This plan is not available to students receiving financial aid. The MEFA Loan is one of the nation's lowest cost, non-need based, education loans available. Residents of all states are eligible to apply. The MEFA Loan offers a 15-year repayment term and three attractive payment options, fixed rate, variable rate, and home equity. For those who elect the home equity option, interest is tax-deductible.
Monthly payments begin within forty-five days after full disbursement.
This option offers fixed monthly payments over a 15-year repayment period. This option offers variable monthly payments over a 15-year repayment period. This unique program allows families to enjoy significant tax benefits by securing their MEFA Loan with the equity in their home. Interest may be fully deductible for tax purposes. The Home Equity Option is a fixed rate option.