MEFA Private Student Loans: 2026 Review
MEFA loans doesn't have a formal deferment or forbearance program for economic hardship, so they're best for borrowers with strong job security or prospects.
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Student loan ratings
The Massachusetts Educational Financing Authority, known as MEFA, offers student loan refinancing and private student loans for undergrads and graduate students across all 50 U.S. states. Its refinancing loan is best for borrowers with a stable income who didn't complete a degree program. Its private student loan is best for students who expect stable income after graduation.
MEFA Private Student Loan review
Pros
- No late fees.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- 1:1 virtual appointments with customer service.
Cons
- No hardship forbearance.
- No rate discounts for automatic payments or otherwise.
- Co-signer release only after 48 months of consecutive payments.
Best for students who expect stable income after graduation.
Full MEFA student loans review
Unlike most other private lenders, MEFA doesn’t have a formal program that lets borrowers pause payments temporarily through forbearance for economic hardship. That means taking out a loan with MEFA is best for those with stable income who don't foresee having difficulty affording payments.
MEFA doesn’t offer some important features its competitors do: Hardship forbearance, rate discounts and shorter co-signer release terms. Some loan providers offer up to 0.50-percentage-point rate discounts for making automatic payments and on-time payments.
More about MEFA
Loan and borrower requirements
Loan terms: 10, 15 and 20 years.
Loan amounts: $1,500 up to 100% of the cost of attendance minus financial aid.
Minimum credit score: Does not disclose.
Minimum income: Does not disclose.
Maximum debt-to-income (DTI) ratio: Does not disclose.
Time requirement after filing for bankruptcy: Applicants may qualify 60 months after a foreclosure or filing for bankruptcy.
Co-signer: Allows but does not require one for all borrowers. Approximately 98% of approved borrowers have a co-signer. Co-signer release is available after 48 months of on-time, consecutive payments.
Payment and repayment
Allows greater-than-minimum payments via autopay: Yes.
Allows bi-weekly payments via autopay: No.
Grace period following graduation: Usually six months.
In-school repayment options: Full payment, interest-only and full deferred.
Hardship forbearance: Not offered.
Graduated Repayment Period (GRP): Monthly payments are lower post-graduation and gradually increase as your income increases.
Post-school repayment options:
Internship deferment (not counted against other deferment options).
Residency deferment (not counted against other deferment options).
Natural disaster forbearance (not counted against other forbearance or deferment options).
Temporary lower payments.
Fellowship deferment (not counted against other deferment options).
Military deferment (not counted against other deferment options).
AmeriCorps deferment.
Customer experience
Customer service: Has in-house customer service representatives, but borrowers aren’t assigned a dedicated advisor. Customer service can be reached by phone, email, mail, in-person visits and 1:1 virtual appointments.
Time for application approval: Within minutes.
Loan servicer: PHEAA (AES).
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Sallie Mae's website | 2.19-17.49% | Mid-600s | 3.75-16.95% | Check Rate on Sallie Mae's website |
 Check Rate on College Ave's website | 2.19-17.99% | Mid-600s | 3.89-17.99% | Check Rate on College Ave's website |
 Check Rate on Ascent's website | 2.19-17.06% | Low-Mid 600s | 3.60-16.26% | Check Rate on Ascent's website |
 Check Rate on Monogram's website | 3.35-17.17% | Mid-600s | 3.65-17.38% | Check Rate on Monogram's website |
 Check Rate on ELFI's website | 2.99-12.85% | 680 | 6.75-13.05% | Check Rate on ELFI's website |
MEFA Graduate Student Loan review
Pros
- No late fees.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- 1:1 virtual appointments with customer service.
Cons
- No hardship forbearance.
- No rate discounts for automatic payments or otherwise.
- Co-signer release only after 48 months of consecutive payments.
Best for students who expect stable income after graduation.
MEFA Student Loan Refinance review
Pros
- No late fees.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- No hardship forbearance.
- No co-signer release.
- International and Deferred Action for Childhood Arrivals (DACA) students do not qualify for refinancing.
- Loans are not discharged if the primary borrower dies.
Best for borrowers with a stable income who don’t have a degree.
Before applying for a MEFA student loan
Before taking out a student loan through MEFA or any other private student loan lender, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren’t eligible for a MEFA student loan
If MEFA denies your student loan application, the lender will tell you why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or those that specialize in bad or no credit student loans.
STUDENT LOAN RATINGS METHODOLOGY
Our student loans editorial team surveyed 20 banks, credit unions and online lenders that offer student loans and student loan refinancing. These include the top lenders by market share and online search volume, as well as some lenders that serve specialty or nontraditional markets.
We considered and scored more than 60 features and data points for each financial institution in the categories of loan flexibility, affordability, transparency, customer experience and variety of borrowers served.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodology for student loans and our editorial guidelines.
Frequently asked questions
Is MEFA a good loan?
MEFA is a three-star lender based on NerdWallet's student loan rating system. Our ratings prioritize low interest rates and flexible repayment options that allow borrowers to repay loans faster and avoid default. Several other lenders receive a higher score than MEFA.
Is MEFA a federal loan?
No. MEFA provides private undergraduate and graduate student loans. It also offers student loan refinancing.