Undergraduate Student Loans - MEFA

Private Undergraduate Student Loans with Fixed Interest Rates

Undergraduate Student Loan Interest Rates

Immediate Repayment (10-year time period) Immediate Repayment (15-year time period) Interest-Only Repayment
(15-year time period)
Deferred Repayment
(15-year time period)
Student Deferred Repayment with Co-Borrower Release* (15-year time period)
Interest Rate Fixed rates of interest 3.75% – 5.40% Fixed rates of interest 4.05% – 5.45% Fixed rates of interest
4.50% – 5.65%
Fixed rates of interest 4.65% – 5.60% Fixed rates of interest 4.80% – 5.75%
APR*** 3.75% – 5.40% 4.05% – 5.45% 4.50% – 5.65% 4.65% – 5.60% 4.80% – 5.75%
Monthly Payment Per $10,000 Borrowed**** $100.69 – $109.01 $74.72 – $82.19 $37.78 – $47.53 in class, then funds step as much as $96.92 – $102.86 on the finish of the in-school interval** $0 in class, then funds step as much as $115.71 – $125.38 on the finish of the in-school interval** $0 in class, then funds step as much as $117.20 – $126.95 on the finish of the in-school interval**

*The co-borrower might request launch after the primary 48 consecutive on-time month-to-month installments have been made and if assembly then-current underwriting requirements.

**In-school interval is the interval as outlined within the MEFA Undergraduate Loan Application and Solicitation Disclosure.

***The Annual Percentage Rate (APR) is designed to assist customers perceive the relative price of a loan and displays the loan’s rate of interest, timing of funds, and costs. The lowest charges are solely out there to probably the most creditworthy candidates.

****Monthly fee is calculated based mostly on a university freshman with 4 years till commencement.

Private Undergraduate Student Loan Eligibility


To be eligible for a MEFA Undergraduate Loan, the student should:

  • Be enrolled not less than half time in an accredited degree-granting undergraduate program at an eligible non-profit faculty or college within the United States. If the student is presently enrolled for the present tutorial 12 months, a student might:
    • Borrow a MEFA Loan for the summer season session
    • Borrow a MEFA Loan to cowl a late steadiness inside the present tutorial 12 months
  • Maintain passable tutorial progress as outlined by the faculty or college.

All debtors have to be residents or everlasting residents of the United States.

The loan utility should meet MEFA’s present credit approval requirements.

Repayment Options for MEFA Undergraduate Loans

  • Immediate: Interest fee and principal compensation start on the twenty eighth day of the month following the ultimate disbursement. Loan have to be absolutely repaid inside 10 or 15 years (relying on loan sort) of ultimate disbursement.
  • Interest-Only: Interest fee begins on the twenty eighth day of the month following the month of the ultimate disbursement and principal and curiosity compensation begins after the top of the undergraduate anticipated in-school interval. Loan have to be absolutely repaid inside 15 years of ultimate disbursement.
  • Deferred: Repayment of principal and curiosity is deferred till six months after the student graduates, leaves this system, or reduces hours to lower than half-time. Loan have to be absolutely repaid inside 15 years of ultimate disbursement. Deferred loans are topic to a most deferral interval of 60 months.
  • Deferred with Co-Borrower Release: Repayment of principal and curiosity is deferred till six months after the student graduates, leaves this system, or reduces hours to lower than half-time. Loan have to be absolutely repaid inside 15 years of ultimate disbursement. The co-borrower might request launch from AES, MEFA’s loan servicing supplier, after the primary 48 consecutive on-time month-to-month installments have been made after the student has left faculty, and if the student is assembly then-current underwriting requirements. All debtors might want to full and signal a co-borrower launch utility. Deferred loans are topic to a most deferral interval of 60 months.

There isn’t any penalty for early compensation on undergraduate loans. Learn extra about managing your loan compensation.

MEFA Undergraduate Loan Disclosures

Our Loan Disclosure and Self-Certification Form present all of the essential particulars about our loans.

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