MEFA Student Loan Refinancing Review: All The Details

Get all the details before refinancing your Student Loans with MEFA. Know the Eligibility Criteria, Which loans can be refinanced, and the limitations of refinancing with MEFA

Updated by Vidish S on 15th June 2020

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.

Need a Student Loan for your Education? Check out the Best Student Loans today!

With a MEFA Education Refinancing Loan, you can combine all your existing student debt into one, making it easy to manage.

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:

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.

Contact details

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-

Concluding Thoughts

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.