MEFA Student Loan Refinancing Review 2023

Short On Time

Short on time? MEFA offers fixed rates, multiple repayment options, and robust educational resources, making it a good fit for Massachusetts students and residents.

Introduction

Welcome to Money Verdict's detailed review of MEFA's Student Loan Refinancing program. With its non-profit status and focus on education, MEFA provides an all-encompassing loan refinancing solution.

Who is Mefa a Good Fit For?

If you are a Massachusetts resident or attended school in the state and are in search of competitive fixed rates along with valuable educational resources, MEFA could be a good fit for you.

Application Process

The application starts with a simple online form that requires basic personal and financial information. MEFA performs a soft credit check initially for pre-qualification, followed by a hard credit check once you decide to proceed. Required documentation, such as proof of income and educational qualifications, must be uploaded for final approval.
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Qualification

To qualify, you must have a credit score of at least 670, be a U.S. citizen or permanent resident, and have completed a degree at an accredited institution. Moreover, there are minimum and maximum loan amounts to consider.

Our Verdict

MEFA offers an excellent balance of competitive rates, educational resources, and repayment flexibility. However, its geographic and loan amount limitations could be barriers for some. If you fit within their parameters, MEFA is a strong option for student loan refinancing.

Pros

Competitive Fixed Rates
Multiple Repayment Options
No Application or Origination Fees
Loan Consolidation Available
Strong Educational Resources

Cons

Limited Deferment Options
Higher Minimum Loan Amount

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Common Questions (FAQ)

Are there any application fees with MEFA?

No, MEFA does not charge any application or origination fees.

Is MEFA available outside of Massachusetts?

MEFA is primarily designed for Massachusetts residents or those who have attended schools in Massachusetts.

What are the deferment options?

MEFA offers limited deferment options mainly focusing on situations like unemployment or economic hardship.

Do they offer variable rates?

No, MEFA offers only fixed rates for student loan refinancing.

Does MEFA offer loan consolidation?

Yes, MEFA offers loan consolidation as a feature, allowing you to manage all your student loans under a single monthly payment.