If you’re considering a MEFA Loan for college costs, we always recommend that you understand the full cost of the loan before you apply. And our Undergraduate Loan Payment Calculator can provide you that key information. The simple tool gives details on your projected monthly payment and total loan cost based on the amount you plan to borrow, and shows the interest rates for all of our five repayment options. Make sure you review these details before you borrow, and ensure that your monthly loan payment will fit within your budget. Follow these easy steps to learn MEFA Loan details:
1. Go to mefa.org/pay/loan-payment-calculator
2. Enter the amount you plan to borrow for one year
3. Select how many years are left before the student graduates
4. Select the strength of your credit profile
5. Hit CALCULATE
The calculator will provide, for each type of loan repayment, the monthly payment (during both the in-school and post-school periods), the total loan cost, the interest rate(s), and the APR.
Notice that the earlier you opt to start repaying your loan, the less you’ll pay back per month and in total over the course of repayment. Even paying just the interest while the student is in school will help save you money. And remember that you may need to borrow for every year the student attends college, so keep that in mind as you calculate the amount you can afford in repayment.
We’re happy to provide guidance and answer any questions you have as your family makes a plan to pay for college. We can walk you through your Undergraduate Loan Payment Calculator results or explain further details on our MEFA Loans. Reach out to our college planning team at (800) 449-MEFA (6332) or [email protected].
