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.  Read More

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.  Read More

A New Tool Helping Families Finance a College Education

MEFA is excited to be a part of ForYouNotForProfit.org, which includes information on financial aid and scholarships, guidance on establishing a college savings account, and a streamlined search engine to help students and parents find education loans through non-profit and state-chartered organizations. Read More

Still Have a College Bill Balance?

Your student may need to: complete federal loan requirements, ensure private scholarships and payment plans have credited the account, submit documentation to the financial aid office, or follow up with your private loan lender. Read More

How much will this MEFA Loan cost me?

Learn how to use the Loan Payment Calculator to find out your projected monthly payment and total loan cost based on the amount you plan to borrow, the interest rates for all five repayment options, and the length of repayment. Read More

Tips on Borrowing a College Loan

Understand loan terminology, borrow federal student loans first, minimize borrowing, assess affordability, and get trusted advice Read More

How does a recent grad handle student loan repayment?

A UMass Amherst graduate breaks down his plan – including tackling private loans first, consolidating federal loans, switching to an income-based repayment plan, and factoring loans into an overall monthly budget.  Read More

MEFA News

MEFA Loan Rate Decreases Amid Rising Interest Rates

Contact: Lisa Rooney (617) 224-4838 lrooney@mefa.org BOSTON – The starting interest rate on the state’s college loan will decrease for the upcoming academic year in contrast to the increase in…