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 |
