Education Refinancing Loan
PayDown Rewards®
As a Gradifi member, you will earn an additional $300 PayDown Rewards® bonus4 for eligible loans!
PayDown Rewards® are free rewards that you earn for doing various activities on Gradifi and apply to your student loans. You can get out of debt faster by earning these additional payments and saving interest.
Eligibility
To be eligible for a MEFA Education Refinancing Loan, you must:
- Be a citizen or permanent resident of the United States
- Have an established credit history; a co-borrower can help strengthen the application
- Have no history of default on an education loan and no delinquencies on education debt in the past 12 months
- Have no history of bankruptcy or foreclosure in the past 60 months
- Be a borrower on all loans being refinanced
About MEFA
MEFA is a self-financing, not-for-profit public entity established in 1982 and dedicated to helping students and families access and afford higher education and reach financial goals through education programs, tax-advantaged savings plans, low-cost loans, and expert guidance.
MEFA’s products and services cover a comprehensive financing approach focused on before, during, and after the college years, and are predicated on education and support to ensure that families are poised to make informed decisions. In its over 35-year history, hundreds of thousands of families have relied on MEFA for comprehensive college financing solutions. MEFA has originated over $4.7 billion in education loans, and currently manages over $6 billion in college savings assets.
Committed to helping families plan, save, and pay for college through each stage of life, MEFA’s work aligns with the ever-present goal to support the independence, growth, and success of students and families.
FAQs
Disclaimers: Applicants refinancing with MEFA must be either U.S. citizens or permanent residents. Additionally, applicants must have no history of education loan default, no delinquencies on education debt in the past 12 months, and no bankruptcy or foreclosure in the past 60 months. Applicants must be borrowers on all loans with a total minimum of $10,000 being refinanced and have established credit history. The loans to be refinanced may be private or federal loans, including Federal Direct Undergraduate and Graduate Loans, Stafford Loans, PLUS Loans, and Graduate PLUS loans. Refinancing a federal education loan will cause the applicant to forfeit certain benefits that may be eligible for only federal loans. The loans must be used to fund the cost of attendance at an eligible, not-for-profit, degree-granting college or university as defined by MEFA. The loans must be in repayment, current at the time of the application, and been repaid on time in each of the previous 12 months.
1 $300 PayDown Rewards® bonus will be paid out after your eligible MEFA loan has been applied for, approved and disbursed. Lenders are not responsible for PayDown Rewards. Note: Gradifi receives compensation from lenders for loans funded through this program. Bonus amounts are subject to change at any time. Limit one bonus per member per twelve-month period.