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MEFA is a non-profit organization based in Massachusetts that aims to help all students access the education they want. It offers a range of resources, including advice on saving for college, information on federal and local financial aid, and college payment plans. MEFA has been running for 35 years as a non-profit state-based and state-chartered organization. It provides undergraduate, postgraduate, and refinancing student loans.
MEFA student loans are right for any new or existing undergraduate or postgraduate students who are looking for a student loan to cover their entire course of study. MEFA loans have low rates and flexible repayments, making them ideal for cash-strapped students. Because you can apply with a cosigner, it also makes them suitable for anyone with a friend or relative helping them out.
MEFA's student loans include fixed undergraduate and postgraduate loans and fixed and variable student loan refinancing options. You can apply for the assistance alone or with a cosigner, and choose flexible repayments that include deferments and interest-only payments. MEFA doesn’t charge any origination, application, or prepayment fees, and the rates are very competitive, ranging from 5.75% - 8.95% .
MEFA has a fully online application process, although you can also apply over the phone. You’ll get an instant credit decision without waiting around.
Undergraduate and postgraduate student loans:
You’ll need to begin by sharing your:
You’ll get an instant credit decision, and then you can compare the costs and rates of different loans to choose the one that’s right for you. Finally, you’ll need to review and e-sign your loan documents before the whole loan application is sent to your college or university to be certified.
MEFA refinancing loan:
Undergraduate and postgraduate student loans:
Student loan refinancing:
You can apply to refinance any federal or private student loan that is:
Undergrad and postgrad student loans come with fixed interest rates that range from 5.75% - 8.95% .
You can apply with a cosigner for undergraduate and postgraduate loans, but it's not clear how your credit score or the credit score of your cosigner will affect your interest rates.
Undergraduate and consolidated or refinanced student loans have a repayment term of 10 or 15 years. Postgraduate loan repayment terms are 15 years, and there’s no prepayment penalties for any MEFA student loans.
MEFA allows you to choose between several repayment options for undergraduate loans:
Deferred with cosigner release defers all repayments until 6 months after you graduate, leave school, or are studying less than half-time. After the first 48 consecutive payments, the cosigner can request release. You can defer payments for up to 60 months, and need to repay the loan within 15 years.
Postgraduate loans can be:
Whatever you choose, you have to finish repaying the loan within 15 years of receiving the funds.
Student loans that are refinanced or consolidated through MEFA come with particular repayment terms and conditions that aren’t detailed on the website.
MEFA has a transparent and clear privacy and security policy shared on the website, which specifies how it will gather and share your data. MEFA won’t sell your data to third parties. Although MEFA uses various unspecified security measures, it doesn’t encrypt incoming email or comments, so it warns borrowers not to send sensitive information through the website. It does monitor the site for hacking attempts.
MEFA provides general customer support through email and over the phone, from 9am to 5pm, Monday through Friday. There are dedicated lines for specific departments, and MEFA is also active on Twitter, Facebook, and LinkedIn. MEFA doesn’t have an FAQ section or troubleshooting tips.
| MEFA | Ascent | |
|---|---|---|
| APR | 5.75% - 8.95% | 1.64% |
| Credit score | Not specified | No minimum |
| Loan amount | $1,500 up to school’s certified cost of attendance less aid | $2,000-$200,000 |
| Accepts cosigners | Yes | Yes |
| Suitable for | Undergrad, postgrads, and graduates who want to consolidate their student debt | New students |
Overall, MEFA provides a great deal of useful resources for students who need help financing their education. The financial education resources, webinars, and advice about different ways to pay for college add value to MEFA’s student loans. Student loans from MEFA come with flexible repayment terms and competitive interest rates, but it would help if the website gave more information about credit score requirements.
