MEFA Reviews: Student Loan Refinancing and Private Student Loans

Full Review

Unlike most other private lenders, MEFA doesn’t have a formal program that lets borrowers pause payments temporarily through deferment or forbearance for economic hardships. That means refinancing with MEFA is best for those with stable income who don't foresee needing breathing room in the future.

You don't need to have graduated to refinance with MEFA. But you must have made one year's worth of on-time payments toward your loans. You're also ineligible if you've defaulted on student loans in the past.

MEFA student loan refinancing at a glance

• Borrowers without a degree can refinance.

• No late fees.

• Offers personalized rate estimates via a soft credit check.

How MEFA could improve

MEFA could improve its student loan refinance product by offering:

• Formal forbearance for borrowers facing an economic hardship.

• A co-signer release program.

• Biweekly student loan payments via autopay.

How much can refinancing save?

MEFA student loan refinancing details

• Interest rates, fees and termsInterest rates, fees and terms

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • Loan terms: 7, 10 or 15 years.

  • Loan amounts: $10,000, with no maximum loan limit.

  • Can transfer a parent loan to the child: Yes, if the borrower is a signer on all loans being refinanced. Federal PLUS loans are not eligible for refinance.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: No.

  Compare MEFA's range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate MEFA will offer you, apply on its website.

• RequirementsRequirements

  Financial

  • Minimum credit score: 670 for borrower and co-borrower (if applicable).

  • Minimum income: $24,000 for the primary borrower and co-borrower (if applicable) and minimum monthly free cash flow.

  • Typical credit score of approved borrowers: Did not disclose.

  • Typical income of approved borrowers: Did not disclose.

  • Maximum debt-to-income ratio: Did not disclose.

  • Can qualify if you’ve filed for bankruptcy: Yes, after five years.

  Other

  • Citizenship: Must be a U.S. citizen or Permanent Resident.

  • Location: Available to borrowers in all 50 U.S. states, and Washington, D.C.

  • Must have graduated: No.

  • Must have attended a school authorized to receive federal aid: Yes.

  • Percentage of borrowers who have a co-signer: Did not disclose.

  You must have repaid loans for at least 12 months before you can refinance them with MEFA and have no history of student loan default.

• Repayment optionsRepayment options

  • Academic deferment: No.

  • Military deferment: Yes.

  • Forbearance: No.

  • Co-signer release available: No.

  • Death or disability discharge available: Death discharge available. Disability discharge is case-by-case, available if primary borrower meets definition of TPD.

  • Loan discharge if co-signer dies or becomes disabled: No.

  Repayment preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows bi-weekly payments via autopay: No.

• Customer serviceCustomer service

  • Loan servicer: American Education Services.

  • In-house customer service team: No.

  • Process for escalating concerns: No.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from approval to payoff: Final application review should be completed within 10-14 days. Once the loan is approved and the borrower has e-signed the loan agreement, the loan will disburse within the next 5 days.

Before refinancing with MEFA

You can apply for a MEFA refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.

If you aren’t eligible to refinance with MEFA

If MEFA denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.

NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Full Review

MEFA private student loans don't offer a formal deferment or forbearance program if you have trouble affording payments. That makes MEFA a good choice only for those who expect a stable income after graduation.

Despite being a state-based organization, MEFA private student loans are available to students no matter where they go to school. MEFA offers fixed interest rates only, which means they'll stay the same over the life of the loan.

MEFA private student loan at a glance

• Offers fixed interest rates only.

• Co-signer release is only available if you select the deferred repayment with co-signer release option when you apply.

• No deferment or forbearance programs are available.

How MEFA could improve

MEFA could improve its student loan product by:

• Offering formal forbearance for borrowers facing an economic hardship.

• Offering co-signer release on all repayment options.

• Allowing borrowers to make biweekly payments via autopay.

MEFA private student loan details

• Interest rates, fees and termsInterest rates, fees and terms

  • Soft credit check to qualify and see what rate you’ll get: No.

  • Loan terms: 10 or 15 years.

  • Loan amounts: $1,500 minimum. The maximum student loan amount is 100% of the cost of attendance (tuition, fees, housing, books, supplies, and miscellaneous expenses) minus financial aid.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: No.

  Compare MEFA's range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate MEFA will offer you, apply on its website.

• RequirementsRequirements

  Financial

  • Minimum credit score: 670 for MEFA Loans with an Immediate Repayment Option, 690 for MEFA Loans with an Interest-Only Payment Option and 710 for fully deferred MEFA Loans for the qualified borrower or co-borrower.

  • Minimum income: The stated combined income of the co-borrower(s), not including the student borrower, must meet a minimum income requirement equal to the most recently published federal poverty guideline for a family of four. This amount is adjusted annually, and for 2025, it is set at $32,150.

  • Typical credit score of approved borrowers or co-signers: Did not disclose.

  • Typical income of approved borrowers: Did not disclose.

  • Maximum debt-to-income ratio: Did not disclose.

  • Can qualify if you’ve filed for bankruptcy: Yes, after five years have passed.

  Other

  • Citizenship: Must be a U.S. citizen or Permanent Resident.

  • DACA borrowers: No.

  • Location: Available in all 50 U.S. states, and Washington D.C.

  • Must be enrolled half-time or more: Yes.

  • Loan can be used for past due tuition: Yes, for the previous semester, but not including summer.

  • Types of schools served: Any school authorized to receive federal aid.

  • Percentage of borrowers who have a co-signer: Did not disclose.

• Repayment optionsRepayment options

  In-school repayment options

  • Immediate: Begin making full monthly payments while still in school. Choose between 10-year and 15-year terms.

  • Deferred: You won’t be required to make any payments until your six-month grace period ends, but you can choose to make payments if you’d like. Interest will accrue while you’re in school and will capitalize, or get added to your principal balance, at the end of your grace period. This option comes with a 15-year term.

  • Deferred with co-signer release: Similar to the option above, but this plan allows a co-signer to request release after 48 consecutive on-time payments have been made. This option comes with a 15-year term.

  • Interest-only: Pay only the interest while in school. Begin paying down the principal balance after you graduate or leave school. This option comes with a 15-year term.

  Post-school repayment options

  • Grace period: Six months for the deferred repayment options.

  • Income-based repayment option: No.

  • In-school deferment: No.

  • Military deferment: Yes.

  • Forbearance: No.

  • Co-signer release available: Yes, after 48 months.

  • Death or disability discharge available: Death discharge available. Disability discharge is case-by-case, available if primary borrower meets definition of TPD.

  • Loan discharge if co-signer dies or becomes disabled: No.

  Repayment preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: No.

• Customer serviceCustomer service

  • Loan servicer: American Education Services.

  • In-house customer service team: They use in-house and outside representatives.

  • Process for escalating concerns: Did not disclose.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from application to approval: Approval can happen within minutes. Once the loan is approved, the school will certify the loan and assign the appropriate disbursement date for when they wish to receive the funds.

Before applying for a MEFA student loan

You can apply for a MEFA student loan on its website. Before taking out a MEFA student loan or any other private loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

» MORE: NerdWallet’s FAFSA Guide

Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

If you aren’t eligible for an MEFA student loan

If MEFA denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.

If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.

STUDENT LOAN RATINGS METHODOLOGY

Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.