MEFA Student Loan Disclosure
These rates are expressed as APR. The Fixed interest rate will not change during the term. To be eligible for a MEFA Undergraduate Loan, the student must:
- Be enrolled at least half time in an accredited degree-granting undergraduate program at an eligible non-profit college or university in the United States. If the student is currently enrolled for the current academic year, a student may:
- Borrow a MEFA Loan for the summer session
- Borrow a MEFA Loan to cover a past due balance within the current academic year
- Maintain satisfactory academic progress as defined by the college or university.
All borrowers must be citizens or permanent residents of the United States. MEFA’s private student loans are subject to credit qualification, completion of a loan agreement, self-certification form, school certification of cost of attendance minus estimated financial aid, and student’s enrollment at a MEFA’s participating school.
For Student Deferred Repayment with Co-borrower release option, the co-borrower, non-student may request for a release after 48 consecutive on-time monthly installments and must meet certain credit and eligibility requirements when applying for the release. For the purpose of the co-borrower release application, on-time payments are defined as payments received within 15 days of the due date. Co-borrower must complete an application for release and provide income verification documents as part of the review. Credit and eligibility requirements are subject to change.