MEFA offers low-cost fixed interest rate loans to help students pay for graduate school.

  • Fixed interest rates starting as low as 6.39% (APR* 7.12%  – 7.67%)
  • Multiple repayment options
  • Fixed interest rate ensures stable, predictable monthly payments for the life of the loan
  • Repayment period of 15 years
  • Available to graduate students who are residents of or attend college in Massachusetts
  • No application fee
*The Annual Percentage Rate (APR) is designed to help consumers understand the relative cost of a loan. The APR reflects the interest rate, timing of payments, and any other costs paid during the life of a loan.

The Low Rates

Interest - Only RepaymentDeferred Repayment
Interest RateFixed interest rate of 6.39% during the anticipated in-school period*; 7.19% thereafterFixed interest rate of 6.79%
APR**7.44% - 7.67%7.12% – 7.37%
Monthly payment per $10,000 borrowed$56.07 in school, then payments step up to as low as $99.59 at the end of the in-school periodAs low as $103.88
*In-school period means the period beginning on the Initial Disbursement Date of any advance made under this Loan Agreement and ending on the following date:

  • for disbursements relating to the Student Borrower’s first year of enrollment at the Institution (1st Year Grad), the calendar date that is the 3-year anniversary of the Final Disbursement Date
  • for disbursements relating to the Student Borrower’s second year of enrollment at the Institution (2nd Year Grad), the calendar date that is the 2-year anniversary of the Final Disbursement Date
  • for disbursements relating to the Student Borrower’s third year of enrollment at the Institution (3rd Year Grad), the calendar date that is the 1-year anniversary of the Final Disbursement Date

**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.

The Details

  • Maximum loan amount: Cost of attendance (tuition, fees, room, board, books, and miscellaneous expenses) minus financial aid
  • Minimum loan amount: $2,000 for a private school, $1,500 for a public school
  • Student applicant and any co-borrowers are equally responsible for loan repayment
  • 4% origination fee with a co-borrower

Who Is Eligible

To be eligible for a MEFA Graduate Loan, the student must:

  • Be enrolled at least half time in an accredited degree-granting graduate program at an eligible non-profit college or university
  • Be a resident of or attend college in Massachusetts (or a co-borrower must reside in Massachusetts)
  • Maintain satisfactory academic progress as defined by the college or university

In addition, at least one borrower must:

  • Meet MEFA’s current credit approval standards

All borrowers must be citizens or permanent residents of the United States

How To Apply

It’s easy to apply for a MEFA Graduate Loan. Just click below to apply online and get an instant credit decision. Or apply by phone at (800)266-0243. APPLY ONLINE

Repayment Options

MEFA Graduate Loans offer two repayment options:

  • Interest-Only: repayment of interest begins approximately 45 days after final disbursement of the loan, but repayment of principal is deferred until after the anticipated in-school period. The interest rate is lower during the anticipated in-school period. Loan must be fully repaid within 15 years of final disbursement.
  • Deferred: repayment of principal and interest is deferred until six months after the end of the anticipated in-school period. Loan must be fully repaid within 15 years of final disbursement.
  • There is no penalty for early repayment.

Disclosures

Our Loan Disclosure and Self-Certification Form provide all the important details about our loans.

See Terms & Conditions

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. Read More