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BestMoney.com

MEFA Review

Reviews 6,787
MEFA
Visit Site
MEFA
MEFA
Excellent
Reviews 6,787
Sarah Badani
Mar. 16, 2023
2 min read
Sarah Badani
MEFA Summary
MEFA (Massachusetts Educational Financing Authority) is a non-profit organization that offers undergraduate and postgraduate student loans at very competitive fixed interest rates, and student loan refinancing at fixed and variable rates. MEFA has flexible repayment plans that include deferred payments and an interest-only grace period.

Pros

  • Flexible repayment terms, including deferred payments
  • No application, origination, or prepayment fees

Cons

  • No details about minimum credit score
  • You need to reapply for a new loan each academic year

MEFA at a glance

8.4
Editorial score

Online experience

Has learning resources, access to rates, mobile app
10.0

Customer services and support

Multiple ways of reaching lender, wide range of hours
8.0

Repayment flexibility

Offers multiple repayment plans- but no special repayment programs
8.0

Loan Types Covered

Covers most student loan types
8.0

Eligibility

Doesn't cover bad credit, low income borrowers
8.0

MEFA MEFA View Rates

Overview

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.

Suitable For?

MEFA student loans are suitable 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.

Loan Features

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, beginning at 4.53% - 11.97%.

  • Choose between fixed and variable rates for student loan refinancing
  • Apply with or without a cosigner
  • Defer repayments or make interest-only payments for up to 60 months
  • No application, origination, or prepayment fees

The Application Process

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:

  • Social Security number
  • Date of birth
  • Phone number, email address, and current and previous residential addresses
  • Monthly income
  • Housing costs and employment information

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:

  • Create an account
  • Wait while MEFA runs a soft credit check
  • Choose an interest rate, then complete a more detailed online application that includes information about your current loans
  • MEFA will then run a hard credit check to conditionally approve your application
  • Upload some documents
  • Decide on a variable or fixed interest rate and e-sign your document

Eligibility Requirements

Undergraduate and postgraduate student loans:

  • Be enrolled for at least half-time in an eligible educational institution
  • Have a satisfactory attendance record
  • Be a citizen of the US
  • You or your cosigner also need to meet MEFA’s credit approval requirements, but MEFA doesn’t reveal what those are online
  • You can apply for the loan for only one academic year at a time, so you'll need to reapply for each year of your course of study

Student loan refinancing:

You can apply to refinance any federal or private student loan that is:

  • Current and in repayment when you apply
  • Isn’t in deferment, forbearance, or grace period
  • Was used to pay for education at an eligible college or university
  • Was repaid on time each month, for the last 12 months
  • Is for at least $10,000

Loan Rates

Undergrad and postgrad student loans come with fixed interest rates that range from 4.40% - 11.87%.

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.

Repayment Terms

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:

  • Immediate repayment, where you begin paying off the interest and the principal of the loan the month after receiving the funds, and pay the loan off fully within 10 or 15 years.
  • Interest-only payments begin immediately after receiving the loan funds. You begin paying off the principal of the loan as well after your enrollment in school ends, and complete repayments within 15 years of receiving disbursement.
  • Deferred payments put off repaying anything until 6 months after you graduate, leave school, or are studying less than half-time. You can defer repayments for up to 60 months, but still, need to repay the loan within 15 years.

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:

  • Repaid immediately
  • Repaid with interest-only payments until you finish your studies
  • Deferred for up to 36 months or until you graduate, leave school, or are studying less than half-time

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.

How Safe Is It?

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.

Customer Service

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.

How MEFA Compares


MEFACollege Ave
APR4.40% - 11.87%
3.34%
Minimum credit scoreNot specified680
Loan amounts$1,500 - total cost of attendance for 1 year$5,000-$250,000
Accepts cosigners Yes Yes 
Suitable forUndergrad, postgrads, and graduates who want to consolidate their student debtGraduates who need to consolidate their student debt

Summary

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.

MEFA MEFA View Rates

Sarah Badani
Written by
Sarah Badani
Sarah Badani has extensive research and review experience in the finance industry. With a degree in psychology and education, she brings a level of depth and understanding to her writing along with her own flavor to spice up each topic in a unique and inviting way. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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Trustpilot reviews
See what some customers are saying about MEFA
MEFA
Excellent
Reviews 6,787
on
Excellent
87%
Great
8%
Average
1%
Poor
1%
Bad
3%
A
ann bluestein
18 hours ago
Simplicity of entire thing!
Simplicity of entire thing!
J
jose flores
3 days ago
Everything that was recommended was…
Everything that was recommended was spot on. This was a very good experience.
O
o'darrius caldwell
3 days ago
Helped me easily find refinancing that…
Helped me easily find refinancing that helped me save lots of money in interest.
Y
yangil kim
3 days ago
Convenience
It's very convenient to find a right lender. Thank you so much.
a
asith dias
4 days ago
Approved or not up front and fast…
Approved or not up front and fast process. Definitely recommend and use again
N
no name
4 days ago
Loan choices in minutes
Loan choices in minutes! Lowest rates and loan completion in less than an hour. Thank You!
R
rod s
5 days ago
Got the loan I wanted
Got the loan I wanted
K
kb
5 days ago
Process was quick
Process was quick, easy, and no hassle!
M
margaret
5 days ago
APR Rate was lower as advertised the…
APR Rate was lower as advertised the process was easy and quick Very happy with the results
R
robin
5 days ago
Quick and easy
Quick, easy, positive response.
consumer-image
allen bishop
6 days ago
It seems too early for an evaluation
It seems too early for an evaluation. I will say I am happy I was able to get the loan.
S
sylvy galvan de lucero
6 days ago
No Help
No hel[ p or guidance throough the process and now being bombarded with emails
D
drf
6 days ago
Process was easy
Process was easy. Agent kept in touch with me on updates. Went a lot smoother than I anticipated.
G
gary link
6 days ago
That u believed I was credit worthy and…
That u believed I was credit worthy and the loan was a great help
J
jim
6 days ago
ompt service and follow through
Prompt service and follow through, good people
W
winifred
6 days ago
Very thorough and easy process.
Very thorough and easy process.
F
francis nor
6 days ago
Efficient
Very fast service.
W
wayne
6 days ago
Great rate
Great rate. Saved me lots of money.
J
jessica murray
6 days ago
Very easy to use.
Very easy to use.
B
bd
7 days ago
Competitive rate offerings
It was pretty simple process but overall was impressed with the reasonable rate options given the high interest rate environment we are in. The refinancing and consolidation of my loans will save me thousands.
J
javone castleberry
7 days ago
Very quick and very easy process.
Very quick and very easy process.
G
george mackay
7 days ago
Easy to work with
Easy to work with. Customer service is great
H
holden weiner
7 days ago
Great having found a loan at a decent…
Great having found a loan at a decent rate.
F
facundo raganato
7 days ago
Awesome
Great experience
C
co in california
8 days ago
Credible works for you and with you.
The process was simple and the staff were very helpful.
consumer-image
dennis christopher delventhal
8 days ago
I have no memory of my purchase
I have no memory of my purchase. Sorry.
D
dhana
8 days ago
The experience was fairly smooth and…
The experience was fairly smooth and easy. The assistance from the call center was very helpful when needed. The transition with my student loan went through very quickly. The correspondence between myself and my agent was very effective and he was very helpful. I would recommend others to use Credible when searching for a new loan or refinancing a loan.
S
suzette merkoski
8 days ago
Knowing that there is help
The ease of the process. User friendly, not stressful
W
wendy george
8 days ago
Fast and easy to use!
Fast and easy to use!
A
anon
8 days ago
I received a lot of spam to see…
I received a lot of spam to see quotes/rates. That was my biggest gripe.
H
henry clark
9 days ago
The site was user friendly and helpful…
The site was user friendly and helpful in my search for a personal loan.
D
david greenburg
9 days ago
Easy and helpful highly recommend if…
Easy and helpful highly recommend if you are interested in refinancing
A
alice anderson
9 days ago
excellent very helpful
excellent very helpful
B
bruce
9 days ago
Quick & Efficient
All worked and was processed great and quickly. Thank You
C
chad bruner
9 days ago
Easy process, and convenient
Just very convenient in consolidating my debt. Process was very easy.
M
min jae son
9 days ago
Very helpful resourses provided prompt that I could…
The response is so prompt that I could get to the right result.
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karen rhodes
20 days ago
For I am so happy to think they okayed…
For I am so happy to think they okayed me for this loan to show I can do better in my future Thank You Karen
S
suhani latif
21 days ago
It was great experience and easy to get…
It was great experience and easy to get a loan from credible . Really appreciate their help !
j
joseph keeley
22 days ago
The process was fast and easy
The process was fast and easy
D
david ochi
23 days ago
Great
Great. Fast experience.
R
reggie johnson
23 days ago
It was In-Credible
It was In-Credible! Fast and easy. Would recommend to anyone. You don't have to be smart or computer savvy to get results! Thank you!
L
lyn sanchez
23 days ago
Excellent Tool
Credible helped me narrow down my best options for a loan according to my credit score. This is a great tool for financial options.
C
clement tangie
23 days ago
I was able to get the loan I was…
I was able to get the loan I was looking for.
C
coretta francis
23 days ago
The process was timely and transparent
The process was timely and transparent, I would recommend credible to friends and family.
K
katrina galiza
23 days ago
Review
Transparency
L
lannie shepherd
24 days ago
Credible gave me plenty of good options…
Credible gave me plenty of good options for my loan.
C
celena cleaver
24 days ago
Credible streamlined the student…
Credible streamlined the student borrowing experience. Efficient and helpful.
C
cari gray
25 days ago
Everything was made to be so simple and…
Everything was made to be so simple and they made me feel comfortable.
J
jaylene marshall
25 days ago
Simple process
Simple process
T
todd
25 days ago
Straightforward
The process was smooth and easy.
consumer-image
jennifer black
25 days ago
Super easy and quickly funded
Super easy and quickly funded
R
rhonda lehmann
25 days ago
People were polite and helpful
People were polite and helpful. It would be beneficial to have a list of documents needed to complete the application when you first apply.
E
erin mcgainey
a month ago
It was very helpful saved me hundreds
It was very helpful. I needed to compare companies and review rates and figure out the best option to pay off some credit cards and consolidate into one monthly bill. I found the best option and it saved me hundreds of dollars a month.
C
clark
a month ago
Funds people need fast and easy
Process was easy and funds came very quickly.
D
doug
a month ago
Well it was fast accurate and easy
Well it was fast accurate and easy. This is helping me out a lot. Thanks You!
K
kristian viljanen
a month ago
Good customer service and easy to work…
Good customer service and easy to work with.
M
martin g
a month ago
Easy, fast and excellent loan rates!
Easy, fast and excellent loan rates.
L
lm
a month ago
Easy from beginning to end
Easy from beginning to end. Very pleased with the fast and efficient process. Thank you!
B
b mccaslin
a month ago
Fast easy and convenient
Fast easy and convenient
D
devario lopez
a month ago
Easy to apply
Easy to apply. Customer service was very helpful when I had questions.
T
thu hien nguyen
a month ago
I recommend Best Egg
I had a great experience with Best Egg for my first time :) I didn't get approved few months ago, then they sent me an email last week to let me know that I was qualified for a loan. After I did all the steps, they sent me a text said "congrats, you can expect to receive your funds in 1-3 business days" I did it on Saturday and received the fund on Monday. Super happy 🎉 I didn't have to send them my paycheck or anything about my income. The only thing I didn't like was the fee. I think it was about 5% of the loan. You can choose to receive a full amount and pay for the fee or receive an amount minus the fee. Some companies won't ask you this fee, so you should search around. I mean it's ok, but it did make me feel I paid a high interest for my loan. As I do the math for the amount I received (after minus the fee), the interest is about 32%. Overall, I love how quick and easy it was. The loan helped us release our stress. Thank you very much.
C
calena goins
a month ago
Site wasn't working for me
I couldn't get through my whole transaction. I thought I did, but felt it was odd I never received any correspondence after, so about a week later I logged in and it was back to the beginning asking me to choose a loan. I called Credible, he didn't really know what was going on. I tried again, it would get stuck on one page, so I said forget it. I went to the actual loan company's site and applied through it.
C
carter fuller
a month ago
Easy and transparent process!
Easy and transparent process!
P
patty
a month ago
it was so organized and helpful in…
it was so organized and helpful in informing me about the best loans available at different amounts, the interest rates, the overall interest i’ll pay, and my approval odds. i’ve never needed a personal loan before and credible was a comfort to have access to. i hope i won’t need another but if i do, i’ll be coming back here.
R
rebecca t
a month ago
Easy
Surprisingly easy and I'm amazed that I am not getting spammed after I made my decision.
R
randy madewell
a month ago
Upgrade was very professional kept me…
Upgrade was very professional kept me informed thru the whole process very happy i did my loan thru them
B
bobbi price
a month ago
Found a lender quickly
Found a lender quickly! Application and approval process was super fast! Funds came within 2 days! Interest rate was not too bad!
M
melvin
a month ago
Easy to apply and keeps you informed…
Easy to apply and keeps you informed during this quick and easy process
S
scotch irisheyz
a month ago
Super-Easy process
Credible helped to match my needs with a lender who responded quickly to my request. Had my funds in 3 days. Super-easy process.
E
ellen sealey
a month ago
Quick easy and responsive
Quick easy and responsive. Thank you so much.
K
kr
a month ago
It was timely
It was timely. Easy access website to track progress of other's. Emails that kept me up to date and knowledgeable about next steps or documents needed.
J
joseph clews
a month ago
Very easy to navigate through the…
Very easy to navigate through the process.
P
p. jan geraci
a month ago
Was not difficult to apply
Was not difficult to apply. Pretty easy.
C
ceilo overa
a month ago
Great customer service
Great customer service! They were all patient with my questions and weren't pushy about some products.
E
edgar moreno
a month ago
The best option to find the best rate…
The best option to find the best rate for personal loans tanks
A
a nash
a month ago
Efficient and Accurate
The process was very simple and trustworthy. The automations and integration to other platforms simplified things. I was very impressed and now my home improvement credit debt is consolidated and being paid rapidly. Loved it!
J
jose sala
a month ago
Helped me get the best loan
Helped me get the best rate for a loan with the least fees.
B
brandy
a month ago
So quick and easy
So quick and easy
S
susan s.
a month ago
I appreciatesd the quick approval…
I appreciatesd the quick approval process and being kept aware of the progress.
Y
yves premice bertin
a month ago
Straight forward process
Easy and convenient site
R
rondell brembridge
a month ago
Great everything 10 from 10
Great everything 10 from 10
N
nichole kramer
a month ago
Great experience
Great experience, was able to find exactly what I needed.
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david h
a month ago
I applied for a $5,000 loan
I applied for a $5,000 loan. Got approved for $4,000. Received $3,800 but still had to pay $4,000 Hahhaha so I cancelled my application.
S
shafequah perry
a month ago
You guys matched me with people I had…
You guys matched me with people I had great chances with in getting a loan. So I'm appreciative that I didn't have to try many loans & end up with many hard inquiries. Thanks credible!
W
warren lee
a month ago
Fast and easy
Fast and easy
D
deborah brandenburg
a month ago
Customer service is exceptional
Customer service is exceptional. Loan interest rates are abysmal.
c
customer
a month ago
Good - would like to see more info
Not sure I got to see the reasons the other lenders didn't make an offer - that would be nice - otherwise all good and allowed me to compare SOFI with BHG quickly.
D
devon
a month ago
Fast turnover
Fast turnover
J
jackie
a month ago
You get the money fast
I applied and got the money the same day. Such an easy process.
B
brenda barbee
a month ago
This was easy to use and quick
This was easy to use and quick with a response. I had the money the same day as I was approved
L
lucian dudley
a month ago
Fast and reliable.
Fast and reliable.
R
ron
a month ago
Quick and easy process
Quick and easy process
A
ananth kashibhatla
a month ago
Helped me to find out refinancing…
Helped me to find out refinancing company and I am able to find lender easily and with 4% less than my current lender.
L
linda rendon
a month ago
Fast and reliable service
Fast and reliable service
R
robert hollingshead
a month ago
Fast and easy
Fast and easy
B
beverly meteyer
a month ago
Knowledgeable and quick and easy
Bobby in customer service was very helpful explaining how everything worked. He even told me if I refer a friend , I could get a bonus($200 I think). Anyway my loan process was easy with Lending Club and my credit cards were paid off directly.
M
michael conway
a month ago
The rates were great
The rates were great. Much lower than what I was able to find just going through individual companies. Verification was fast and the funds were in the bank in 2 days.
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clarence thomas
a month ago
Simply amazing and fast response to my…
Simply amazing and fast response to my needs and situation
R
russell
a month ago
Perfect for my needs
Fast, seemless and easy. When a loan company operates as such, they should be commended. I found the exact loan I was looking for. The amount, interest rate and duration were spot on.
N
nicole
a month ago
Super easy and love the options to…
Super easy and love the options to select from.