Features of MEFA Undergraduate Loans

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Fixed interest rates with no application or origination fees
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Repayment period of 10 or 15 years
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Multiple repayment options
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Available to students across the country

Why choose MEFA for undergraduate loans?

MEFA undergraduate loans have fixed interest rates from 5.75% to 8.95% APR*** with multiple repayment options. By borrowing a loan with a fixed interest rate, you'll ensure stable, predictable monthly payments for the life of the loan. There's no origination fee, application fee, or prepayment penalty. MEFA Loans are available to students and families across the country for students attending an eligible college.

Student Loan Payment Calculator

A Special Message to MEFA Loan Borrowers

MEFA has options available to assist MEFA Loan borrowers who are experiencing economic hardship. Please call our loan servicing provider AES at (800) 233-0557 to discuss your options and determine a solution that is best for you. You may also engage with AES via their self-service website and mobile app. 

Review our FAQs

Frequently Asked Questions

Can I use a MEFA undergraduate student loan to pay for off-campus housing?

Yes, as long as the college considers off-campus housing as part of their cost of attendance. Colleges will only certify a loan amount under the amount of the cost of attendance minus any financial aid. If the off-campus housing is included in the college's cost of attendance (and it usually is), and the school certifies for the requested loan amount that includes funds for that off-campus housing, we will lend it. Talk to the financial aid office at your college and find out if they will certify for off-campus housing.

I am a citizen of a foreign country and want to attend school in the U.S. Can I apply for a MEFA undergraduate student loan?

Unfortunately, all parties on a MEFA undergraduate student loan must be either U.S. citizens or permanent residents. If you need financing to attend college, we suggest you contact the colleges in which you are interested. They could give you guidance on what other international students have done to finance their education at their school.

How long does the process of getting a MEFA undergraduate student loan take?

All applicants on a MEFA undergraduate student loan can complete the required steps in one day. The application is quick and easy and can be done online at mefa.org. Applicants should receive a decision momentarily after all parties have submitted the requested information. Assuming the loan application is approved, the primary borrower will need to choose a loan repayment option, and then all borrowers will need to electronically sign the MEFA Loan Agreement and the primary borrower will sign the Self Certification Form. The college must then certify the loan amount and let us know of the date on which to send the loan funds (their preferred disbursement date), which is usually when the bill is due. Contact your financial aid office to find out your school's timing and process.

Should I apply for a loan for one semester at a time or for the whole year?

We recommend that families borrow for the full academic year. When the school certifies your loan they will generally split the loan into two disbursements, one for each semester. As a result of this split, the interest on your spring semester loan will not begin to accrue until later in the academic year, usually January. You should be able to estimate your costs for the year based on your fall semester charges and the cost of attendance provided by the school. If you wind up needing additional funds for the spring semester, you can always submit a new application. Please note that if you would rather borrower for one semester at a time, you are permitted to do so.

If I haven't received my bill should I estimate how much I need to borrow?

It's usually best to wait until you have received your bill before applying for a loan so you have a better of the amount you need. But if you need to apply before you receive your bill, yes, you should estimate how much you'll need to borrow. You are permitted to borrow up to the cost of attendance minus any financial aid you receive, but we recommend that you keep your debt to a minimum and only borrow what you think you will need. The cost of attendance includes tuition and fees, books and supplies, personal costs, housing, and your meal plan. It usually includes off-campus housing, though check with the financial aid office to be sure. We have a tool, our College Cost Calculator, that can help you determine how much you may need to borrow.

Which MEFA undergraduate student loan should I choose if I want my child to be responsible for loan repayment?

Our loan products are family loans; hence everyone on the loan is equally responsible for repayment. Most students will not qualify for a MEFA undergraduate student loan on their own due to lack of credit history and income. The bill will always go to a non-student borrower (called the "first co-borrower" or "notice borrower"), but all co-borrowers, including the student, will receive a billing notification letter. We advise that all borrowers review their loan documents throughout the application process. The Student Deferred with Co-Borrower Release Loan offers a co-borrower release option after the first 48 consecutive on-time payments, though our other loan options may offer a lower interest rate.

Where do I find a list of my existing MEFA undergraduate student loans?

You can find all information about your existing MEFA undergraduate student loans by signing up for Account Access on the website of American Education Services (AES), our loan servicing provider. AES handles all loan payment collection and servicing responsibilities for MEFA undergraduate student loans. Once you establish your AES Account Access username and password, you can view information about your MEFA undergraduate student loans 24/7. Within AES Account Access you can also make a MEFA undergraduate student loan payment, set up direct deposit, and contact AES through a secure email box.

I recently became disabled. How will this affect my loan repayment?

If you are the borrower on a MEFA undergraduate student loan and you have been totally and permanently disabled, we want to hear from you and work with you. Please reach out to our loan servicing provider AES at (800) 233-0557. We may be able to provide assistance.

Call us at (800) 266-0243 Monday to Friday, 8am-8pm ET or email us anytime at mefaloans@mefa.org