We’re here to help you make a realistic and affordable plan on how to pay for college and to assist your family to make informed and responsible college financing decisions. In every aspect of our work we adhere to these guiding principles. You will probably need to tap into a combination of resources to pay for college expenses, including savings, current income, financial aid, and – potentially – a private education loan. Before you begin, make sure you understand the details of your financial aid awards and the college billing process.

College Savings

The earlier you start saving for college, the more you’re likely to have in your account when it’s time to pay the college bill. To help you make the most of your savings, MEFA offers two tax-advantaged products for college financing: the U.Plan Prepaid Tuition Program, which lets you save while locking in college tuition and fees at today’s costs; and the U.Fund College Investing Plan, which is the Massachusetts 529 college savings plan. Learn More

Massachusetts Programs

In Massachusetts, there are several opportunities to earn a college degree at a reduced rate. Save money by taking advantage of transfer agreements and tuition discounts, or enrolling in a specific major. There is also financial aid available for certain Massachusetts residents. Learn More

Financial Aid

For those who are eligible, financial aid — which totals hundreds of billions of dollars each year – is available in the form of grants and scholarships, work-study funds, and federal loans. Financial aid can be based on financial need or merit, and is provided by federal and state governments, colleges and universities, and local and national private organizations. Learn More

Payment Plans

Most colleges and universities use a monthly payment plan to help families who are paying for college. Payment plans spread college costs over several months. They don’t charge interest or necessitate a check credit, and only require a small enrollment fee. Families can set up a payment plan through the college financial aid or billing office. Learn More

Private Education Loans

You should use private education loans only as a last resort to pay for college costs, as you’ll need to pay them back – with interest. If you decide to borrow as one of the ways to pay for college, MEFA offers low-cost undergraduate and graduate loans, which feature fixed interest rates and several repayment options, and are available to any students in the country. Learn more

Education Refinancing Loans

Repaying an undergraduate or graduate loan can put a strain on your budget. But you may be able to lower your monthly payment and interest rate — and even combine multiple student loans — with a MEFA Education Refinancing Loan. With our refinancing loans, you can refinance any federal or private education loan that meets certain eligibility criteria, and there are no fees or prepayment penalties. Learn more