Whether you’re just starting to research your student loan refinancing options or you’re evaluating rate offers, Massachusetts Educational Financing Authority (MEFA) could be the right fit for you.
MEFA offers student loan refinancing to borrowers across the country. Here’s everything you need to know about refinancing with MEFA.
MEFA student loan refinancing overview
MEFA’s Education Refinancing Loans are designed to help young professionals and families refinance their student loans, sometimes even lowering their monthly payments or interest rates on their student loan debt — or both.
If you decide to refinance with MEFA, here’s what you should know:
| Loan amounts | $10,000 up to any balance for any degree type |
| Loan terms | 10 and 15 years |
| Loan qualifications | Refinance federal, private, and ParentPLUS loans |
| Discounts | n/a |
| Income | Minimum of $24,000 |
| Fees | No fees |
| Education | - Associate through graduate degrees from not-for-profit institutions - Borrowers without degrees are eligible |
| Citizenship/Residency | U.S. citizen or permanent resident |
| Cosigner release | n/a |
| Loan servicer | American Education Services |
How to refinance with MEFA
MEFA can be a great match for you if you’re looking to refinance your loans. But keep in mind that each refinancing lender determines the rate they’ll offer on an individual basis. It’s impossible to know your lowest possible rate without first applying to multiple lenders.
With Credible, it’s easy to compare top rates from MEFA and other student loan refinancing lenders by filling out just one form. You can even check your prequalified rates without it affecting your credit.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
