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MEFA Blog

MEFA Blog

Keep up to date with the latest news about planning and financing a college education and preparing for your financial future, from experts here at MEFA and across the industry. Browse through our blog and use it as your very own college planning guide.

man using laptop
Topics include the amount to borrow, the timing of applying, reducing loan amounts, and increasing loan amounts …
By Stephanie Wells    |
Computer with charts
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.…
By Shaun Connolly    |
Starting Rate Drops to 3.95%*…
By Lisa Rooney    |
What You Need to Know About MEFA Loans
Get the facts including interest rates, no fees, instant application decision, multiple repayment options, set monthly payments, and expert guidance. …
By Meredith Clement    |
Borrowing Wisely Means Having a Plan
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. …
By Lisa Rooney    |
5 Things to Know About Public Service Loan Forgiveness (PSLF)
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.…
By Betsy Mayotte    |
Father and daughter using laptop in living room
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. …
By Meredith Clement    |
Woman using tablet
Tips include talking to your loan servicer, talking to friends, creating a budget, setting a goal, and making a plan. …
By Ajea Stupart    |
Repaying Your Federal Student Loans: 5 Facts You Should Know
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. …
By Betsy Mayotte    |
You've Been Approved for a MEFA Loan. Now What?
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. …
By Stephanie Wells    |
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