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.

Stay Up to Date on Financial Aid

If you are among the many who rely on financial aid, you are required to re-apply for aid each year to get the funds you need for education expenses. Even if you’ve learned about financial aid and filled out the applications in the past, it’s a good idea to review MEFA’s up-to-date information and resources:

Take Advantage of Opportunities within Massachusetts

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.

Plan For the College Bill

You’ll need to make sure you have a plan in place to pay your school bill before the billing deadline. Be sure you’re prepared by reviewing the college billing process.

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. A quick review of how student loans work will help you make a smart choice:

  • Having a co-borrower on your loan may lower your interest rate.
  • 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.
  • 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.
  • The fine print matters — so be sure to do your research and ask questions to help you decide which loan product is appropriate for your financial situation.

As you weigh the options available while planning for college, use our Loan Payment Calculator to find the best undergraduate payment option and reduce your borrowing costs.

Learn About MEFA Loans

Before you choose a private education loan, 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. Our loans are available to students who attend college anywhere in the country.

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.

Consider Refinancing Your 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.

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.

College student studying outside
“I feel good my daughter’s not saddled in debt. ”


Call us at (800) 449-6332

Monday to Friday, 9am-5pm ET or email us anytime at collegeplanning@mefa.org

College Savings

The SECURE Act Expands Use of 529 Plans

The Act allows 529 distributions to pay back student loans and may give grandparents a new way to take advantage of their savings.