A Tool to Help Families Finance a College Education
Since our organization's inception, MEFA has been committed to helping the families we serve access and afford a college education. And that's why we're excited to be a part of an online tool that provides solutions to college financing needs. ForYouNotForProfit.org includes information on financial aid and scholarships, guidance on establishing a college savings account, and, most importantly, a streamlined search engine to help students and parents find education loans.
We know that families only want to borrow money from lenders they trust. ForYouNotForProfit.org's full list of college loan lenders includes only non-profit and state-chartered organizations. In MEFA's case, it was established by the Commonwealth of Massachusetts in 1982 to perform an essential public function. These entities share a common set of principles that define their consumer-first mindset, and their interests are inherently aligned with the students and families they serve. Non-profit and state-based lenders also integrate specific guidance as part of their loan programs to ensure that borrowers are fully aware of their options and only borrow what they need and can afford to repay.
Currently, all lenders within the tool offer at least one loan with a lower rate than the Federal Direct PLUS Loan, and with lower origination fees. The majority of these non-profit loan programs require a credit-worthy co-borrower, resulting in extremely low default rates (often less than one percent). Many of these programs also include borrower benefits, such as multiple repayment options, no prepayment penalties, and forgiveness in the event of death or disability. Furthermore, loans made by non-profit and state-based lenders are subject to an extensive array of existing consumer protection laws, including the Truth-in-Lending Act.
ForYouNotForProfit.org includes loans for students currently earning a college degree, and loans for parents or young professionals looking to lower their current education loan payment through refinancing. We encourage anyone in need of financing to explore the site. If you have questions about the tool, or about the loans offered through MEFA, we invite you to contact our college planning team at your convenience. They can be reached during normal business hours at (800) 449-MEFA (6332) or email@example.com.