Massachusetts Educational Financing Authority (MEFA) Loan

The MEFA Loan is a non-need based family education loan funded by the Massachusetts Educational Financing Authority (MEFA). The fixed rate Undergraduate MEFA Loan allows students and their families to borrow up to the full cost of education less financial aid at Massachusetts colleges and universities. Residents of all states are eligible to apply. 

MEFA offers a number of payment options including Immediate, Deferred and Interest Only repayment as well as a Student Deferred Loan option. 

The parent borrower or any credit-worthy applicant can research and complete a MEFA application online or by phone at 800-449-MEFA.

There is no pre- or accelerated payment penalty. Student loan interest may be tax-deductible. An origination fee, a prepaid finance charge, applies. Deferred loans result in an increased cost of borrowing. The maximum certifiable amount is the cost of education minus any financial aid.

MEFA is a non-profit, self-financing state authority, not reliant on state or federal appropriation, that works to make higher education more accessible and affordable for students and families in Massachusetts. Please visit MEFA for more information.