MEFA Review  

By loansmack


Key Features

  • Student loans for undergraduate and graduate.
  • Refinance student loans for former students.
  • Can apply with & without a cosigner; cosigner release offered.
  • 10, 15 year repayment terms.
  • Undergrad Rates: Fixed Rates – 5.81% – 7.64%. 
  • Graduate Rates: Fixed Rates – 7.03% – 7.23%. 
  • Refinance Rates: Variable Rates – 4.03% – 7.38%  Fixed Rates – 4.95% – 6.95%. 

About MEFA

The Massachusetts Educational Financing Authority (MEFA), allows students to take out loans to pay for college, as well as refinance student loans for people that have already graduated.  To qualify for a loan with MEFA you need to be a resident of Massachusetts or attend a college in Massachusetts.


  • Potential borrowing option if you live in MA or are attending school in the state.


  • Rates – Depending on your credit or your cosigner's credit, you may not get your desired rate.  
  • Lack of repayment terms – only 10 and 15 years.
  • No co-signer release – If you take out a refinancing loan with MEFA, you cannot release them later on.
  • Origination fees – On new loans (excluding refinancing) there is a 4% origination fee with a co-borrower.

How to get started with MEFA

You can get started with MEFA through their online process.  Remember, when you get a rate estimate from a lender, this involves a 'soft credit' check, which will not affect your credit score.  When you decide to actually apply for a loan, the lender will do a hard credit pull which will slightly affect your credit score.

Documents you'll need for when applying to most lenders:

  • Government ID (passport, driver's license, green card).
  • Income verification (if applicable); this can include pay stubs, W-2's, etc.
  • Social Security number.