MEFA Review

Advertiser Disclosure

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Home
Reviews
MEFA

Advertiser Disclosure

MEFA Reviews

WRITTEN BY

Lauren Le-Hair

For those who haven't finished their degree yet

About MEFA

MEFA, or the Massachusetts Educational Financing Authority, were founded in 1982 to offer low-cost financing to students and their families. MEFA specializes in student loans, which are available to both undergraduates and college graduates. Available throughout all 50 US states, MEFA offers a range of financing options for student loans, which are available for 10 or 15-year terms. Refinancing options are also available for 7, 10, or 15-year terms.

8.0

LS SCORE

8.3

CREDIBILITY

6.5

SUPPORT

8.1

ACCESSIBILITY

Student Loans

Student Loans

MEFA Student Loans Review

MEFA provides private student loans and allows students with good incomes and credit ratings who did not finish their degrees to refinance their student loans at competitive rates. Don’t worry —MEFA may have Massachusetts in its name, but its services are available in all 50 US states.

MEFA Student Loans Highlights

APR FIXED RATE

4.89% - 6.99%

MIN CREDIT SCORE

670

LOAN REPAYMENT TERM

7, 10, 15 years

FUNDING TIME

10 days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

Yes

SOFT CREDIT PULL

Yes

LENDER TYPE

Direct

Pros & Cons

No hidden fees involved
Reputable institution
Available nationwide

No early release for co-signers
No defined processes for deferment or forbearance

Student Loans Type

Private student loans
Student loan refinance

MEFA Refinance Highlights

REFINANCE AMOUNT

min $10,000

REFINANCE FIXED APR

4.5% - 7.2%

Pros & Cons

No hidden fees involved
Soft credit pull indicates loan availability without affecting credit rating
People who have not completed their degree are eligible
Available nationwide

Requires a rather high credit score
Available from $10,000 and not less

MEFA Student Loans Terms & Requirements

To obtain a student loan or loan refinancing from MEFA, you must have a stable income and a healthy credit score. In return, MEFA offers a wide range of loans at competitive rates.

Loan Requirements

To be eligible for a MEFA refinancing loan, you need to meet the following criteria:

Minimum credit score: 670
Minimum annual income: $24,000/year
Eligible after bankruptcy? Yes, after five years

Citizenship status: US citizen or permanent resident
Availability: All 50 US states
Graduation required: No
School: Must have attended a school that is authorized to receive federal aid
Minimum repayment time before qualifying: Must have repaid loans for 12 months before refinancing

Loan Terms

MEFA’s typical loan terms are as follows:

Loan amounts: Minimum $10,000, no maximum
APRs: Fixed
Fixed: 4.89%-6.99%
Application/origination fees: No
Prepayment penalties: No
Prequalification/soft credit check: Yes

Repayment Terms

Refinancing loans have the following terms associated with them:

Loan repayment terms: 7, 10, or 15 years
Deferment programs: Military deferment
Forbearance: No formal forbearance, but MEFA can work with lenders on individual bases
Co-signer release: No
Death or disability discharge: Yes

How to Apply

We found the application for a student loan straightforward with MEFA. There are several ‘Apply Now’ links through the site, including the one shown below.

First step

In fact, the process for applying for a loan was incredibly straightforward. Below are the steps required to complete the process of obtaining a student loan from MEFA.

Register for a MEFA account. We needed to provide our name, current and previous addresses, date of birth, phone number, email address, Social Security Number, monthly income, and employment history.
Approve having a credit check performed. The credit check decision came back instantly, leading us to the loan selection page.
Choose the MEFA student loan that you require. After passing the credit check, we could view the different loan options available to us. This stage included finalizing the details of the loan, which involved selecting the amount, terms of the loan, and payback period.
Complete the relevant paperwork. Once the amount and terms of the loan were finalized, we were required to sign several documents. These included the Loan Approval Disclosure and the Loan Agreement. We also needed to submit a self-certification form detailing the cost of attending college.
Receive funds. After we completed all relevant paperwork, we received the loan via payment through our college.

Required Information

Kick-starting the loan process is simple through the MEFA website links. To initiate the loan process, we needed to provide the following information for the opening forms:

Name
Address (and previous addresses)
Date of birth
Social Security Number
College attended
Phone number
Email address
Monthly income details
Employment history

State Availability

Available in all states

Privacy & Security

During the course of its business, MEFA will collect and hold your information. Yet, the company will not share your data with affiliates or other companies. MEFA is only allowed to contact you regarding its products and services. Personal data held by MEFA may not be used by third parties.

Information held by MEFA may be used for ordinary business purposes, including, but not limited to:

Account maintenance
Credit bureau reporting
Responding to court orders or legal investigations
Transaction processing

Customer Support

MEFA has an in-house customer service team that deals with queries and is further assisted

Assisted by its loan servicer, American Education Services (AES), MEFA offers an in-house customer service team to deal with borrower queries and questions. You can also contact MEFA by phone from Monday to Friday. MEFA also publishes videos on its YouTube channel alongside regular blog posts and podcasts.

Phone Support

(800) 266-0243

Mon-Fri

8am-8pm EST

Sat-Sun

Closed

Email Support

MEFAloans@mefa.org

Social Media

In Conclusion

To summarize, MEFA is a not-for-profit organization that provides competitively priced loans to qualified borrowers. The student loan option may be excellent for students with good job prospects and a steady income. You can also consider the student loan refinancing product if you have not completed your degree but have a stable income flow. There are no loan fees, deferral options, and several repayment plans available.

FAQ

Is MEFA a trustworthy company?

Absolutely. MEFA has been operating for over 40 years and was founded under Massachusetts law. MEFA is a not-for-profit organization that provides competitive terms for its student loans.

What type of loans does MEFA offer?

MEFA offers student loans and student loan refinancing for US college students.

Are MEFA loans only available in Massachusetts?

No, MEFA loans are available in all 50 states throughout the US.

MEFA Disclaimer

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will suit their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also assess brands we are not engaged with).
These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewers’ findings and subjective experience, and product popularity, impact the placement and position of the brands within the comparison table. In the event that we assign ratings or scoring, they are based on the standing in the comparison table or according to the other formula in the event detailed explicitly by us. See our How we Rate page and Terms of Use for information.
The reviews, ratings, and scoring are provided “as is” without guarantees or warranties regarding the information contained on our website, which shall not be considered as endorsement. We do our best to keep the information up-to-date. However, an offer’s terms might change at any time. We do not compare or include all service providers, brands, and offers available in the market.

Disclosure