Form of Student education loans Offered by MEFA
MEFA Student loan Remark having 2022

Massachusetts Instructional Investment Expert (MEFA) try a no longer-for-profit providers one to focuses on enabling parents security its educational costs regarding most practical method possible.

Every You.S residents are eligible so you can re-finance established figuratively speaking compliment of MEFA. They supply competitive interest levels and flexible fees terms and conditions which might be extremely appealing to consumers.

MEFA Education loan Software Criteria

It is possible to next need sit in an accredited institution at least half-time. Because you begin taking groups, you should also go beyond your own school’s sufficient academic improvements standards. Fundamentally, at least one debtor toward education loan would be to satisfy MEFA’s borrowing criteria.

MEFA Refinancing Application Criteria

You should be good U.S. resident or permanent citizen. You should also possess a reliable credit rating. Or even, you could potentially still apply having good cosigner so you can be considered.

Various other borrowing from the bank criteria are having zero number from standard toward a helpful loan without case of bankruptcy otherwise foreclosure on the past 60 months. Ultimately, you have to be a signer toward every present college loans you need to re-finance having MEFA.

MEFA offers private college loans to possess undergraduate and you will scholar people as the well as education loan refinancing. Here you will find the home elevators each one.

Undergraduate Money

MEFA is special where it has got a lower interest rate when you are nevertheless planning to university so you can from racking up also far desire. Repaired rate of interest carrying out within cuatro.5% (5.63% APR) for the in the-college or university months and you will 5.4% (6.03% APR) in the blog post-college several months.

There isn’t any varying rate selection for student fund, so that you won’t need to worry about your own attention sneaking right up and you can including even more towards dominant in the event the cost rise throughout the years.

Cosigner release is offered for the fifteen-12 months money to help you undergraduates that deferring money. Apps to possess cosigner release was approved immediately following forty-eight successive to the-time payments.

Fees Alternatives

  • Quick Fees: Start making your full principal and interest payments while in school. You’ll get better interest rates and pay off your student loans more quickly. You can choose a 10- or 15-year repayment term.
  • Interest-Just Cost: You can only choose the 15-year repayment term and will only make payments on your interest while attending school. This prevents your loan principal from growing while attending.
  • Deferred Fees: You could qualify with or without a cosigner with this option, which comes with a 15-year term. It defers all payments until you graduate, although interest will continue to accrue.

Graduate Funds

Fixed-speed fund appear having APRs carrying out between 7.5% and seven.75% having inside the-college and you will blog post-college attacks. To own cost, you could like often so you can delay costs entirely or build appeal-merely repayments if you are pursuing your own knowledge.

MEFA merely honors scholar student education loans 12 months at once, so if you need capital for several age, you’ll have to re-apply. Maximum deferral months try three years. Otherwise find yourself their program contained in this three-years, you’re going to be necessary to start making costs.

The minimum amount borrowed to own an excellent MEFA scholar financing try $dos,100000 for an exclusive university or $1,500 to have a public school.

MEFA Student loan Refinancing

MEFA even offers glamorous pricing and you can terms to have student loan refinancing, claiming the common month-to-month coupons regarding $206. To help you qualify, yet not, your figuratively speaking have to fulfill several eligibility requirements:

  • Need to be a personal student loan or federal college loans, particularly Government Head Undergraduate and you may Graduate Money, Stafford Fund, As well as Finance, otherwise Graduate Along with Loans
  • Is actually current plus the fees label
  • Can’t be in elegance several months, forbearance, or deferment
  • Financed a degree of an eligible institution
  • On-big date costs generated into the all of the figuratively speaking for the last several weeks
  • So you can re-finance student education loans the minimum loan amount try $ten,100000

Costs and you can Payment

Repaired rates of interest start on cuatro.45% Apr while variable interest levels start from the cuatro.55% Annual percentage rate. Repayment words lasts sometimes 10 otherwise fifteen years.

Undergraduate and you will scholar figuratively speaking feature a beneficial cuatro% origination payment once you prefer MEFA. Refinancing, as well, cannot have a keen origination payment.

MEFA’s Student loan Procedure

You can get a credit decision immediately by applying to possess an effective MEFA education loan on the internet. A hard credit inquiry are expected, which may apply to your credit rating. Alternatively, it is possible to refer to them as to begin with the process along the cellular phone. Regardless, it is possible to go through an excellent five-action techniques, which includes the second:

Pointers Entry: You’ll need a few pieces of information regarding all of the borrowers on the student loan (including cosigners). Make sure you have on hand your:

MEFA Financing Selection: If your credit has been approved, you’re ready to review your private student loan offerspare loan terms and costs to determine which is the right one for you.

Mortgage File Achievement: Once you choose a student loan, you’re ready to review and sign your loan documents. This includes the loan approval disclosure, MEFA loan agreement, Department of Education self-certification, and electronic delivery options.

Loan Finance Bill: Finally, MEFA will disburse your student loan funds to your college or university if you’re taking out a new loan. If you’re refinancing student loans, MEFA will pay off your existing student loans and you’ll begin your new repayment period with them.

MEFA Bells and whistles

Cellular Software – You can manage your student loan payments on the go with MEFA’s app, which is available both at the Apple App Store and Google Play.

Deferment Readily available – If you’re having trouble making your payments, you may qualify for deferment. Reasons to apply include enrolling in school, experiencing economic hardship, becoming unemployed, or being deployed in the military.

Forbearance Available – Forbearance is also an option with MEFA loans. Reasons beyond those listed for deferment include going through a natural disaster or another temporary hardship.

Video Information – The MEFA website has tons of educational resources, but some of their best content comes in video form. They provide videos on anything from tips for applying to how student loan refinancing with MEFA works.


MEFA has the benefit of a reasonable amount of flexibility, especially if you find attractive refinancing your own figuratively speaking. Including, the new pricing are competitive and certainly will trigger tall discounts. Pair by using multiple payment options and locate fairly easily a unique student loan or re-finance established education loan obligations compliment of MEFA.