The Massachusetts Educational Finance Authority, known as MEFA, was founded by the Massachusetts legislature over 30 years ago with the aim of providing a path to higher education in the State of Massachusetts. Although people without ties to Massachusetts cannot get student loans from MEFA, MEFA can be used for Refinancing Student Loans by students from across the country. Although MEFA student loan refinances come with a few limitations, for many borrowers, it can be a great option.
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With a MEFA Education Refinancing Loan, you can combine all your existing student debt into one, making it easy to manage.
- Refinancing federal and private loans
- Easier to manage and pay your monthly loan bills
- No origination fee, application fee, or prepayment penalty
Table of contents
Some Details about MEFA Student Loan Refinancing
Minimum refinance amount: $10,000
Repayment Terms: 7, 10 and 15-year
Fixed interest rates starting at 3.95% APR and variable interest rates starting at 3.96% APR
Convenient online account access and loan payments
NOTE: The monthly payment and interest rate on a MEFA variable rate Education Refinancing Loan may increase or decrease according to the index, the 1-Month London Interbank Offered Rate (LIBOR) or its replacement index or reference rate, fluctuates.
Citizen or permanent resident of the United States
Established credit history; a co-borrower can help strengthen the application
No history of default on an education loan and no delinquencies on education debt in the past 12 months
No history of bankruptcy or foreclosure in the past 60 months
Be the borrower on all loans being refinanced
Which Loans can be Refinanced through MEFA
Student Loans that can be Refinanced:
Loans that are in repayment and current at the time of your refinance application
Loans that were used to fund the cost of attendance at an eligible, not-for-profit, degree-granting college or university (as defined by MEFA)
Loans that have been repaid on time in each of the previous 12 months
The minimum amount of Student Loans that MEFA Refinances is $10,000.
Limitations of MEFA
One of the main limitations of MEFA Refinancing is that they only have terms of 7,10 or 15 years. And although these terms may be good for some borrowers, for many others, it presents as an issue. For example, if you wanted a loan for 5 years with the lowest interest rate possible, then MEFA is not an option. Similarly, if you are trying to stretch out your repayment terms for a long time at a lower interest rate, like many refinancing companies do, up to 20 years, then MEFA is again not an option for you. Another one of the limitations with MEFA is the lack of Co-signer release. This makes it a major commitment for your Co-signer as it will show up on their credit report for up to the next 15 years.
How can MEFA refinancing improve?
1. Mefa can help to provide forbearance for people in an economic crisis.
2. It would help if they provide a cosigner release program.
3. Autopay options made available for biweekly student loans.
4. It can provide a repayment term duration beyond 15 years.
5. It can start their service to other parts of the country than being restricted to Massachusetts so that it can be beneficial to international students.
They can be reached via phone by
Phone# (800) 449-6332
7:30 a.m. - 9:00 p.m ET, Monday to Friday.
email ID- firstname.lastname@example.org
MEFA offers a much smaller spectrum of Loan Refinancing options compared to big lenders like SoFi. That being said, if you are seeking Student Loan Refinancing Plans whose terms are for 15 years, then MEFA can be a great option for you and you should definitely check them out. You can get a Full Review of MEFA to learn more about them. If you do not fancy refinancing with MEFA, then you can check out the Best Companies To Refinance Your Student Loans to find the refinancing company that best fits your needs. Refinancing can be a powerful weapon in helping you get over your Student Loan Debt. Do your due research and make decisions that are best for your particular financial situation.