Our loan products are family loans; hence everyone on the loan is equally responsible for repayment. Most students will not qualify for a MEFA undergraduate student loan on their own due to lack of credit history and income. The bill will always go to a non-student borrower (called the first co-borrower or notice borrower), but all co-borrowers, including the student, will receive a billing notification letter. We advise that all borrowers review their loan documents throughout the application process. The Student Deferred with Co-Borrower Release Loan offers a co-borrower release option after the first 48 consecutive on-time payments, though our other loan options may offer a lower interest rate.