We’re here to help you make a realistic and affordable plan to pay for college. You will probably need to tap into a combination of resources including savings, current income, financial aid, and – potentially – a private education loan. And make sure you understand the details of the college billing process.
The earlier you start saving for college, the more you’re likely to have in your account when it’s time to pay the college bill. To help you make the most of your savings, MEFA offers two tax-advantaged products: the U.Plan Prepaid Tuition Program, which lets you save while locking in college tuition and fees at today’s costs; and the U.Fund College Investing Plan, which is the Massachusetts 529 college savings plan. Learn More
For those who are eligible, financial aid — which totals hundreds of billions of dollars each year – is available in the form of grants and scholarships, work-study funds, and federal loans. Financial aid can be based on financial need or merit, and is provided by federal and state governments, colleges and universities, and local and national private organizations. Learn More
Most colleges and universities allow families to pay the college bill using a monthly payment plan. Payment plans spread college costs over several months. They don’t charge interest or necessitate a check credit, and only require a small enrollment fee. Families can set up a payment plan through the college financial aid or billing office. Learn More
Private Education Loans
You should use private education loans only as a last resort to pay for college costs, as you’ll need to pay them back – with interest. If you decide to borrow for college, MEFA offers low-cost undergraduate and graduate loans. Our loans for 2016-17 have new, lower interest rates, feature several repayment options, and are available to students who are residents of or attend college in Massachusetts. Learn more
Education Refinancing Loans
Repaying an undergraduate or graduate loan can put a strain on your budget. But you may be able to lower your monthly payment and interest rate — and even combine multiple student loans — with a MEFA Education Refinancing Loan. With our refinancing loans, you can refinance any federal or private education loan that meets certain eligibility criteria, and there are no fees or prepayment penalties. Learn more