: Monthly income, housing costs, employment information, two most recent pay stubs or proof of income, and current billing statements for loans to refinance. There are times when we also may need to collect statements for your loans not being refinanced for underwriting purposes.

How long does the MEFA REFI application process take?

It will take you approximately 10-15 minutes to submit an application for conditional approval if you apply alone. The process can take longer if you have a co-borrower. After you have received a conditional approval and submitted all of your requested financial documents, the final review of your application should be completed within 10-14 days. Once the loan is approved and you have e-signed your loan documents, the loan will disburse within the next 5 days.

How will I know if I qualify for a MEFA REFI Loan?

In order to qualify for a MEFA REFI Loan, you need an established credit profile. Your credit profile is determined by your credit score, income, repayment history of debt, and other factors. If you do not have a long credit history or are unsure if you will be eligible for this loan, a qualified co-borrower can be added to your application. This co-borrower may increase your chance of eligibility.

Which student loans are eligible for refinancing?

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 6 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

How do I get started with refinancing my student loans?

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. 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 e-sign your loan document.

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

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Can I refinance private student loans?

Yes, all education loans are eligible. You can refinance both federal and private education loans, including loans from both undergraduate and graduate programs.

Is there any penalty for paying off my MEFA REFI Loan early?

There is no pre-payment fee on the MEFA REFI Loan.

Still have questions? Email us at or call us at (855) 433-7334