MEFA 529 student loans for college

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MEFA undergraduate loans give you repayment options to meet your needs. Our low-cost fixed interest rates let you rely on stable and predictable monthly payments for the life of the loan. 




Current Features and Terms of MEFA Undergraduate Loans 


  • Step-up repayment strategy features a lower interest rate while you are in school, keeping the monthly payment amount low during the college years. 
  • 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. Maximum deferment is 5 years. 
  • Benefits Massachusetts residents attending college in-state or out-of-state, and students from across the U.S. attending a Massachusetts college or university. 

Download PDF 


Download a Fact Sheet PDF    


Looking for a student loan? Find out about our Student Deferred Loan. 




Eligibility for an Undergraduate Loan 


Up to three borrowers are encouraged to apply: parent borrower, student borrower, and co-borrower. All borrowers have the same rights and responsibilities on the loan, and any borrower may make payments.
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 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). 










1. 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. The APR in this example reflects the presence of a co-borrower. 


2. Monthly payment amount at the end of the in school period varies according to the length of the in school period.  


3. The undergraduate anticipated in school period begins on the initial disbursement date of the loan and ends on the date that 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 Interest-Only Payment Option and Deferment Option do not extend the overall repayment period.  


5. Subject to a maximum five-year deferment period. 

6. Co-borrower release option is available upon request after 48 consecutive on-time payments and the student borrower 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.

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MEFA’s Application and Solicitation Disclosures and Self-Certification form.  


Undergraduate Loan PDF 
Graduate Loan PDF 
Self-Certification Form PDF  







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