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.

Unfortunately, all parties on a MEFA 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.

All applicants on a MEFA 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 need to sign the Self-Certification Form. The college must then certify the loan amount and let us know 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.

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 borrow for one semester at a time, you are permitted to do so.

It’s usually best to wait until you have received your bill before applying for a loan so you have a better understanding 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.

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.

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

If you are a MEFA borrower and have recently become 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.

MEFA Loans are considered family loans, meaning that all co-borrowers are equally responsible for the loan’s repayment. Typically, the parent or another credit-worthy individual is designated as the “notice borrower” who will receive the billing statements via email or mail (based on their communication preference) and other official notices related to the loan. The student borrower, as well as any additional co-borrowers, will receive notifications about billing (though not the billing statement) and have full access to the account information. It’s important to note that even if you have decided as a family that the student will repay the loan, all co-borrowers are equally responsible for the loan’s repayment.