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MEFA Student Loan & Refinance Review

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2024 Review on MEFA for Student Loans & Refinancing

Is MEFA a good student loan company? MEFA reviews from borrowers and experts alike showcase a state-chartered not-for-profit lender with low-interest rates and no added fees. MEFA’s interest rates on student loans start at just 5.35%. For student loan refinancing, MEFA loans carry an APR ranging from 6.20% to 8.99%. These are low rates, especially in the high-rate environment we live in during 2024.

According to new research conducted by CNN, the average student loan refinancing APR sits at over 8% for applicants with fair to good credit. MEFA’s interest rates are also at a fixed rate, allowing you to lock in the lowest possible rate on your student loan.

MEFA, or Massachusetts Educational Financing Authority, began in 1982, offering private student loans and refinancing. The organization provides services throughout the 50 states and has high review ratings. The company earns a place in our best student loan refinancing companies review.

MEFA undergraduate and graduate loan amounts range from $1,500 to the total cost of education after subtracting any financial aid. MEFA loans can cover tuition, books, housing, fees, supplies, and miscellaneous expenses.

MEFA reviews feature image with logo

Student Loans


  • High overall average review scores

  • Offers student loans and student loan refinancing

  • Covers up to 100% of expenses

  • No application or origination fees

  • No late fees apply

  • MEFA’s interest rates are low, starting at just 6.20%

  • MEFA’s BBB rating is A+


  • Variable APR not available

  • Multi-year approval unavailable

  • Loan pre-qualifying isn’t offered

MEFA Reviews: Features and Benefits

MEFA is primarily an online lender and refinancing provider. Our Credible review mentions student loans and pre-qualification with no hard inquiries on your credit report. While MEFA partners with Credible, it only allows hard-inquiry-free pre-qualification for its refinancing options.

  • High average rating scores
  • Fixed APR between 5.35% and 7.95% for student loans
  • Refinance APRs from 6.20% to 8.99%
  • No application or origination fees
  • Variable interest rates not available
  • Pre-qualifying without a credit check isn’t available for in-school loans
  • Offers soft credit checks for refinancing loans
  • Co-signer release is available after 48 months on some loans
  • Loan terms of 7, 10, and 15 years
  • Refinance terms of 10 and 15 years
  • Borrowing amounts from $1,500 to the total cost of education minus aid
  • The minimum refinance amount is $10,000
  • Multiyear approval not offered
  • Refinancing is available without a degree
  • One year of payments are necessary to apply for refinancing
  • Requires a 670 credit score to qualify
  • Deferments or forbearances unavailable
  • No discounts for autopay are available
  • Must be a US citizen or permanent resident to apply
  • Four repayment options for undergrads
  • Two repayment options for graduate loans
  • $24,000 minimum income requirement for refinancing

MEFA Reviews: Editorial Rating

Trusted Company Reviews Rating Score for MEFA Student Loans: 9.3

MEFA reviews often focus on interest rates and loan terms, and for good reason. The organization’s fixed APRs of between 5.34% and 7.95% for loans and fixed refinancing rates of 6.20% to 8.99% are among the lowest available. The organization doesn’t offer a variable rate for loans or refinancing. MEFA earned points in our review in that regard.

However, the company lost a few points for its limited loan term lengths. MEFA provides undergraduate loan borrowers with four repayment options, including immediate payment, interest-only, deferred, and deferred with cosigner release. The company also offers two repayment methods for graduate borrowers. However, loan payback terms are limited to 7,10, or 15 years and 10 or 15 years for refinancing.

Other benefits that set MEFA above many of its competitors include its lack of origination, application, or late payment fees and the ability to borrow up to the entire cost of education minus any student aid benefits.

Fixed APR 5.34% to 7.95%
Variable APR N/A
Refi Fixed APR 6.20% to 8.99%
Refi Variable APR N/A
Loan Terms 7, 10, 15 Years
Refi Terms 10 and 15 Years
Repayment Options Immediate, interest-only, deferred
Loan Amounts $1,500 to total cost of attendance minus aid

About MEFA Student Loans

Student loans from MEFA are available to students attending half or full-time at approved non-profit education institutions. The organization offers its loans and refinancing products through its online platform and on the lending marketplace, Credible.

While the interest rates offered by MEFA are low compared to many other student loan lenders, it doesn’t provide any variable rate options. While MEFA doesn’t advertise its credit score requirements for approval, most borrowers have a credit score above 670 or qualify with a cosigner. Refinancing borrowers must earn at least $24,000 annually to qualify.

Customers can pre-qualify only for refinancing with a soft credit inquiry that doesn’t affect their credit score or appear on future inquiries. Student loan borrowers will experience a hard credit inquiry that does temporarily have a minor effect on their score when applying for lending.

Students who require further funding throughout their education must reapply for MEFA student loans each time, as the company offers no multi-year approvals. Unlike federal loans, MEFA offers no hardship protections.

While MEFA provides student loan borrowers up to four repayment options, only the deferred payment with co-borrower release choice allows cosigner release availability. Borrowers can apply to release the cosigner after making 48 months of payments.

About MEFA Student Loan Refinancing

Refinancing dollar amounts with MEFA start at $10,000. Refinancing is available for undergraduate, graduate, private, and federal loans after at least 12 months of making payments on the loan being refinanced.

Be aware, however, that refinancing a federal student loan with a private lender disqualifies you from federal loan repayment benefits, such as hardship deferments and forbearance programs. MEFA offers no such programs for refinancing.

How to Apply for MEFA Student Loans

Students, parents, and refinancing customers can apply online at or MEFA offers no options for prequalifying for its student loans before making a hard inquiry on a credit report. However, soft inquiry pre-qualifications are available from MEFA and at Credible. Pre-qualification allows borrowers to see the rate they qualify for before formally applying for refinancing.

Borrowers with MEFA must be US citizens or permanent residents of the US. In general, a credit score of 670 is necessary to qualify for lending without a cosigner, and refinancing customers must have an income of at least $24,000 annually to qualify.

MEFA Reviews

MEFA reviews from consumers and experts are solid. Expert review ratings range from 4.0 out of 5 stars to 4.8. Customer reviews are excellent for the most part, with 82% of respondents on Trustpilot awarding MEFA 5 stars, mostly for its work with educational seminars. However, there are a few negative reviews regarding some customer service issues.

Experience was effortless and loan amount was flexible and fit to need. – Adekunle, Trustpilot

Would give zero stars if I could. Run away from this company. Applied for student loan for my daughter. She was the primary and I was co-signer. Loan came through. They switched me to the primary and my daughter (the student) to the co-signer. Spent hours speaking to several people. Listened to the most uneducated customer service people try to explain to me something they obviously know nothing at all about. They became very belligerent and aggressive when I explained I was cancelling loan. They even went ahead and disbursed the 2nd part of the loan the day I told them I was cancelling, even though it is not due for 3 months. Most unprofessional experience ever! – Robert, Trustpilot

MEFA Student Loans Vs. Citizens Student Loans

Both MEFA and Citizen student loans and refinancing work best for customers who require plenty of money for their education and expect to generate adequate income after school to cover the repayment cost.

However, MEFA is more geared towards offering loans at a lower cost than Citizens at the outset. While very low loan and refinancing rates are available through Citizens, the potential for higher rates exists. loans and refinancing also generally require a higher credit score to qualify than MEFA.

MEFA Citizens
APR 5.34% to 7.95% 4.48% to 13.29%
Refi APR 6.20% to 8.99% 6.38% to 14.28%
Terms 7, 10, 15 Years 5, 10, 15 Years
Refi Terms 10 and 15 Years 5, 7, 10, 15, 20 Years
Credit Score Requirements 670 720
Loan Amounts $1,500 to total cost of attendance minus aid $1,000 to $350,000 (degree dependent)
Grace period 6 months 6 months


Frequently Asked Questions

Is MEFA legit?

Is MEFA a good student loan?

What does MEFA stand for?

Are MEFA loans eligible for loan forgiveness?

Are MEFA loans private or federal?


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About Author

Dr. Ali
Deane Biermeier is a prominent figure in all things finance and home improvement, renowned for his detailed written content, analyses, and expert advice. Over the past several years, he's contributed to industry-leading publications such as Forbes Home, Angi/HomeAdvisor, US News and World Report, Newsweek Vault, and Family Handyman. Deane's expertise is further established and recognized through his review board roles and by providing expert insights at The Spruce and Family Handyman. His recent affiliation with in 2023 further solidifies his position as a respected authority in his field. Key Highlights Extensive Publication Contributions: Deane's work is featured across multiple esteemed platforms, including Forbes Home, Angi/HomeAdvisor, US News, Newsweek Vault, and more. Expert Consulting and Insight: Offers specialized content reviews and consultations for The Spruce and Family Handyman, using his vast knowledge and experience. What Makes Deane Biermeier Stand Out? Deane's writing goes beyond providing lists of information. He strives to make complex topics understandable and breaks them down into easy-to-understand points so his readers can make confident decisions quickly. His content covers a wide array of topics, offering practical and valuable information on home-related, DIY, and home and personal finances. Philosophy and Approach Deane firmly believes in the power of informed decision-making and empowers his readers to do the same. His reviews focus on delivering essential and pertinent information with honesty and transparency without bias. He stresses the importance of understanding the full picture before committing to financial products or home improvement services and provides relevant information to ensure his readers can make confident decisions. Impact and Recognition Readers and industry leaders have widely acknowledged Deane's contributions. Delivering trustworthy information has made him a go-to source for those seeking practical advice on home improvement and financial decisions. With years of field experience complemented by thorough research, Deane continues to serve as a valuable resource for homeowners and consumers alike. Engage with Deane Biermeier Readers are encouraged to follow Deane for the latest reviews and updates. His author bio page, featuring his latest content, is filled with valuable insights and information to refer to when making product and provider choices. Sharing his profile and work on social media is a great way to empower others with useful and factual information.
Dr. Ali

Deane Biermeier

Last Updated: April 15, 2024