MEFA Private Student Loans Review

Searching for a student loan or a company to refinance your current one can be a hassle. Read all about MEFA here, and find out if it’s the best service for you.

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    Massachusetts Educational Financing Authority, or MEFA, has been around since 1982. It began with the view to offer low-cost college financing to students in Massachusetts, and while it’s now grown to cover all 50 states, the core ideals remain the same.

    Why get a student loan from MEFA?

    MEFA has some reasonable starting rates, there are no late fees, and you can refinance without having graduated your course. 

    What student loans does MEFA offer?

    It's possible to use the services to cover a new student loan, or to refinance an existing one. The loans are available nationwide and are only with fixed interest rates, so they’ll stay the same throughout the entire loan period.

    Student Loan Refinancing Information (October 2020)

    This lender has no deferral program on its refinancing services, which means you should be confident that you won’t need some extra time when making your repayments. You don’t need to have graduated but can’t have defaulted on any past loans.

    Fixed rates from:   3.6% - 5.65%
    Variable rates from:           4.65% - 6.15%
    Loan repayment terms:7, 10, or 15 (Years)
    Loan amount:$10,000 up to your total debt

    Private student loans

    The private loans that you can take out are pretty reasonable, but with no deferral options whatsoever, you’ll need to be sure you can keep making the payments. There's a minimum credit score requirement of 670, which some people may not meet.

    More about rates and fees of MEFA’s loan options (October 2020)

    One added benefit of using MEFA is that there are no late fees. Below are the other stated costs and rates of its loans.

    Fixed rates from:   3.75%
    Variable rates from:  Not available
    Application fee: None
    Origination fee:   None
    Disbursement fee:None
    Late fee: None
    Returned payment fee:Not stated
    Prepayment penalty:None

    MEFA pros and cons


    • No late fees at all
    • You don’t need to graduate to refinance


    • No deferral options or cosigner release

    How to apply for a MEFA student loan

    Applying for a loan or refinancing is quite simple as you can do it all online. You can do a soft credit check to see what rate you’ll be offered without committing to anything.


    MEFA has some respectable loans and refinancing options that may be right for some people. The fact that it doesn’t charge any late fees is great, but this is offset by the lack of options for deferral or forbearance. This breathing room is often very useful, and to take a loan without any is quite a commitment. There’s also no way to release your cosigner for any reason except your death. 

    A better option would likely be College Ave or Ascent. Both these lenders have generous deferral periods available for when you’re in a tight spot, offer variable rates on private loans, and give discounts when using automated payments.