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MEFA Reviews


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Written by Lauren Le-Hair

About MEFA | Read More


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Mon-Fri 8am-8pm EST
Sat-Sun Closed
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  • MEFAloans@mefa.org
  • (800) 266-0243
  • Headquarters: 60 State Street, Suite 900, Boston, MA 02109
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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 Highlight


Min Credit Score


APR. Fixed Rate


Loan Amount

7, 10, 15 years

Repayment terms


Soft Credit Pull


Lender Type


Other Fees


Origination Fee


Prepayment Fee

10 days

Funding Time

Student Loan Refinance


APR. Fixed Rate

Min $10K

Loan Amount

Pros & Cons

  • con-icon No origination fee or prepayment penalty
  • con-icon Wide range of loan options
  • con-icon Good repayment terms
  • con-icon Quick time to funding
  • con-icon Well-syllabised lender
  • con-icon No pre-qualification
  • con-icon Late fees in place

Student Loan Type

  • Private student loans
  • Student loan refinance

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: $1,500 up to school’s certified cost of attendance less aid
  • APRs: Fixed
  • Fixed: 6.20% – 8.99%%
  • 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 With MEFA Through Credible.com

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.

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

To start the process, you click “Find My Rate.” Then there is a prompt to create an account which can easily be done with your Google account.

  1. You will be asked what’s your reason for refinancing, with three choices available.
  2. Next, you are asked which type of loans we want to refinance, student loans or parent loans, and if you are looking to transfer the loan to another person.
  3. After entering basic personal details such as name, phone number, and DOB, you’re taken to the next page to fill out postsecondary school details.
  4. School details included questions like where did you attend undergraduate school, the highest undergraduate degree, and if you attended graduate school.
  5. Next was an inquiry about employment status.
  6. Afterwards Credible asks what’s your individual annual income before tax and if you earn any additional income.
  7. They will want to know how much your monthly rent or mortgage payment is, as well as your permanent address.
  8. After this, you will be asked for details of your current existing loans.
  9. For the least step, enter the amount you have left on the loans that you’d like to refinance. *Be sure to read more about refinancing federal student loans with a private lender if this applies to you.*
  10. Select “See My Rates” and in doing so, Credible will generate the student loan refinancing rates available. 
  11. If all is successful and you’re prequalified, you’ll see a popup explaining what to expect next.
  12. Click “View Rates” and then you’ll be able to browse from a list of prequalified refinancing rates.

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

Written by Lauren Le-Hair linkedin-icon

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.



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.

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.

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

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.

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