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Make a Plan

Financial Planning for College & Graduate School

Whether you're currently in college or planning for graduate school, you'll need to develop a multi-year financial plan to complete your program. At MEFA, we are committed to making higher education affordable, and the resources we offer are designed to help you create a sensible financial plan for college or graduate school that meets your needs.

Know the basics about private education loans

If you decide to take a private education loan for undergraduate or graduate education, you should shop around for one that offers the right combination of interest rate and repayment terms. As you weigh the options while planning for college, use our Loan Payment Calculator to find the best undergraduate payment option and reduce your borrowing costs. A quick review of how student loans work will also help you make a smart choice:

Consider a Co-borrower
A co-borrower is someone who signs the loan application and loan note along with the primary borrower. Having a co-borrower on your loan may lower your interest rate.

Look Into Repayment Options
An immediate repayment loan typically has lower monthly payments than a deferred student loan and costs significantly less in the long run, but requires repayment while you're in school.

Review Interest Rates
While a fixed interest rate loan charges the same interest rate and monthly payment for the life of the loan, a variable interest rate loan will likely increase its interest rate as rates in the economy rise.

Pay Attention to Details
The fine print matters — so be sure to do your research and ask questions along the way to help you decide which loan product is appropriate for your financial situation.

Take Advantage of MA Opportunities
If you're a resident of Massachusetts, there are several different opportunities available to help you and your family pay for college at a reduced cost as you earn your degree.

Learn About MEFA Loans
Be sure to consider a low-cost MEFA Loan when planning for graduate school. We offer both undergraduate loans and graduate loans that feature fixed interest rates and various repayment options.

Refinance your student loans
Once you've begun working and repaying your loans after college graduation, you can refinance both your federal and private loans into a MEFA Education Refinancing Loan, which can lower your monthly payment and make your bills easier to manage.

Prepare for life after graduation

Plan for the College Bill
You'll need to make sure you have a plan in place to pay your student loan bill before the billing deadline. Be sure you're prepared by reviewing the college billing process.

Find Out About Loan Repayment
Your overall financial plan for college expenses should include a plan for making loan repayments. Now is a good time to take a look at the repayment process — so that you know what to expect and can minimize the stress of repaying your loan.

Manage Your Money Well
One of the most important skills to master after college is post-graduation money management. You'll need to establish a budget, pay your debts on time, and save for retirement.

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