The Massachusetts Educational Financing Authority, better known as MEFA, has been a long-standing player in the student loan space. While it originally focused on borrowers in Massachusetts, the refinance program is now available nationwide. Medical residents, physicians, and borrowers with incomplete degrees often consider MEFA because of its simple structure, no-fee loans, and straightforward eligibility requirements.
If you are thinking about refinancing in 2026, here is what you need to know before comparing your student loan refinancing rate with LeverageRx.
MEFA Student Loan Refinance Details
MEFA offers fixed and variable refinance loans with 7, 10, and 15-year terms. Loan amounts start at 10,000 dollars and can extend up to the full balance of your outstanding student debt. MEFA does not charge application fees, origination fees, late fees, or prepayment penalties.
To qualify, borrowers need:
- A minimum credit score of 670
- A yearly income of at least 24,000 dollars
- U.S. citizenship or permanent resident status
Both private and federal student loans in good standing are eligible.
Pros of refinancing your student loans with MEFA
Lower Credit Score Requirement
Many lenders require a credit score above 700, but MEFA’s minimum score of 670 allows more borrowers to qualify without relying on a co-signer. For medical residents or early-career professionals, this expands access to refinancing.
No Late Fees
MEFA does not charge late fees, which can make an unexpected missed payment less stressful. While this does not remove the need to stay current, it prevents the extra penalties common with other lenders.
No Hard Credit Check
MEFA allows borrowers to see estimated eligibility and rates through a soft credit check. This avoids the temporary credit score drop that comes with a hard inquiry.
No Degree Requirement
If you started a degree but did not finish, MEFA still allows you to refinance. This helps borrowers who paused education, switched career paths, or were unable to complete a program for financial or personal reasons.
Cons of Refinancing Your Student Loans With MEFA
No Formal Deferment or Forbearance Options
MEFA does not offer traditional deferment or forbearance. For borrowers who need temporary relief due to job loss, medical issues, or returning to school, this lack of protection can be a drawback.
No Co-Signer Release
Some lenders allow a co-signer to be released after a pattern of on-time payments. MEFA does not. If someone co-signs your loan, they remain legally responsible for the entire balance until the loan is fully repaid.
Key Takeaways
MEFA is a simple, no-fee refinancing option that works well for borrowers who want predictable terms, a lower credit score requirement, and an easy application process. But the lack of deferment and co-signer release options may make it less flexible than other lenders. If you are considering refinancing medical school loans in 2026, take a moment to compare your refinancing rate with LeverageRx so you can see how MEFA stacks up against other national lenders.
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