| Loan Type | Interest
Rate1 | APR2 | Estimated Monthly Payment
per $10,000 borrowed | Borrower | Undergraduate,
Immediate Payment | 6.89% while in school3, then 7.89% | 8.00%-8.36% | As low as $94.34 while in school; after graduation payments as low as $98.96 | Parent is primary borrower, student is co-borrower | Undergraduate,
Interest-Only Repayment | 7.19% while in School3, then 8.19% | 8.25%-8.64% | As low as $63.36 while in school; after graduation payments as low as $105.97 | Parent is primary borrower, student is co-borrower | Graduate,
Interest-Only Repayment | 7.19% while in school4, then 8.19% | 8.36%-8.64% | As low as $63.36 while in school; after graduation payments as low as $105.97 | Student is primary borrower |
|
 |
|
|
- Pay a lower interest-rate and monthly payment while you're in school,3 4 and step-up your payments when you're scheduled to graduate.
- Available to Massachusetts residents going to college in-state or out-of-state, and for U.S. students attending a Massachusetts college or university.
- There's no application fee, only a 4.00% origination fee.5
- A fixed interest rate gives you the same monthly payments.
- Repay your loan over 15 years.6 There's no penalty for early repayment.
- Your interest payments may be tax deductible.7
1. 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.
2. 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 and the presence of a co-borrower.
3. 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.
4. 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.
5. The origination fee is 4% with a co-borrower, and 7% without a co-borrower.
6. The loan must be fully repaid within 15 years of final disbursement. The interest-only payment option does not extend the overall repayment period.
7. MEFA cannot ensure that interest paid on individual loan(s) will be tax-deductible. We recommend that you consult a tax advisor to determine how the applicable tax laws apply to your situation, or that you review the tax laws to determine whether the interest paid on your education loan is tax-deductible.
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.
