The Massachusetts Educational Financing Authority (MEFA) was created by the Massachusetts state legislature in 1982 as a nonprofit source of low-cost higher education financing. Though it was created in Massachusetts, MEFA offers private student loans and student loan refinancing to borrowers nationwide.
MEFA is known for offering competitive rates to qualified borrowers and for refinancing both private and federal student loans.
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- MEFA refinance loans
- MEFA student loans
- How to apply for a MEFA loan
- Lender contact information
- How MEFA compares to competitors
- Frequently asked questions
MEFA student loan refinancing
Any federal or private student loan used to pay for your attendance at an eligible college or university can be refinanced through MEFA REFI, their refinancing product. You’re eligible to refinance even if you didn’t graduate — an opportunity that’s not commonly offered by lenders.
MEFA’s refinancing loans have repayment terms ranging from seven to 15 years. There’s no autopay discount, but MEFA features competitive rates and some borrowers may save money by refinancing with this lender.
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| Credible rating | 
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| Fixed APR | 5.75%+ |
| Variable APR | N/A |
| Min. credit score | 670 |
| Loan amounts | $10,000 and up |
| Term lengths | 7, 10, and 15 years |
| Fees | None |
| Best if |
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All APRs reflect autopay and loyalty discounts where available |
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Eligibility
To be eligible for a MEFA REFI loan, you’ll need to meet the minimum criteria. Specifically, you must:
- Be a U.S. citizen or permanent resident
- Have education debt that was used to attend an eligible not-for-profit, degree-granting college or university
- Be the primary borrower on all the loans you refinance (meaning you can’t refinance Parent PLUS Loans taken out for your education)
- Meet minimum credit and income requirements
- Have made six on-time loan payments over the most recent six months
- Have no history of default or delinquency on education debt for the past 12 months, and no history of bankruptcy or foreclosure in the past 60 months
Repayment
MEFA offers three repayment terms for its REFI loan: seven-, 10-, and 15-year terms. In each case, repayment begins as soon as the loan is disbursed to you.
If you’re struggling to make payments on your MEFA REFI loan, the lender offers personalized relief options. Reach out to MEFA’s loan servicer, American Education Services (AES) to access this relief — AES will set you up with a dedicated representative to work with you one-on-one. For example, you may be able to temporarily reduce your monthly payment amount to get through a difficult time.
Notable features
- Zero fees: It’s common for lenders to waive application and origination fees, but with MEFA, you also won’t pay late fees or returned check penalties.
- No graduation requirement: Most lenders require refinance applicants to have graduated with their degree, but MEFA doesn’t.
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MEFA student loans
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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If you’ve exhausted your federal financial aid options, a MEFA private loan may help you fill any funding gaps for your undergrad or graduate program. With low, fixed rates, MEFA’s APRs could also be competitive with federal loan rates, if you have good credit.
No variable rates are available, and with a minimum repayment term of 10 years, you could be in debt for longer than you would with other private lenders offering five- or seven-year terms. However, there’s no penalty for paying off your loan early if you want to save on interest fees.
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| Credible rating |
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| Fixed APR | 5.35%+ |
| Variable APR | N/A |
| Min. credit score | 670 |
| Loan amounts | $1,500 up to the full cost of attendance |
| Term lengths | 10 or 15 years |
| Fees | None |
| Best for |
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available |
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Eligibility
To receive a MEFA private loan for your undergraduate or graduate program, you must:
- Be a U.S. citizen or permanent resident
- Be enrolled at least half-time at a degree-granting, not-for-profit institution
- Meet minimum credit and income requirements (or apply with a cosigner who can)
- Maintain satisfactory academic progress, as determined by your school
- Have no history of default or delinquency on an education loan, and no history of bankruptcy or foreclosure in the past 60 months
Repayment
MEFA’s undergraduate student loan has several different repayment options to choose from:
- Immediate 10- or 15-year repayment: Payments begin the month after your loan is fully disbursed — that means you’ll make full payments while you’re still in school. You must completely repay the loan within 10 or 15 years. Borrowers who choose the 10-year option may be offered the lowest interest rates.
- Interest-only repayment: With this 15-year plan, you make interest-only payments starting the month after your loan is disbursed. Your monthly payment while you’re in school will be relatively low and your interest won’t capitalize, meaning you’ll graduate owing the same amount you took out. Full monthly payments begin after you graduate or leave school.
- Deferred repayment: Make no payments until six months after you graduate or leave school, for a maximum deferral of 60 months. Interest will compound while you’re in school, and you’ll graduate owing more than you borrowed. You must repay the loan within 15 years.
- Deferred repayment with cosigner release: If you borrow with a cosigner, this 15-year repayment plan allows you to defer repayment until six months after graduation or leaving school, with a maximum deferral of 60 months. Your cosigner can request a release after the first 48 consecutive, on-time payments.
Graduate student loans from MEFA only have two repayment options, both with a 15-year term:
- Interest-only repayment: Begin interest-only payments the month after your loan is fully disbursed; full payments will begin after the end of your anticipated in-school period.
- Deferred repayment: Defer all payments until six months after you graduate or leave school, with a maximum deferral of 36 months.
Notable features
- Cosigner release: Undergraduate students who enroll in an eligible repayment plan and have a cosigner could release them after making four years of on-time payments.
- No fees: You won’t pay origination, disbursement, or late fees.
How to apply for a MEFA student loan
You can apply for a MEFA loan online, and you’ll need the following information to start your application:
- Social Security number and date of birth
- Phone number and email address
- Mailing address, both current and prior
- Employment information, including documentation of your monthly income
Once you’ve completed the form, MEFA will conduct a hard credit check and may provide an instant decision. However, if the lender needs more information, they’ll contact you.
If approved, select the loan you want and sign the necessary documents. These include the MEFA loan agreement, loan approval disclosure, and the Department of Education’s self-certification form.
Once complete, your school will complete certification of your loan before MEFA sends the funds to your college. It will apply the money to any outstanding tuition and fees before sending any extra cash to you.
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How to contact MEFA
There are several ways to get in touch with MEFA if you need assistance.
General information
- Email: [email protected]
- Phone: (800) 449-6332, Monday to Friday from 9 a.m. to 5 p.m. ET
- Request a one-on-one virtual appointment: mefa.org/appointment-request
Private student loans
- Email: [email protected]
- Phone: (800) 266-0243, Monday to Friday from 8 a.m. to 8 p.m. ET
Student loan refinancing
- Email: [email protected]
- Phone: (855) 433-7334, Monday to Friday from 8 a.m. to 8 p.m. ET
How MEFA compares to competitors
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| Student loan APR | Fixed:
5.35%+
Variable: N/A | Fixed:
4.50%9
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15.49%9
Variable: 6.37%9 - 16.70%9 | Fixed:
4.48%+10
Variable: 6.03%+10 |
| Refinance APR | Fixed:
5.75%+
Variable: N/A | N/A | N/A |
| Min. credit score for in-school loan | 670 | N/A | N/A |
| Min. credit score to refinance | 670 | Not disclosed | Does not disclose |
| Loan amounts | $1,500 up to cost of attendance for student loans, $10,000 and up for refinancing | $1,000 to cost of attendance | $2,001* to $400,000 (depending on degree type) |
| Term lengths | 7, 10, or 15 years | 10, 15, or 20 years | 5, 7, 10, 12, 15, or 20 years (depends on loan type) |
| Fees | None | None | None |
| Discounts | None | 0.25% autopay discount | 0.25% or 1.00% autopay discount (depends on loan type) |
| Cosigner allowed? | Yes | Yes | Yes |
| Cosigner release | Apply after 48 consecutive, on-time payments | Apply after 12 consecutive, on-time payments | Apply after 12 consecutive, on-time payments |
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 11Custom Choice Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures| 10Ascent Disclosures |
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MEFA FAQs
Are MEFA student loans forgiven?
Since these are private debts, MEFA student loans are not subject to federal student loan forgiveness opportunities. However, there are alternatives to private loan forgiveness.
Are MEFA loans private or federal?
MEFA offers private student loans. If you refinance or take out a student loan from MEFA, you will not be eligible for federal student loan protections and perks.
How long does it take a MEFA loan to be approved?
The credit decision for a MEFA loan can be instant. But once you’ve been approved and accepted the loan, your school will still have to certify it — a process that can take about 10 business days, depending on your college.
Who owns MEFA student loans?
MEFA is a nonprofit state authority that partners with several businesses to help it complete its mission of providing low-cost funding for higher education. Specifically, American Education Services is the loan servicer that handles all of MEFA’s loan products.
How are MEFA loans disbursed?
MEFA student loans are disbursed directly to the school by its predetermined disbursement date. Your school will apply the loan to any outstanding fees before sending any leftover money to you.
The funds for refinancing loans are typically disbursed directly to your previous lenders, who will use it to pay off your existing debt. Then, MEFA will let you know when to begin repaying your refinanced loan.
Methodology
Credible evaluated private student loan lenders in 10 different categories to determine the best lenders for graduate student loans. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and cosigner release options.
Matt Carter has contributed to the reporting of this article.