MEFA student loan reviews

MEFA offers education loan programs, refinancing, evaluations, eligibility, etc. To know more about application process with MEFA, continue reading.

Updated by Priya shah on 14th September 2020

The Massachusetts Educational Financing Authority known as MEFA student loans is one of the most trusted loan lenders across the country that provide loans in Massachusetts. They help students to continue their studies without having to worry about financial lacks and insufficiency. They are one of the oldest loan providers that are providing loans as financial support from the last 30 years. They are working with the composite aim to make residents Massachusetts independent and successful.

They have designated their loan plan among the closely related ones like community organizations, schools, and families. The loan amount and the specific interest rate are determined as per the needs of students across the state. To raise awareness among the students, they often make efforts to do something new and creative to encourage students to know affordable student loan opportunities. Due to their excellent and unbreakable hard work, MEFA gets a positive remark from a large group of students.

Table of content

Private student loan details

Private student loans are a great option to help cover additional expenses. While going with MEFA you can expect the following-

Features Factors
Terms of loan 10 to15 years
Amount of loan
min loan amount:$2000 for private colleges,$1500 for a government college; max: total cost of attendance other than financial aid
Grace period
Minimum of 6 months for undergraduates
Cosigner release
Only available with one repayment plan
Related products
Graduate student loans

Private student loans don’t accept late fees. The one-time repayment plan offers cosigner release. MEFA private student loans don’t offer deferment or forbearance only if you have trouble making your payments. That justifies that MEFA is a good choice only for those who own a stable income after graduation.


  • It offers a fixed rate of interest

  • Cosigner release is only applicable once you are selecting the deferred repayment when you apply

  • In short, they don’t have the availability of deferment or forbearance programs

MEFA loans Reviews 

Education refinancing loans don’t offer interest-only or deferred repayments. The loan varies according to the student where a student can defer undergraduate loans for up to 60 months and graduate loans for up to 36 months. Where the lender often doesn’t provide deferment options for loans that are to refinance.

Pros Cons
No application fee, origination fees, prepayment penalty Does not provide flexible repayment options for graduate and refinancing loans
Cosigner release for undergraduates available Residency requirements for in-school loans
Not-for-profit, state-based, and state-chartered education loan organizations No cosigner release for graduate or refinancing loans

MEFA can improve by cosigner release for graduate or refinancing loans and limiting the requirement of residency for school loans. Better repayment options and longer loan term periods are beneficial. 

How to apply and get a MEFA student loan?

You can apply for MEFA student loans on its official website. To successfully and instantly apply to take a MEFA student loan or any private student loan, you must exhaust your federal student loan option first. Whereby submitting the free application for federal student aid, known as the FAFSA. Before applying must go for the comparison of the student loan options of the private student loan to get the best rate you qualify for. Also lenders repayment alternatives and the flexibility that they offer to borrowers who gets quite a trouble in making the payments.

MEFA is one of the trusted and reliable loan servicers that can be the best source of funding for the students who can't apply for the most affordable federal student loans because they offer an interest rate that is higher with federal PLUS loans. It’s always a good idea to compare the interest rates from different lenders as the rate they offer to the borrower they vary from lender to lender.

                                                        Worried about your college tuition? Learn more about best student loans 

Qualifications for MEFA student loans

MEFA is especially the loan servicer that provides private student loans for undergraduate and graduate students. 


  • Those who are interested in these loans must enroll at least half-time in an accredited program at eligible and renowned college or university. 

  • They should maintain satisfactory academic progress as termed as college. To qualify an education refinancing loan. 

  • The borrower must be the eligible citizens and permanent residents of the U.S. with an attractive credit history.

  • And must be remembered that your history of default and delinquencies in the past year or foreclosure in the past 5 years.

  • In case if you didn’t qualify for the education refinancing loan on itself you may require a cosigner for the process of the loan.

  • Your credit score of at least 670 or above will be considered as strong credit history. Must be free for any history of default of the loan with no delinquency in the past 12 months.

Once you satisfy the above criteria, getting loans from MEFA should not be hard.

MEFA student loan refinancing

Student loan refinancing is a great way to manage your loan debt, it is advised to have an in-depth understanding of what refinancing has to offer.

The MEFA Massachusetts educational financing authority offers private student loans to graduate students. It offers education loan refinancing loans across the country. 


  • It offers release on cosigner for undergraduate loans.

  • It provides deferment on in-school loans for up to 5 years.

  • It allows students to borrow up to the additional cost of attendance minus financial aid.

Fees and discounts

  • Only fixed-rate in-school students are offered by MEFA.

  • Borrowers can choose between a fixed or variable interest rate if they are looking to refinance.

  • Whereas undergraduate student also has an option of choosing the repayment term (10- 15years), and graduate students are given 15 years.

Interest rates, fees, and terms

  • Loan terms exceed from 7, 10, or 15 years.

  • No consideration for late fees.

  • They don't have a prepayment penalty.

  • No application or origination fee

  • Can't transfer a parent loan to a child

  • The Loan amount is :$10000 as per your outstanding debt.


  • The minimum credit score must be 670

  • The minimum income should be $24000 per year

  • You can qualify after 5 years if you have filed for bankruptcy.

MEFA repayment options

There are 4 types of repayment options provided by MEFA as follows :

Deferred repayment: Loan term ideally will be 15 years. And they provide 6 months of grace periods for both undergraduate and graduate loans. After 6 months you can start making your repayments.

Interest-only repayment: This gives you a grace period of one month after which you must start your payments towards interest while you were in school.

Deferred repayment along with cosigner release: This repayment option comes with cosigner release and available to undergraduate students only. Once cosigner once 48 consecutive monthly payments are made on time cosigner release is provided.

Deferred repayments: 6 months grace period is available and you don't have to make any payments till then. The loan term is 15 years to be completed which is available to undergraduate and graduate student loans.

Immediate repayment: Comes with 2 sets of interest rates: 3.75% - 5.30% APR and 3.95% - 5.35% APR where payments start immediately after a month of the loan disbursement.

Customer service

MEFA is one of the best ranked and A+ rating with the better business bureau. According to the 2018 data the servicer company received 24 student loan-related complaints about MEFA. the most common issues  related to:

  • The problems in handling the payments.

  • Wrong information about the loan.

  • Lack of flexibility options.

  • Issues and problems with customer service.

MEFA has a record of providing a timely and valid response to 23 complaints and solved all the complaints with an explanation.

Contact Information

General information

Phone no: 8004496332

Open from (mon- Fri) 9:00a.m to 5.00p.m


Mailing ad

dress: MEFA 60 state street, suite 900 Boston, MA 02109

For graduate and undergraduate loans

Phone no: 800266-0243


Fax: 888725-2855

Mailing address: MEFA 8520 Laverne, CA 91750-9998

As a comparison to other loan servicers, MEFA is an entrusted loan servicer that provides the loan in Massachusetts. This company provides various facilities in regards to loans to undergraduate, graduate student loans at a very low rate of interest, and helps students to manage and save money for the higher studies as well as to refinance the loan at an affordable rate of interest.

MEFA works intending to help the student manage to assist students with an affordable student loan in inorder to make them complete their studies and contribute positively, being a citizen of the nation. This loan servicing company assists students and their families in the most efficient manner.