The fastest path is an online loan application. We review your credit within 15 minutes of your application and can let you know within 24 hours if your credit passes immediate approval. We offer a phone application, or you can download the application on the individual product page on the site and fax it in. Our customers tell us it takes around 15 — 20 minutes to complete an application, whether online, by phone, or on paper.

We recommend that you gather some information before you start. You'll need monthly salary, employment history, and housing information for yourself and your co-borrower if you have one. Take a look at the PDF application for your loan type to see all the information you will need.

International students may apply for a MEFA loan with a U.S. citizen or permanent resident as a co-borrower. Remember, if you are not planning to attend a Massachusetts college, either the student, the borrower, or the co-borrower must be a Massachusetts resident.

"Immediate repayment" loans enter the repayment cycle within (not to exceed) 45 days of the final disbursement on the loan. If your college received the final disbursement of your loan on January 6th, your loan would most likely be due on January 28th (please check your billing statement for your exact payment due date).

"Deferred repayment" loans enter repayment within six months after the student graduates or drops to less than half-time status. If you graduate on June 30, 2007, your grace period would end on December 30, 2007, and your first payment would be due in January 2008.

Payment dates for most MEFA loans are on 28th day of each month, and the remainder fall on the 14th day of the month.

Please note that interest begins accruing after each disbursement. You are not required but are permitted to make payments toward this accruing interest during your deferment period if you wish.

Your loan will be disbursed on a date chosen by your college, assuming that all approvals are complete. Most colleges select a date in August or September for first semester loan disbursements, and a date in December or January for second semester funding.

If your first loan was one of MEFA's Guaranteed Renewal Programs you are automatically eligible for supplemental funding for second semester. We will send you a mid-year renewal promissory note in November. If you need additional funding for the current academic year, just fill in the amount, choose either a fixed or variable interest rate, sign and return the note. No need to act unless you need extra funding this year - we'll send out next year's renewal information in the spring.

If your first loan was not eligible for guaranteed renewal, don't worry. It is just as easy to apply for a MEFA Loan mid-year. Our four easy ways to apply are available year-round: online, phone, mail, or fax. Check your specific product for application details.

Both programs allow you to borrow up to the cost of attendance at your college less any Financial Aid received.

The MEFA Undergraduate Loan is a privately funded (alternative) loan available to Massachusetts residents or those attending a Massachusetts college. It involves a review of your credit prior to approval. You may choose between low fixed or variable interest rates, and may opt to defer payments until graduation. It has a 20-year repayment term. Any credit-worthy individual may be the primary applicant.

The PLUS Loan is federally guaranteed. The Federal Government sets Interest rates for the PLUS Loan. Before July 2006, the interest rate was variable. After July 2006, the interest rate will be fixed at 8.5%. It has a 10-year repayment term. Only a parent or legal guardian may be the applicant.

It is sometimes possible to request a different lender if you find that you can get better rates and benefits, and if your school does not participate in the Direct Lending Program. Talk with your college financial aid office to see what options are available to you.

Colleges and universities process an enormous volume of Stafford Loans each year. Financial aid offices are familiar with many lenders, and families frequently seek their counsel on where to get the best loan rates and terms. Colleges typically assign your Stafford Loans to the lender(s) that they think will offer you the best service and rates. You will get the same lender each year for your Stafford Loans.

Federal loans and MEFA alternative loans are funded by and guaranteed by different sources and methods. If we mixed these different types of loans together, the federal guarantees would no longer be available. This would force costs higher for the loans, rather than make them lower.

Our loan servicing department will be happy to assist you. You can change your address either via phone 1-800-397-8386 or online. (PLEASE NOTE: Clicking on this link will take you away from the MEFA web site.)