Undergraduate &
Graduate Loans
For over 40 years, MEFA has been offering fixed interest rate undergraduate and graduate loans to help families pay for a college education.
Undergraduate
Current APR Rate
5.75% – 8.95% APR3
Graduate
Current APR Rate
7.15% – 8.95% APR3
Features of MEFA Loans
Our goal is to help you save money on your student loans. Your education should propel you forward, not hold you back.
Competitive Interest Rates & No Fees
Your interest rate will depend on your credit profile. MEFA Loans have no application or origination fees.
Set Monthly Payments
All of our interest rates are fixed, so your monthly loan payment will be the same throughout your repayment.
Instant Decision on Complete Application
When you apply, you’ll be told within seconds if you’re approved and be provided your loan options.
Multiple Repayment Options
The range of selection allows families to choose which plan works best for them.
Explore the Numbers
- Undergraduate Loans Rates
- Graduate Loans Rates
- Undergraduate Loan Payment Calculator
Loan Details
Learn more about our loan offerings.
Applications Terms
You may apply for a MEFA Loan for one academic year. If you need a loan for more than one year, you must reapply each year.
Loan Amount
The maximum student loan amount is 100% of the cost of attendance (tuition, fees, food, housing, books, supplies, and miscellaneous expenses) minus financial aid received for the academic period. The minimum student loan amount is $1,500.
Co-Borrower
Most undergraduate students will need a co-borrower. The student borrower and all co-borrowers are equally responsible for loan repayment. Typically the parent or other credit-worthy individual is the “notice borrower” and will receive the billing statement and other notices.
Fees
There is no origination fee, application fee, or prepayment penalty.
Availability
MEFA Loans are available to students across the country
Deferment
Undergraduate deferred loans are subject to a maximum deferral period of 60 months. Graduate deferred loans are subject to a maximum deferral period of 36 months.
Enrollment Status
To be eligible for a MEFA Loan, the student must be enrolled at least half time in an accredited degree-granting undergraduate or graduate program at an eligible non-profit college or university in the United States. If the student is enrolled or plans to be enrolled at least half time during the regular academic year, a student may borrow a MEFA Loan for enrollment that is less than half time during the summer or to cover a past due balance for the previous semester.
SAP
The student must maintain satisfactory academic progress (SAP) as defined by the college or university.
History
All borrowers must have no history of default on an education loan and have no history of bankruptcy or foreclosure in the past 60 months.
Citizenship
All borrowers must be citizens or permanent residents of the United States.
Credit
The loan application must meet MEFA’s current credit approval standards.
Step 1
Once you select your interest rate and repayment term, all borrowers will need to log in separately to e-sign the loan document.
Step 2
MEFA will ask the college to certify the loan. Some schools don’t start certifying until close to the start of the semester, so keep this in mind if you apply early.
Step 3
Once the school certifies your loan, you will receive an email letting you know.
Step 4
Your loan funds will be sent to the college on the college’s selected disbursement date (this date differs from school to school).
Immediate
Interest payment and principal repayment begin on the 28th day of the month following the final disbursement. Loan must be fully repaid within 10 or 15 years (depending on loan type) of final disbursement.
Interest-Only
Interest payment begins on the 28th day of the month following the month of the final disbursement and principal and interest repayment begins after the end of the undergraduate anticipated in-school period. Loan must be fully repaid within 15 years of final disbursement.
Deferred
Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. Deferred loans are subject to a maximum deferral period of 60 months.
Deferred with Co-Borrower Release
Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. The co-borrower may request release from AES, MEFA’s loan servicing provider, after the first 48 consecutive on-time monthly installments have been made after the student has left school, and if the student is meeting then-current underwriting standards. All borrowers will need to complete and sign a co-borrower release application. Deferred loans are subject to a maximum deferral period of 60 months.
There is no penalty for early repayment on undergraduate loans.
Interest-Only
Interest payment begins on the 28th day of the month following the month of the final disbursement and principal and interest repayment of interest begins after the end of the graduate anticipated in-school period. Loan must be fully repaid within 15 years of final disbursement.
Deferred
Repayment of principal and interest is deferred until six months after the student graduates, leaves the program, or reduces hours to less than half-time. Loan must be fully repaid within 15 years of final disbursement. Deferred loans are subject to a maximum deferral period of 36 months.
There is no penalty for early repayment on graduate loans.
Our Goal: College Affordability
Helping Families Since 1982
Created at the Request of MA Colleges
Focused on Student Success
MEFA Loan FAQs
Can I use a MEFA 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 Loan?
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.
How long does the process of getting a MEFA Loan take?
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.
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 borrow 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 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.
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 Loans?
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.
I recently became disabled. How will this affect my loan repayment?
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.
Private student loans with fixed interest rates and multiple repayment options with no application or origination fees.
MEFA Loans Resources
