megaphone image
The FAFSA is Now Open

Review our steps to make sure you’re ready

Jump to Announcement Dismiss

Search Site

Suggestions

Announcements
Financial Aid Change Steers Traffic at MEFA.org
3-min read
Saving
MEFA’s U.Fund Gift of College Card is a Perfect Gift Idea
4-min read
Paying
Independent Students on the FAFSA
2-min read
Paying
Grants & Scholarships
3-min read
Paying
Going Green: Scholarships for the Environmentally Friendly
3-min read
Paying
Scholarships for the New Year
3-min read
REFI

Refinance Student Loans

With our Education Refinancing Loan, MEFA REFI, you can combine your existing student debt into one loan designed to lower your interest rate and monthly payment.

Students at chalk board

Free Up Money for Other Financial Goals

Your education should propel you forward, not hold you back. Refinancing your student loans can provide you the financial freedom you need to get ahead.

Competitive, Fixed Interest Rates

Ensure your payment stays consistent each month

Multiple Repayment Options

Choose from 7-, 10-, and 15-year repayment terms

Extensive Eligibility

Refinance private, federal, undergraduate, and graduate loans

Quick Rate Quote

Find your rate in minutes without affecting your credit score

The Details

Get the facts on all things MEFA REFI.

We offer fixed interest rates, which have an interest rate and payment amount that remains the same over the term of the loan. Rates range from 6.20% to 8.99% APR*.

Borrower

To be eligible for a MEFA REFI Loan, you must:

  • Be a citizen or permanent resident of the United States
  • Be a borrower on all loans being refinanced
  • Have an established credit history; a co-borrower can help strengthen the application
  • Have made 6 on-time payments in the most recent 6 months on all loans being refinanced
  • 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
  • Have education debt to be refinanced that was used to fund the cost of attendance at an eligible, not-for-profit, degree-granting college or university (as defined by MEFA)

Loans

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
  • Add up to the minimum MEFA Education Refinancing Loan amount of $10,000

Keep in mind that 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.

When you apply for a MEFA REFI Loan, you’ll select a repayment term of 7, 10, or 15 years. The more quickly you repay your loan, the less interest will accrue and the less you will pay in total loan cost, though your monthly payment will be higher than with a longer repayment term.

Applying for a MEFA REFI Loan is easy and free, and takes just a few minutes.

  1. Click Get My Rate and create an account.
  2. We’ll run a soft credit check (with no effect on your credit) and you’ll receive your preliminary interest rates.
  3. If you decide to proceed, 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, you can call (855) 433-REFI (7334).

*The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects MEFA’s current underwriting criteria, loan rates, and deferment period assumption. MEFA’s lowest rates are only available to the most creditworthy applicants.

Student Loan Refinancing Calculator

Refinancing FAQs

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.

Our MEFA REFI Loan application process means you can prequalify and obtain conditional approval for a loan without a hard credit inquiry. We’ll simply ask you to provide some demographic and financial information, and let you know if you’ve been conditionally 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.

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 any loans not being refinanced for underwriting purposes.

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.

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.

It’s best to refinance when your credit score is high/strong enough to get a lower interest rate on your loans. When you refinance, getting a lower interest rate can mean lower monthly payments and more money in your pocket each month. Many lenders, including MEFA, allow you to get your preliminary rate by providing a few pieces of information and without hurting your credit score. This can help you determine if refinancing at this time is best for you. As well, many lenders, including MEFA, require you to have been in repayment for a certain amount of time before refinancing. With MEFA, you must have made 6 on-time payments in the most recent 6 months on all loans being refinanced.

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

Refinancing can lengthen the amount of time it takes to pay off your loans completely, even if it does reduce your monthly payments. It can also result in paying off a larger amount for your loans in total. Before you refinance, check with your refinancing lender to see if there is any penalty to paying off your refinanced loan early, in case you decide you’d like to do so. Also, keep in mind that 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.

In most cases, there are no fees associated with refinancing your student loans. However, prepayment penalties may occur for zeroing your balance before the end of your loan term, though not with MEFA. Late payment fees for submitting your payment past the deadline are another possible “extra” cost for refinancing as well as collections fees for defaulted loans if you have missed payments.

Refinancing your student loans doesn’t typically cause a great deal of damage to your credit, though you should know that there is a hard credit hit for each final application.

Make Life Easier

Combine your existing student debt into one easy-to-manage loan

MEFA | LOANS
Refinancing

Contact Us

Give Us a Call