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MEFA : Comprehensive Guide to Student Loans| Updated August 2023

At Facebook Business, we understand the complexities of managing student loans, and how the right information can make all the difference in making informed decisions. The choice between different loan providers, interest rates, and repayment options can be overwhelming. That’s why we’ve undertaken a comprehensive review of the Massachusetts Educational Financing Authority (MEFA), a prominent not-for-profit lender in the student loan arena.

Introduction: What Is MEFA?

MEFA is a nonprofit organization, offering both private student loans and student loan refinancing to borrowers nationwide, despite its roots in Massachusetts. Known for its competitive rates and flexible options, MEFA plays a vital role in higher education financing.

Pros and Cons of MEFA Student Loans


  1. No Hidden Fees: Borrowers appreciate the lack of origination, disbursement, or late fees.
  2. Cosigner Release: Available after 48 consecutive, on-time payments.
  3. No Graduation Requirement: Refinancing is available even without graduation.
  4. Flexible Borrowing Limits: You can borrow up to the full cost of attendance.


  1. Limited Repayment Terms: Offers fewer repayment terms than competitors.
  2. No Discount for Automatic Payments: A slight drawback in comparison to other lenders.
  3. International Students’ Ineligibility: Non-U.S. citizens cannot apply.

With these insights, let’s delve into the different loan products offered by MEFA.

MEFA Student Loan Refinancing: An Analysis

MEFA offers refinancing solutions with fixed APR starting from 5.5%, and loan amounts ranging from $10,000 to the total cost of education. Here’s an overview of the refinancing product, named MEFA REFI:

Eligibility Criteria

  • U.S. citizenship or permanent residency.
  • Primary borrower status on all loans.
  • Minimum credit score of 670.
  • A clean financial record, including no default, delinquency, bankruptcy, or foreclosure in stipulated periods.

Notable Features

  • Zero Fees: No application or late fees.
  • Personalized Relief Options: Collaboration with American Education Services (AES) to assist borrowers in financial difficulty.


MEFA’s REFI loan offers three repayment terms: seven, ten, and fifteen years, with personalized support if needed.

Fixed APR and Term Lengths

Fixed APR Term Lengths
5.5%+ 7, 10, 15 years

MEFA Private Student Loans: Your Options

MEFA also provides private student loans for undergraduate and graduate students with competitive fixed APR starting from 5.35%.

Eligibility Criteria

  • U.S. citizenship or permanent residency.
  • Enrollment at a not-for-profit, degree-granting institution.
  • Strong financial background.

Repayment Options

  • Immediate Repayment: 10- or 15-year plans.
  • Interest-only Repayment: 15-year plan.
  • Deferred Repayment: With or without cosigner release, 15-year plans.

Loan Amounts and Term Lengths

Loan Amount Term Lengths
$1,500 up to full attendance 10 or 15 years

Expert Opinion: A Reflection by Dr. Akawak Ejigu

Dr. Akawak Ejigu, with doctoral and MBA degrees, an MA in sociology, and a BSc in Management Information Systems, offers his insights. With over 20 years of experience in finance and investment management, and being an enthusiast of data science and artificial intelligence, Dr. Ejigu highlights:

“MEFA’s commitment to low-cost education financing has opened doors for numerous students. Their transparency and personalized support stand out in the industry. Although some may find their repayment terms limited, their competitive rates and absence of hidden fees make them a worthy option for consideration.”

Conclusion: Is MEFA the Right Choice for You?

MEFA’s comprehensive offerings present viable opportunities for both new borrowers and those looking to refinance their existing student loans. Their commitment to zero hidden fees, flexible borrowing limits, and provision for non-graduates to refinance makes them a standout option.

At Facebook Business, we encourage prospective borrowers to compare their options and consult with a financial advisor to make the most informed decision. MEFA’s offerings align well with the needs of students attending not-for-profit universities, especially those who have maximized their federal financial aid.

This detailed analysis is part of our ongoing commitment to empower individuals with the tools and confidence to improve their financial well-being. Our evaluation of MEFA is based on current data as of August 2023, and we intend to keep our readers updated with the latest trends and insights in the world of student loans.


  1. Credible: “MEFA Student Loans Review August 2023”
  2. American Education Services: “Loan Servicing Solutions”
  3. MEFA Official Website: “Products, Rates, and Terms”

Facebook Business welcomes feedback and queries from readers looking to understand more about student loans, refinancing, and other financial products. Together, we strive to facilitate sound financial decisions in the complex world of higher education.

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