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.
Step-up repayment strategy features a
lower interest rate while you are in school, keeping the
monthly payment amount low during the college years.
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
Benefits Massachusetts residents attending college
in-state or out-of-state, and students from across the U.S. attending a
Massachusetts college or university.
Fact Sheet PDF
Looking for a student loan? Find
out about our Student Deferred
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
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
be eligible for a MEFA Undergraduate Loan, you must meet the following
You (the student) must be enrolled at least half time in
an accredited degree-granting program at an eligible non-profit college or
must meet one of the following:
The primary borrower and/or
your co-borrower live in Massachusetts OR
The student lives in Massachusetts
The student is attending a Massachusetts college or
You must maintain satisfactory academic progress as
defined by your college or
All applicants must be either a U.S. citizen or a U.S.
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
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
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