For more than 30 years, MEFA has been offering low-cost fixed interest rate loans to help families pay for a college education.

  • Fixed interest rates starting as low as 4.99% (APR* 6.13% – 6.51%)
  • Multiple repayment options
  • Fixed interest rate ensures stable, predictable monthly payments for the life of the loan
  • Available to students who are Massachusetts residents or attend college in Massachusetts
  • No application fee

For a comprehensive overview on how to compare education loan options, watch our webinar.

*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

Immediate Repayment (10-year term)Immediate Repayment (15-year term)Interest-Only Repayment (15-year term)Deferred Repayment (15-year term)Student Deferred with Co-Borrower Release* (15-year term)
Interest rateFixed interest rate of 4.99% during the anticipated in-school period**; 5.84% thereafterFixed interest rate of 5.39% during the anticipated in-school period**; 6.24% thereafterFixed interest rate of 6.39% during the anticipated in-school period**; 7.19% thereafterFixed interest rate of 6.79%Fixed Interest rate of 7.39%
APR***6.13% – 6.51%6.42% – 6.72%7.35% – 7.67%6.81% – 7.37%7.34% – 7.97%
Monthly payment per $10,000 borrowed$111.35 in-school, then payments step up to as low as $114.10 at the end of the in-school period$85.27 in-school, then payments step up to as low as $88.92 at the end of the in-school period$56.07 in-school, then payments step up to as low as $99.59 at the end of the in-school periodAs low as $103.88As low as $108.30
*The co-borrower may request release after the first 48 consecutive on-time payments have been made and if meeting then-current underwriting standards.

**Anticipated in-School period is the period beginning on the Initial Disbursement Date of any advance made under a MEFA Loan Agreement and ending on the following date:

  • for disbursements relating to the Student Borrower’s first year of enrollment at the Institution (freshman year), the calendar date that is the 4-year anniversary of the Final Disbursement Date
  • for disbursements relating to the Student Borrower’s second year of
    enrollment at the Institution (sophomore year), the calendar date that is the 3-year anniversary of the Final Disbursement Date
  • for disbursements relating to the Student Borrower’s third year of enrollment at the Institution (junior year), the calendar date that is the 2-year anniversary of the Final Disbursement Date
  • for disbursements relating to the Student Borrower’s last year of enrollment at the Institution (senior year), 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
  • Most undergraduate students will need a co-borrower. Student applicant and all co-borrowers are equally responsible for loan repayment.
  • 4% origination fee with a co-borrower

Who is Eligible

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

  • Be enrolled at least half time in an accredited degree-granting undergraduate 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

    Applying for a MEFA Undergraduate Loan is easy and free. 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 Undergraduate Loans offer several repayment options:

    • Immediate: repayment of principal and interest begins approximately 45 days after final disbursement of the loan, and the interest rate is lower during the anticipated in-school period. Loan must be fully repaid within 10 or 15 years (depending on loan type) of final disbursement.
    • Interest-Only: repayment of interest begins approximately 45 days after final disbursement of the loan, but repayment of principal is deferred until after the end of 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.
    • Deferred with Co-Borrower Release: 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. The co-borrower may request release after the first 48 consecutive on-time payments have been made and if meeting then-current underwriting standards.
    • Learn more about managing your loan 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