Mefa Student Loan Refinance

About MEFA Student Loan Refinance

MEFA was initially established in 1982 by the Massachusetts state legislature in response to a request from the state’s various educational institutions. MEFA’s mission statement has always included the provision of affordable education funding options to families with children who have the potential to attend college. Today, MEFA provides student loans and savings programs to students all around the country, as well as extra savings plans and assistance that are special to students in the state of Massachusetts.

All fifty (50)  states of the united states are eligible for MEFA’s highly competitive fixed-rate student loans, which are offered by the organization.


Mefa In a Nutshell

MEFA stands for the Massachusetts Educational Financing Authority and provides students in all fifty states with access to private student loans with fixed interest rates. It is primarily geared toward borrowers who have co-signers with excellent credit. Its interest rates are quite competitive, and as a result, many people who borrow money for student loans get better terms from this company than they would from other lenders. It also provides two different savings plans, one of which is available everywhere and the other of which is only available to people living in Massachusetts.

Mefa Student Loan Pros and Cons


  • Rates are usually better than average
  • 529 college savings plans
  • Prepaid tuition program (MA only)


  • No variable loan options
  • Strict credit approval standards

Mefa Student Loan at a Glance

Loan types: Undergraduate, graduate


APRs: 3.75% – 5.75%

Repayment terms: 10-15 years

Loan amount: Up to 100% of cost of attendance


Origination fees: No

Mefa Student Loan Interest Rates and Fees

There is no option for variable rates provided by MEFA; we only offer fixed rates. Borrowers are never required to pay more than 5.75 percent, which is a significant reduction from the maximum rate of 10–12 percent that is typically levied by other student lenders. This comes with both positive and negative news. If you meet the requirements, you will automatically receive an affordable interest rate. But this does imply that both you and your co-signer need to have very good credit in order to be approved for a loan.

The following criteria combine to determine the interest rate on a loan: the credit profile of the borrower, the credit profile of the co-signer (with the credit profile of the co-signer being given the greatest weight), the payback duration, and the repayment form. Please refer to the following section for further details regarding the various repayment arrangements and options.

Loan type Immediate repayment Interest-only repayment Deferred repayment
Undergraduate loans 3.75% – 5.35% 4.25% – 5.40% 4.38% – 5.75%
Graduate loans N/A 4.25% – 5.40% 4.45% – 5.50%

Mefa Student Loan Repayment Options

Undergraduates are given five repayment options:

  • Immediate repayment (10-year term). Payments begin immediately when the loan closes.
  • Immediate repayment (15-year term). As above, but with a longer repayment term.
  • Interest-only repayment (15-year term). Interest-only payments during studies, followed by commencement of interest and principal after graduation.
  • Deferred repayment (15-year term). Payments commence after graduation.
  • Deferred repayment with co-borrower release (15-year term). As above, but also includes co-signer release option (See “Co-Signer Options” below for more info).

Graduate borrowers have two options:

  • Interest-only repayment (10-15 year term). Interest-only repayments for the in-school period, as defined in the MEFA Graduate Loan Application and Solicitation Disclosure.
  • Deferred payment. Payments begin after graduation, as above.

Mefa Student Loan Discounts and Rewards

MEFA offers two tax-advantaged savings plans, one for Massachusetts residents and the other nationwide. U.Plan Prepaid Tuition is a prepaid tuition program that is only available in the state of Massachusetts. This program allows you to take advantage of tax benefits, save money for college, and lock in current tuition rates. The U.Fund College Investing Plan (nationwide) is a 529 college savings plan that provides financial flexibility as well as potential tax benefits.

Mefa Student Loan Application Process

The application process for a student loan is simplified and streamlined using MEFA’s online loan application platform. MEFA will make a quick determination on your creditworthiness once all sections of the application have been filled out by you and your co-signer. At any point, you or your co-signer may pause the application process, log out, and then return to it.

To qualify, you must:

  • Be a citizen or permanent resident of the United States;
  • Meet MEFA’s current credit approval standards;
  • Maintain satisfactory academic progress as defined by the college or university; and
  • Be enrolled at least half time in an accredited degree-granting undergraduate program at an eligible non-profit college or university in the United States. (If the student is currently enrolled for the current academic year, a student may borrow a MEFA Loan for the summer session or borrow a MEFA Loan to cover a past due balance within the current academic year)

Mefa Student Loan Co-Signer Options

To assist in fulfilling the necessary credit standards, MEFA suggests bringing a co-signer (which it really refers to as a “co-borrower”) along for the ride. The co-signer or co-borrower may submit a request for release under the Student Deferred Repayment with Co-Borrower Release program after the first 48 consecutive on-time monthly installments have been made, provided that they meet the then-current underwriting conditions. Every other type of loan option necessitates that the co-signer or co-borrower be present during the entirety of the payback term.

Mefa Student Loan Customer Service

Students in Massachusetts and students in other states can receive assistance and support from MEFA, which serves as the authority on educational financing in Massachusetts. Call (800) 266-0243 between the hours of 8 a.m. and 8 p.m. Eastern Time (ET) Monday through Friday to speak with a MEFA specialist regarding loans or other kinds of student financial aid, or send an email to


Despite the fact that the majority of its customers are students from Massachusetts, MEFA is able to offer affordable fixed-rate loans to borrowers from all over the country. It is not simple to meet the requirements. However, if you have a co-signer like as a friend or relative with strong credit, then the fixed-rate annual percentage rates that are offered here are as good as you’ll find practically anyplace else.


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