MEFA Blog

Topics include the amount to borrow, the timing of applying, reducing loan amounts, and increasing loan amounts …

Federal loans can be subsidized or unsubsidized, have an interest rate of 2.74% for the 2020-21 academic year, and tend to be more lenient with repayment. Private loans are offered by various lenders, typically have interest rates tied to credit scores, and usually are stricter with repayment.…

Starting Rate Drops to 3.95%*…

Get the facts including interest rates, no fees, instant application decision, multiple repayment options, set monthly payments, and expert guidance. …

Before borrowing, take into consideration what you expect to make in your first job, what your loan payment will look like when you graduate, and what you estimate your other future expenses to be. …

Make 120 eligible payments while working for an eligible employer, it doesn't matter what you do for a living, don't consolidate unless you are required to, submit your proof of employment annually, and don't pay more than you have to.…

We discuss work study, the John and Abigail Adams Scholarship, how scholarships affect financial aid, subsidized vs unsubsidized loans, Federal Direct Loan limits and interest rates, MA state aid, and how to use your college savings funds. …

Tips include talking to your loan servicer, talking to friends, creating a budget, setting a goal, and making a plan. …

Facts include that payment application is dictated by federal regulation, paying extra results in a "paid ahead" status, paying extra can save you money over time, sometimes accrued interest can capitalize, and sometimes it's okay if your payment amount is less than your accrued interest. …

Next steps include signing the MEFA Loan Agreement (MLA) and Self-Certification Form, having the college certify the loan, setting up an account with our servicer American Education Services (AES), returning excess funds, and making voluntary payments if you wish to do so. …