Below you'll find more information about our current undergraduate loan products. All of our college loans have stable, fixed interest rates.
Undergraduate
Loans | Immediate Repayment (10 year term) | Immediate Repayment
| Interest-
Only Repayment | Deferred Repayment
| Student Deferred with Co-Borrower Release |
|---|
| Interest rate | 6.89% fixed interest rate during the Anticipated In-School Period;1 7.89% thereafter (APR2 8.09% - 8.54%) | 7.29% fixed interest rate during the Anticipated In-School Period;1 8.29% thereafter (APR2 8.40% - 8.77%) | 7.59% fixed interest rate during the Anticipated In-School Period;1 8.39% thereafter (APR2 8.56% - 8.89%) | 8.09% fixed interest rate (APR2 7.94% - 8.68%) | 8.49% fixed interest rate (APR2 8.29% - 9.08%) |
|---|
| Monthly payment per $10,000 borrowed | $122.10 in-school, then payments step-up to as low as $125.58 at the end of the in-school period1 | $96.79 in-school, then payments step-up to as low as $101.49 at the end of the in-school period1 | $66.94 in-school, then payments step-up to as low as $107.27 at the end of the in-school period1 | As low as $113.973 | As low as $117.08 upon graduation3 |
|---|
| Application & Solicitation Disclosures | Download PDF | Download PDF | Download PDF | Download PDF | Download PDF |
|---|
Download a Loan Fact Sheet PDF
Current Features and Terms
- Step-up repayment strategy for the immediate and interest-only repayment options features a lower interest rate while you are in school, keeping the monthly payment amount low during the college years.
- Repay your loan over 15 years.4
- There's no application fee, only a 4.00% origination fee. (The fee is 7.00% without a co-borrower.)
- Choose to defer payments until six months after the student graduates or leaves the program with the deferred repayment option or the Student Deferred Loan. Maximum deferment is 5 years.
- Student Deferred Loan offers co-borrower release option5 after 48 consecutive on-time payments.
- Benefits Massachusetts residents attending college in-state or out-of-state, and students from across the U.S. attending a Massachusetts college or university.
Eligibility
Up to three borrowers are encouraged to apply: primary/parent borrower, student borrower, and co-borrower. All borrowers have the same rights and responsibilities on the loan, and any borrower may make payments. Having a primary or co-borrower with stronger credit can lower the origination fee and increase your chances of being approved.
With our Student Deferred Loan, the student is a co-borrower. Adding a co-borrower can lower the origination fee and increase your chances of being approved, while still allowing the student to establish a credit history (many students don't yet have one). The co-borrower(s) may be released after 48 consecutive on-time payments.5
For all other loans, the student borrower should enter their information in the student section of the loan application. If applicable, the parent borrower (or other credit-worthy individual) should enter their information in the borrower section of the loan application.
To be eligible for a MEFA Undergraduate or Student Deferred Loan, you must meet the following requirements:
- You (the student) must be enrolled at least half time in an accredited degree-granting 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.
- All applicants must be either a U.S. citizen or a U.S. permanent resident.
- Applicants must meet MEFA's current credit approval standards.
- 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).
- Monthly payment amount at the end of the in-school period varies according to the length of the in-school period. 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.
- 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.
- 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.
- The Interest-Only Payment Option and Deferment Option do not extend the overall repayment period.
- Co-borrower release option is available upon request and must meet the then-current underwriting standards. 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.
Below you'll find more information about our current graduate loan products. All of our college loans have stable, fixed interest rates and a 15-year repayment term.
Graduate
Loans | Interest-Only
Repayment | Deferred
Repayment |
|---|
| Interest rate | 7.59% fixed interest rate during the Anticipated In-School Period;1 8.39% thereafter (APR2 8.65% - 8.89%) | 8.09% fixed interest rate (APR2 8.36% - 8.68%) |
|---|
Monthly payment per
$10,000 borrowed | $66.94 in-school, then payments step-up to as low as $107.27 at the end of the in-school period1 | As low as $113.973 |
|---|
Application & Solicitation
Disclosures | Download PDF | Download PDF |
|---|
Current Features and Terms
- Step-up repayment strategy for the immediate and interest-only repayment options features a lower interest rate while you are in grad school, keeping the monthly payment amount low during the grad school.
- Repay your loan over 15 years.4
- There's no application fee, only a 4.00% origination fee. (The fee is 7.00% without a co-borrower.)
- Choose to defer payments until six months after you graduate or leave the program. Maximum deferment is 3 years.
- Benefits Massachusetts residents attending grad school in-state or out-of-state, and students from across the U.S. attending a Massachusetts college or university.
Eligibility
To be eligible for a MEFA Graduate Loan, you must meet 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.
- All applicants must be either a U.S. citizen or a U.S. permanent resident.
- Applicants must meet MEFA's current credit approval standards.
- 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).
- Monthly payment amount at the end of the in-school period varies according to the length of the in-school period. 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.
- 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.
- 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.
- The Interest-Only Payment Option and Deferment Option do not extend the overall repayment period. 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.
