What Type Of Loan Is Mefa?

Is Mefa a federal loan?

MEFA Loans The MEFA Undergraduate Loan is a low-fee, low-interest private loan that gives credit-worthy undergraduates the leverage necessary to cover the balance of college costs.

The MEFA Graduate Loan allows students to finance a graduate school education when Federal loans do not cover all of their tuition costs..

What type of loan is a MEFA loan?

For more than 35 years, MEFA has been offering low-cost fixed interest rate undergraduate loans to help families pay for a college education.

Are MEFA loans good?

As a non-profit organization, MEFA is an excellent choice if you need to take out a private student loan. It offers fixed-rate loans with competitive interest rates, multiple repayment options, and doesn’t charge any fees—it doesn’t even charge late payment fees.

Which loan is the best for students?

The best federal education loans are the Direct Subsidized Loan. This loan has subsidized interest, fixed interest rates, and low fees. Next are Direct Unsubsidized Loans, followed by the PLUS Loan.

Is Sallie Mae a good student loan?

SimpleTuition ranked Sallie Mae as one of the top five private student lenders for undergraduate student loans based on factors such as the loan’s interest rate, fees, discounts, co-signer release option and repayment terms and plans.

What is the parent PLUS loan?

Parent PLUS loans are federal student loans issued directly to parents. They take a look at your credit, offer some flexibility in repayment options, and the ability to fill funding gaps after exhausting federal student loans to students, grants, and scholarships.

How long does it take to get a MEFA loan?

about two weeksThen you will have to sign loan documents, which you should be able to do online immediately and from there on in, all of the work to process your loan will be handled by us and the college. Getting the funds to the college takes about two weeks.

How do I pay my MEFA loan?

Make a MEFA Loan Payment Simply sign into Account Access and select Payments and Billing to get started. Call (800) 233-0557 to make a MEFA Loan payment over the phone. AES’s 24/7 self-service phone feature allows you to schedule a one-time electronic payment from your checking or savings account.

What credit score do you need for a MEFA loan?

670Financial. Minimum credit score: 670. Minimum income: $24,000 per year.

What are the 3 types of financial aid?

There are three types of financial assistance that may be offered for payment of your educational expenses: scholarships/grants, loans, and labor earnings. Scholarships and grants are gift assistance based on financial need and do not have to be repaid.

What’s the difference between federal student loans and private?

The basic difference between federal and private student loans is that federal student loans are offered by the government, while private student loans are offered by a private-sector lender. These two types of loans offer very different benefits, interest rates, and repayment options.

What does Mefa mean?

Definition. MEFA. Massachusetts Educational Financing Authority. MEFA. Medical Emergency First Aid (training course)