Student Loans

College is a big investment; one that can significantly impact your finances. Whether planning for yourself or a family member, it is important to first explore all federal aid, grant, and scholarship options. Once these routes have been exhausted, we can help to finance a student loan to cover the amount still needed.

FAFSA Information

Before applying for a private student loan, we advise you to first take advantage of the subsidized and unsubsidized loans offered through the federal government. These often have low costs and favorable repayment terms. Visit the Free Application for Federal Student Aid at the FAFSA website for more information and to apply.


Our private student loans are a low cost way to pay for your education. We offer a convenient online application, payments are deferred until six months after graduation, and you have up to 15 years to repay the loan.

To qualify, you must be a member and enrolled at least half-time in a degree-seeking program in the United States. It is generally advisable to have a cosigner for your application to help get the lowest rate. Cosigner also must be a member of MEFCU. An applicant is able to borrow as little as $2,500 or up to the Cost of Attendance per year for a maximum of $100,000 in undergraduate loans or $150,000 in graduate loans.

We offer flexible terms of 5, 7, 10 or 15 year fixed or variable rate options. While enrolled in school and during deferment, you have the option of making interest payments or a nominal $25 proactive payment towards the loan.

If after applying you find a cheaper way to cover tuition costs, you have up to 30 days to cancel the loan without any penalty.

Student Loan Consolidation

If you have finished school and are looking to simplify your loan payments, consider combining your student loans into one easy monthly payment. Lose the worry and hassle of managing multiple payments and have more time to focus on your career. Consolidation is available for U.S. Citizens and permanent residents. 

To qualify, you must be a current member looking to borrow between $7,500 and $150,000. Proof of graduation from an eligible school is required and you must have a record of reliable, steady income of at least $2,000 gross monthly. 

Consolidation of both federal and private loans is available, but be aware that you may lose certain benefits associated with your federal student loans. Please visit our page with more questions and to apply.