MEFA Loan:
• 5.75%-8.95% fixed for 2024-25
• 5.75%-8.95% APR*
• No origination fee
• Student is on the loan
• Student & co-borrower(s) are responsible for repayment
• Co-borrower release option
• Minimum credit score required
• 10-15 years repayment terms
• Immediate, interest-only, deferred and repayment options
• At least half-time enrollment status
• Student death & disability loan forgiveness
• Do not need to file the FAFSA to receive

Direct PLUS Loan:
• 9.08% fixed for 2024-25
• APR not disclosed
• 4.228% origination fee
• Student is not on the loan
• Parent is responsible for repayment
• Can not transfer responsibility
• Minimal credit standards required
• 10-25 years repayment terms
• Immediate or deferred repayment options
• At least half-time enrollment status
• Parent or student death & disability loan forgiveness
• Do need to file the FAFSA to receive

*The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan and reflects the loan's interest rate, timing of payments, and fees. MEFA's lowest rates are only available to the most creditworthy applicants.

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