Mefa

MEFA student loan review

Overview

The Massachusetts Educational Financing Authority (MEFA) provides private student loans for students living or going to school in Massachusetts. Any qualified borrower can apply to refinance their student loans through MEFA.

What you need to know:

-On student loans, cosigner release available after 48 months of on-time payments, no cosigner release on student loan refinancing
-Origination fee of 4%-7% of loan amount for undergraduates
-Loan terms (student loans and student loan refinancing) 10-15 years
-Min. loan amount on student loan: $2,000 for private college, $1,500 for public
-Min. refinancing amount: $10,000

Pros

  • Great term life insurance rates
  • Option of adjusting between term and permanent policies
  • Options to access funds before death or serious illness/injury

Cons

  • Weak customer service
  • Most policies require an exam
  • Long claim review process
Learn more about student loans with MEFA

4.45%-7.69% APR Range
Variable Min credit score
120-180 Months Loan Term