A college education is one of the most valuable gifts a parent can give to a child. A parent loan can help you provide a college education for your son or daughter now while spreading the cost out over time. MEFA offers both federal and private (also called "alternative") loans for parents to help cover education costs not covered by financial aid packages.
Please note that interest rates, terms and products displayed within the MEFA website are for the 2007-2008 academic year. As soon as possible, MEFA will provide information on 2008-2009 loan availability.
MEFA is suspending all Federal education loans including the Stafford Loan for undergraduate and graduate students, PLUS and Graduate PLUS for the 2008-2009 academic year. Additionally, effective immediately, MEFA will not accept any new Federal Consolidation applications.
| MEFA's Loan Options for Parents for the 2007-2008 academic year** |
| Federal PLUS Loan | MEFA Undergraduate Loan | |
| Parent is primary borrower | Parent* is primary borrower (student is co-borrower) | |
| For undergraduate students | For undergraduate students | |
| Fixed interest rate | Fixed or variable interest rate | |
| 10 year repayment | 20 year repayment | |
| Repayment begins immediately | Repayment may begin immediately or be deferred | |
*May be parent or any credit-worthy applicant.
**Current interest rates and terms for the 2007-08 academic year.
"Our son has dreamed of Wentworth since the 7th grade and you made it ALL possible. Two struggling parents, barely keeping ourselves out from drowning, was not sure we could ever make this happen. Thank you for everything."
— Lawrence P. Brunault, West Newbury, MA