Refinance Student Loans
- No degree necessary
- Multiple repayment terms available
- Check your rates with no credit impact
- Almost all loans eligible, including parent loans
- Can’t apply right out of school
- Loans from for-profit schools don’t qualify
| Fixed Rates (APR) | 6.20% – 8.99% |
| Loan amounts | Starting at $10,000 |
| Repayment terms | 7, 10, or 15 years |
Private Student Loans
- Use your loan to cover prior-term balance
- Summer courses eligible, even if enrolled below half-time
- Low minimum loan amount
- Undergrads can defer payments for up to 60 months
- Must reapply each year
- Can’t prequalify before applying
- Most undergrads must have a co-borrower
- Grad deferment capped at 36 months
- Co-borrower release not guaranteed
| Fixed Rates (APR) | 5.75% – 8.95% |
| Loan amounts | $1,500 – 100% of the cost of attendance |
| Repayment terms | 10 or 15 years for undergraduate loans; 15 years for graduate loans |
MEFA (the Massachusetts Educational Financing Authority) might sound like it’s just for students in Massachusetts—but its student loans and refinancing options are available nationwide. Known for no fees, fixed interest rates, and a solid reputation for transparency, MEFA can be a great pick if you’re looking to avoid surprises and stick to a predictable repayment plan.
But it’s not for everyone.
You won’t be able to refinance straight out of school—you need to be in repayment for at least six months. And if you’re an undergrad, chances are you’ll need a co-borrower to get approved. MEFA also skips the rate-shopping prequalification step for student loans, which means you’ll take a hit to your credit just to see your offer.
In this guide, we’ll break down how MEFA loans work, who they’re best for, and how they stack up against other top lenders—so you can confidently decide if MEFA fits your needs or if there’s a better option out there for you.
How does MEFA work?
Since 1982, MEFA has offered fixed-rate student loans. In addition to its private loans, MEFA offers college savings plans and student loan refinancing.
While MEFA is headquartered in the Bay State, its loans are available to students nationwide. You can apply solo or with up to two co-borrowers, although it calls its undergraduate student loans “family loans” because most applicants require a co-borrower for approval.
MEFA doesn’t offer prequalification before applying for its student loans. However, when you do apply, most applicants get a decision right away. You can prequalify without affecting your credit score for student loan refinancing.
MEFA student loan refinance
Refinance Student Loans
- Refinance even if you didn’t finish your program.
- Multiple repayment terms mean you’ll repay your loan on your timeframe.
- Prequalify with a soft credit check before submitting a full application.
- Fixed rates give you stable, consistent payments.
- Refinance both private and federal student loans
- Must be in repayment for at least six months before applying.
- Can only refinance loans used to attend a not-for-profit school.
Rates, borrowing limits, and fees
Deciding which company to refinance with is just as important as deciding whether to refinance at all. Here’s an overview of what you can expect if you refinance your student loans with MEFA:
| Feature | Details |
| Fixed rates (APR) | 6.20% – 8.99% |
| Variable rates (APR) | N/A |
| Loan amounts | Starting at $10,000 |
| Repayment terms | 7, 10, or 15 years |
| Co-borrower release? | Not available |
Eligibility
Often, we think of loan eligibility solely in terms of creditworthiness. In actuality, though, qualification hinges on much more than that. Here are MEFA’s refinancing requirements.
| Requirement | Details |
| Citizenship | U.S. citizen or permanent resident |
| State of residence | All 50 states and D.C. |
| Minimum age | Not disclosed |
| Graduation status | Graduation not required, but you must have been in repayment for at least six months |
| Credit score | Not disclosed but a credit score of 670+ is recommended; You also can’t have a student loan default or a bankruptcy or foreclosure within the last 60 months. |
Repayment
When you choose a MEFA refinance loan, you’ll get your choice of repayment terms, ranging from seven to 15 years. Because every MEFA loan comes with fixed rates, your payment won’t change from your first due date to your last.
Unlike with standard student loans, refinance loans don’t come with deferment or grace periods. Instead, you’ll likely start paying on your loans roughly a month after disbursement.
While MEFA processes your application and disburses your loan, its loan servicer, American Education Services (AES), handles repayment.
Loan servicers act as a go-between, coordinating repayment on behalf of lenders. Before you refinance, learn who your loan servicer is on your existing loans.
Should you have trouble repaying your loan, you’ll go through AES, not MEFA, to work out a solution. MEFA doesn’t list any specific hardship options on its website, but AES can help you determine if any such options are available to you.
MEFA refinance vs. other lenders
MEFA is one of few lenders that actively prioritizes affordability alongside profitability. Other lenders going the extra mile to craft commendable borrower experiences include:
| Company | Best for… | Rating (0-5) |
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Best for Comparison Shopping |
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Best Online Lender |
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Best Personalized Support |
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Terms & Disclosures
Refinance Loans Disclosures Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.24% APR to 10.24% APR (3.99% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License. |
Best Skip-a-Payment Benefit |
Terms & Disclosures
Refinance Loans Disclosures Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 4.24% APR to 10.24% APR (3.99% – 9.99% with .25% auto pay discount). Variable annual percentage rates (APR) range from 6.13% APR to 10.24% APR (5.88% – 9.99% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in autopay is not required as a condition for approval.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License. |
These lenders rival MEFA in terms of repayment flexibility. Earnest lets you choose between biweekly and monthly payments, and SoFi® allows for in-school deferment if you decide to earn another degree. ELFI, on the other hand, offers repayment terms from five to 20 years.
Truth be told, you can’t go wrong with any of these companies, and that makes for a tough decision. But that’s where Credible comes in. With Credible, you can view multiple loan offers side by side, simplifying your research process and streamlining your comparison shopping.
MEFA student loans
Private student loans
- Pay for a previous tuition balance, summer courses, and even off-campus living expenses.
- Loans start at $1,500, so you won’t have to borrow more than you need.
- Choose from several repayment plans, including in-school deferment up to 60 months.
- Application is only good for one year, not the duration of your program.
- Can’t get a personalized rate without incurring a hard credit inquiry.
- Undergraduate students without a co-borrower can’t apply online.
- In-school deferment for graduate students is only 36 months.
- Can’t apply for co-borrower release until you’ve been out of school and in repayment for at least four years.
Rates, borrowing limits, and fees
MEFA offers both undergraduate and graduate loans with fixed rates and low minimum loan amounts. Here are more of the details.
| Feature | Details |
| Fixed rates (APR) | 5.75% – 8.95% |
| Variable rates (APR) | N/A |
| Loan amounts | $1,500 – 100% of the cost of attendance |
| Repayment terms | 10 or 15 years for undergraduate loans; 15 years for graduate loans |
| Co-borrower release? | Not available for graduate loans, but undergrads can request release upon making 48 consecutive, on-time payments after student leaves school |
Eligibility
While MEFA doesn’t require a cosigner, applicants without a strong credit history are encouraged to apply with a more creditworthy co-borrower. According to its website, MEFA calls its undergraduate loans “family loans” because most student borrowers must apply with a family member to be approved.
A cosigner helps you qualify for a student loan but isn’t responsible for making payments unless you default. A co-borrower, on the other hand, shares equal responsibility for repaying the loan from the start.
Here’s a closer look at what prospective undergraduate and graduate borrowers need to qualify:
| Requirement | Details |
| Citizenship | U.S. citizen or permanent resident |
| State of residence | All 50 states and D.C. |
| Minimum age | Not disclosed |
| Credit score | Not disclosed, but MEFA considers good scores to be above 670. You also can’t have defaulted on a previous student loan and must be bankruptcy- and foreclosure-free for the preceding 60 months. |
| Income | Not disclosed |
Repayment
MEFA offers a few repayment options and terms to choose from:
| Terms | Details |
| Repayment options | Immediate (not available for graduate loans), interest-only, or deferred |
| Repayment terms | 10 or 15 years for undergraduate loans; 15 years for graduate loans |
| Grace period | 36-month (graduate) or 60-month (undergraduate) maximum deferment, including six-month grace period after dropping below half-time enrollment |
| Co-borrower release? | Not available for graduate loans, but undergrads can request release upon making 48 consecutive, on-time payments after student leaves school |
While graduate students can’t formally elect immediate repayment, MEFA doesn’t charge prepayment penalties. In other words, MEFA won’t punish or prevent you from paying extra toward your loans while you’re in school or at any point thereafter.
If you’re not sure which repayment plan is best for your situation, it may help to consider your obligation under each one:
- Immediate: Pay both principal and interest every month for 10 or 15 years.
- Interest-only: Pay only toward accrued interest while in school.
- Deferred: Postpone all payments until six months after leaving school or reaching the maximum deferral period, whichever comes first.
It’s worth mentioning, however, that the 10-year term extended to undergraduates is only available under the immediate repayment plan. All other plans come with a single 15-year term.
Like with refinance loans, you’ll work directly with AES to manage your loan repayment. That includes requesting a co-borrower release.
Before AES can approve such requests, students must demonstrate an ability to repay the debt on their own. If you plan to apply for co-borrower release, take steps to improve your credit and financial standing well before submitting your request.
MEFA student loans vs. other lenders
MEFA’s private student loans come with several advantages. But since you can’t check your rates without running a credit check, we suggest exploring what these student loan companies can offer first:
| Company | Best for… | Rating (0-5) |
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Terms & Disclosures
Information advertised valid as of 06/15/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s). All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC |
Best Overall |
Terms & Disclosures
Information advertised valid as of 06/15/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s). All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC |
Terms & Disclosures
Borrow responsibly Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000. 1. Loan application must be submitted to see available rates. 2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. 3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024. 4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered. 7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. Information advertised valid as of 05/26/2026. ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Sallie Mae loans are made by Sallie Mae Bank. |
Best for Cosigners |
Terms & Disclosures
Borrow responsibly Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000. 1. Loan application must be submitted to see available rates. 2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. 3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024. 4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered. 7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. Information advertised valid as of 05/26/2026. ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Sallie Mae loans are made by Sallie Mae Bank. |
Terms & Disclosures
In-School Loans Disclosures
Earnest Private Student Loans are subject to credit approval. Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans options. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at studentaid.gov.
Auto Pay Discount
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
Cosigner Release
To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply.
To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply.
Grace Period
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Loan Cost Examples
Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples:
1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate (“”APR””): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10.
2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months.
3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00.
4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0.
Loan Minimum
Residents of Hawaii must request a loan of at least $1,501.
Repayment Terms and Options
Repayment terms and repayment options available vary based on loan type.
Skip a Payment
Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
No Fees
Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
Interest Rates Disclosure: |
Best for Large Loans |
Terms & Disclosures
In-School Loans Disclosures
Earnest Private Student Loans are subject to credit approval. Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans options. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at studentaid.gov.
Auto Pay Discount
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
Cosigner Release
To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply.
To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply.
Grace Period
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Loan Cost Examples
Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples:
1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate (“”APR””): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10.
2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months.
3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00.
4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0.
Loan Minimum
Residents of Hawaii must request a loan of at least $1,501.
Repayment Terms and Options
Repayment terms and repayment options available vary based on loan type.
Skip a Payment
Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
No Fees
Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
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Every lender on this list—with the exception of Sallie Mae—lets borrowers get prequalified rates before committing to a hard inquiry. What Sallie Mae offers that MEFA doesn’t is cosigner release eligibility after just 12 on-time payments.
It’s these fringe benefits, so to speak that make these lenders stand out. SoFi, for example, offers rewards getting good grades. Meanwhile, Earnest gives borrowers a nine-month grace period instead of the traditional six.
Besides their special perks, many of these lenders’ loan products may simply be better suited to your situation. Some, like ELFI and College Ave, lend to parents as well as students. Credible, on the other hand, presents you with multiple loan offers at once to ensure you’re getting the best deal.
MEFA reviews: What customer say
MEFA has earned praise from many reviewers for its focus on education and transparency. Customers often highlight the organization’s free resources, like college planning webinars and scholarship links, as especially helpful.
| Source | Customer rating | Number of reviews |
| Trustpilot | 4.6/5 | 432 |
| Better Business Bureau (BBB) | 1.0/5 | 1 |
| 3.0/5 | 2 |
That said, not all reviews are positive. Some borrowers mention frustrations with the loan process, including errors, delays, and unclear communication.
MEFA also holds an A+ rating from the BBB, though it is not BBB-accredited. Accreditation is voluntary and separate from the rating itself, which reflects the company’s complaint history, transparency, and other business practices.
How to contact MEFA
MEFA doesn’t just have one customer service team—it has several. That’s in addition to its student loan servicer, AES. Here’s how to contact the right MEFA department, as well as AES:
- For answers to general questions:
- Phone: 800-449-6332 (Monday through Friday, 8 a.m. to 5 p.m. Eastern)
- Email: [email protected]
- Mail: 60 State Street, Suite 900, Boston, MA, 02109
- To apply for undergraduate or graduate loans:
- Phone: 800-266-0243 (Monday through Friday, 8 a.m. to 8 p.m. Eastern)
- Email: [email protected]
- To apply for student loan refinancing:
- Phone: 855-433-REFI (7334) (Monday through Friday, 8 a.m. to 8 p.m. Eastern)
- Email: [email protected]
- For repayment assistance through AES:
- Phone: 800-233-0557 (Monday through Friday, 7:30 a.m. to 9 p.m. Eastern)
- Mail: P.O. Box 65093, Baltimore, MD, 21264-5093
AES also offers support via email when borrowers register for and sign in to their AES account.
How to apply for a MEFA loan
No matter which loan type you need, MEFA makes it easy to apply online. Keep reading to see how to secure a MEFA loan.
Apply for MEFA student loan refinancing
MEFA’s refinance application takes around 15 minutes to complete. Here’s what to expect along the way:
- Prep your paperwork. MEFA starts with a soft credit pull for its student loan refinance, but if you move forward, you’ll need to supply proof of identity and income. You’ll also need your most recent student loan statements. Gathering that information now can save you time later.
- Navigate to MEFA’s refinancing hub. MEFA has separate applications for its student loan products, so it’s crucial to start your application from the refinancing page.
- Click “Find My Rate.” Checking your rate won’t impact your credit, and with MEFA, it’s a required part of the application process.
- Register for a MEFA account. If you already have one, you’ll log in instead.
- Enter your information. MEFA needs your contact, employment, and education details. During this step, you’ll tell MEFA the dollar amount of student debt you’re looking to refinance, as well as your Social Security number.
- Get your rates. If you’re conditionally approved, you can proceed with a full application and submit your documents.
- Add your co-borrower(s). If you weren’t approved on your own or if you want to use a co-borrower to try for a better rate, you can include your co-borrower’s information before accepting a loan.
After finalizing your application, you’ll move into the final review stage. MEFA may need as many as 14 days to review your information, so don’t panic if you don’t hear back right away.
Before accepting your loan, you’ll have an opportunity to choose your preferred rate and terms. You’ll also need to read and e-sign your loan documents. Once you’ve agreed to open your refinance loan, MEFA will disburse your funds within five days.
Apply for a MEFA private student loan
MEFA designed its private student loan application to be completed in one day at most. This application involves a similar set of steps as applying to refinance, with one caveat: Undergraduate students without a co-borrower have to apply over the phone.
Here are the required steps in more detail:
- Gather your documents. Before it can approve your loan, MEFA will need proof that you are who you say you are. Have your ID and proof of income ready to speed up the application process.
- Navigate to the online application. You can do this from either the undergraduate or graduate loan pages or by hovering over “MEFA Loans” in the menu bar.
- Create your account. Alternatively, you can log in to an existing MEFA account.
- Select your level of study. At this stage, undergraduate students without at least one co-borrower will be directed to call MEFA at (800) 266-0243. All other applicants can proceed with the online application.
- Enter your information. On the next two screens, you’ll share details like your Social Security number and address. If you’re a graduate student, you’ll indicate whether you’re applying independently or with up to two co-borrowers.
- Read through MEFA’s disclosures and policies. You’ll need to review and consent to these policies before proceeding.
- Enter any supplementary information. Depending on your application type, this may include details about your employment or about your co-borrower(s).
- Receive your credit decision. If approved, you can compare the loan terms you qualify for and choose what works best for you.
You’ll then review and sign your loan documents to accept your MEFA student loan. Once those documents are submitted, MEFA will coordinate loan disbursement with your university.
How we compiled ratings for our MEFA student loan refinancing review
We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans and loan refinancing. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
We compared MEFA to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our ratings, recapped below.
| Product | Our rating |
| MEFA student loan refinancing | 4.1/5 |
| MEFA private student loans | 3.9/5 |
About our contributors
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Written by Sarah Sheehan, MATSarah Sheehan is a writer, educator, and analyst who focuses on the impact of health, gender, and geography on financial equity. Her ultimate goal? To live beyond the confines of chasing the next dollar—and to teach everyone else how to do the same.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.