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[00:00:00] Hi everyone. Jonathan here from MEFA, and if you’re looking to borrow private undergraduate loans for college this year, let me tell you what MEFA has to offer.

MEFA has five different undergraduate loan options available to students and families across the country, and they can basically be broken down into two categories. Once that begin repayment while the student is in school and those that are deferred with repayment beginning six months after the student leaves college, your credit score will determine which options you qualify for.

It’ll also determine your interest rate. Each loan option has its own interest rate range. All interest rates are fixed, which ensures stable, predictable monthly payments for the life of the loan. A co borrower could help you get a lower interest rate. However, it’s important to note that with all MEFA loans, everyone who signs the loan agreement is equally responsible for repayment.

With our immediate repayment loans, you’ll begin repayment right away and can choose to pay over 10 or 15 years. With our interest [00:01:00] only loan, you’ll begin to pay back interest while the student is in school beginning full repayment. After the student leaves school with our deferred loans, you’re not expected to make any payments at all while the student is in school and as a co borrower release option, which becomes available after the first 48 consecutive monthly repayments are made and the student borrower can meet credit and income standards.

Remember, there are no prepayment penalties on any MEFA loans. There are no application or origination fees. There are no late payment fees or return check fees. We recommend you use our student loan payment calculator to determine your interest rate, monthly payment, and total loan cost. When you’re ready, [email protected].

And of course, if you need any further help, here’s where you can find us.