To obtain a student loan or loan refinancing from MEFA, you must have a stable income and a healthy credit score. In return, MEFA offers a wide range of loans at competitive rates.
Loan Requirements
To be eligible for a MEFA refinancing loan, you need to meet the following criteria:
- Minimum credit score: 670
- Minimum annual income: $24,000/year
- Eligible after bankruptcy? Yes, after five years
- Citizenship status: US citizen or permanent resident
- Availability: All 50 US states
- Graduation required: No
- School: Must have attended a school that is authorized to receive federal aid
- Minimum repayment time before qualifying: Must have repaid loans for 12 months before refinancing
Loan Terms
MEFA’s typical loan terms are as follows:
- Loan amounts: Minimum $10,000, no maximum
- APRs: Fixed
- Fixed: 4.89%-6.99%
- Application/origination fees: No
- Prepayment penalties: No
- Prequalification/soft credit check: Yes
Repayment Terms
Refinancing loans have the following terms associated with them:
- Loan repayment terms: 7, 10, or 15 years
- Deferment programs: Military deferment
- Forbearance: No formal forbearance, but MEFA can work with lenders on individual bases
- Co-signer release: No
- Death or disability discharge: Yes