After nearly thirty years, MEFA is still doing exactly what it was created to do – helping to make higher education more accessible and affordable for Massachusetts students and families.
While MEFA’s offerings have expanded over the years to include two college savings programs and extensive community outreach on saving and paying for college, the flagship fixed interest rate MEFA Loan remains one of the most affordable college financing options available for undergraduate and graduate students.
MEFA’s low-cost fixed interest rate loans benefit Massachusetts residents attending college in-state or out-of-state and for U.S. students pursuing higher education in Massachusetts.
Choice of repayment options — immediate, interest-only, or deferred.
Fixed interest rates on all MEFA loans provide stable and predictable monthly payments.
No tiered pricing: all qualified MEFA borrowers receive the same low fixed interest rates for the applicable loan program.
Step-up repayment strategy features a lower interest rate while the student is in school, keeping the monthly payment amount low during the college years.
MEFA Undergraduate Loan
Download a fact sheet for the Undergraduate MEFA Loan. 
Student Deferred Loan
Download a fact sheet for the Student Deferred Loan.
Graduate Loan
Download a fact sheet for the Graduate MEFA Loan.
MEFA has updated our website and loan processing system be fully compliant with Title X regulations. Download our PDF to review the MEFA Loan process, including steps required under Title X.
The newly required Application and Soliciation Disclosures showcase why MEFA's fixed interest rate loan products are some of the lowest cost loans in the country. Although MEFA is required under the Higher Education Opportunity Act (HEOA) to provide copies of our Application and Solicitation Disclosures only to colleges with which MEFA has a preferred lender arrangement, MEFA has opted to provide this information to all of the colleges and universities with which we work.
View MEFA's Application and Solicitation Disclosures and Self-Certification Form
Undergrad, Immediate (10 year term) PDF Undergrad, Immediate PDF Undergrad, Interest-Only PDF Undergrad, Deferred PDF Student Deferred Loan PDF Grad, Interest-Only PDF Grad, Deferred PDF Self-Certification Form PDF
MEFA will post updated Application and Solicitation Disclosures on an annual basis.
In Massachusetts, eighty public and private colleges and universities participate in the U.Plan Prepaid Tuition Program. Each of these participating colleges’ commitment to helping families lock-in tomorrow’s tuition at today’s rates has made the U.Plan a success since 1995.
Learn more about how the U.Plan works.
Important Annual U.Plan Dates
Enrollment Season: May 1 – June 30th
Updated Tuition and Fees: May
MEFA sends a preliminary U.Plan roster: June
U.Plan disbursements from MEFA: August
If you have questions about the U.Plan or would like to request a refund form or make updates, please contact Angelina Mancini at 800.842.1531 ext. 4817 or email amancini@mefa.org.
1. The Annual Percentage Rate (APR) reflects both the accruing interest and the effect of borrowing the origination fee and paying the expected monthly payment over the term of the loan. APR varies with length of deferral, length of in-school period, and the presence of a co-borrower.
2. Monthly payment amount at the end of the in-school period varies according to the length of the in-school period.
3. The undergraduate Anticipated In-School Period begins on the initial disbursement date of the loan and ends on the date which is expected, at the time of origination, to be the first anniversary of the final disbursement date of the loan on which the student will have completed his or her current course of study (e.g., for a loan for a freshman, four years from the final disbursement date of the loan), but no later than the fourth anniversary.
4. Interest payment and principal repayment begin 6 months after the student graduates, leaves the program, is not making satisfactory academic progress as defined by the institution, or reduces his/her hours to less than half-time status while in school.
5. The graduate Anticipated In-School Period begins on the initial disbursement date of the loan and ends on the date which is expected, at the time of origination, to be the first anniversary of the final disbursement date of the loan on which the student will have completed his or her current course of study (e.g., for a loan for a first year graduate student, three years from the final disbursement date of the loan), but no later than the third anniversary.
MEFA reserves the right to modify or terminate benefits, products, services and terms in its sole discretion and without prior notice. MEFA education loan availability is subject to MEFA’s acceptance of a completed loan application, including credit approval and fund availability for the applicable loan category at the proposed disbursement time.
