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. Maximum deferment is 36 months.
- You'll have a 15-year repayment period.
- A fixed interest rate gives you the same monthly payments.
- There's no application fee and the origination fee is 4.00% if you apply with a co-borrower. (It's 7.00% if you apply without a co-borrower.)
- There's no penalty for early repayment or prepayment.
| Current interest rates for the 2009-2010 academic year |
| Rate† | APR†† | Estimated Monthly Payment Per $10,000 Borrowed as low as |
| Fixed rate, defer payments until Graduation* | 8.89% | 9.08 -10.01% | $112.36 |
To be eligible for a MEFA Graduate Loan, you must meet all the following requirements:
- You (the student) 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:
- The primary borrower and/or your co-borrower live in Massachusetts OR
- The student lives in Massachusetts OR
- The student is attending a Massachusetts college or university
- You must maintain satisfactory academic progress as defined by your college or university.
- Applicants must meet MEFA's current credit approval standards.
- All applicants must be either a U.S. citizen or a U.S. permanent resident.
- 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.
"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
*Deferred repayment loans are subject to fund availability, are awarded on a first-come, first-served basis and are subject to significant eligibility guidelines. Interest rates for deferred loans may be higher than other interest rates.
†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.
††The Annual Percentage Rate (APR) reflects both the accruing interest and effect of borrowing the origination fee and paying the expected monthly payment over the term of the loan. APR varies with length of deferral and the presence of a co-borrower.
MEFA education loan availability is subject to MEFA’s acceptance and approval of a completed loan application, credit approval, and fund availability for the applicable loan category. MEFA reserves the right to modify or terminate benefits, products, services and terms in its sole discretion and without prior notice.
The information provided to you on this Web site has been obtained and/or compiled from sources we believe to be reliable.
The information, products, services, or terms are provided as is. MEFA does not and cannot guarantee the accuracy, validity, timeliness, and/or completeness of any information, data or documents made available on this Web site. Any dated information is published as of its date only, and MEFA does not undertake any obligation and/or responsibility to update or amend any such information or documents.