MEFA Graduate Loan offers you the flexibility to customize a loan for your individual needs.
Your payments are deferred while you're enrolled in your graduate program. Repayment begins six months after you graduate, leave the program, or reduce your hours to less-than-half-time.
- You'll have a 20-year repayment period. You may defer your payments for up to five years.† If you choose to defer payments, the length of your deferral period is added on to the 20 years.
- There's no application fee and the origination fee is 0.00% if you apply with a co-borrower. (It's 3.00% if you apply without a co-borrower.)
- There's no penalty for early repayment or prepayment.
| 2007-2008 Interest Rates and Terms for the 2007-08 academic year*** |
| Rate† | APR†† | Estimated Monthly Payment Per $1,000 Borrowed |
| Fixed rate, defer payments until Graduation (with co-borrower) | 6.89% | 6.56 - 6.89% | $8.11 |
| Fixed rate, defer payments until Graduation (without co-borrower) | 6.89% | 6.80 - 7.25% | $8.36 |
| Variable rate*, defer payments until Graduation (with co-borrower) | 5.40% | 5.19 - 5.39% | $7.11-$8.77 |
| Variable rate*, defer payments until Graduation (without co-borrower) | 5.40% | 5.43 - 5.73% | $7.33-$9.05 |
Variable Interest Rates for academic quarter beginning April 1, 2008.
Prior quarter rates and terms| Prior Quarter Interest Rates and Terms |
| | Rate† | APR†† | Estimated Monthly Payment Per $1,000 Borrowed |
| Fixed rate, defer payments until Graduation (with co-borrower) | 6.89% | 6.56 - 6.89% | $8.32 |
| Fixed rate, defer payments until Graduation (without co-borrower) | 6.89% | 6.80 - 7.25% | $8.36 |
| Variable rate**, defer payments until Graduation (with co-borrower) | 7.43% | 7.05% - 7.44% | $8.49-$11.17 |
| Variable rate**, defer payments until Graduation (without co-borrower) | 7.43% | 7.29 - 7.80% | $8.75-$11.51 |
To be eligible for a MEFA Graduate Loan, you must meet the following requirements:
- You must be enrolled at least half time in an accredited degree-granting graduate program at an eligible non-profit college or university.
- You must meet one of the following:
- You (the student) or your co-borrower live in Massachusetts OR
- You are attending a Massachusetts college or university
- You must maintain satisfactory academic progress as defined by your college or university.
- You may request a loan amount up to the total cost of attendance (including tuition, fees, room, board, and miscellaneous expenses) minus other financial aid.
- The minimum loan amount is $2,000 ($1,500 minimum at a public college or university.
2008-2009 academic year interest rates for MEFA Loans have not yet been determined."It was a relief to know that there was a convenient way to apply and receive a loan for my education. As a teacher working full time and going to school it really took the stress out of the whole process. The customer service rep that I dealt with was so friendly and helpful. He really calmed my nerves and gave me good advice."
— Melanie Samay
*Rate effective April 1, 2008. Variable interest rates change quarterly based on 3-month LIBOR, and will never exceed 12%.
**Rate effective January 1, 2008. The 2007-2008 academic year Variable interest rates change quarterly and will never exceed 12%.
***Current interest rate and terms for the 2007-08 academic year.
†Interest will accrue during the deferment period, and will capitalize once at repayment.
††APR calculation includes both interest accrued prior to repayment start and the effect of borrowing the origination fee and paying it over the term of the loan. APR will vary based on your graduation date and presence of co-borrower.