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MEFA Refi: Student Loan Refinance Review


MEFA features fixed and variable interest rate refinance loans with 7, 10, and 15-year terms, and can cover amounts ranging from $10,000 up to the total sum of an individual’s outstanding debt.

The Massachusetts Educational Financing Authority (MEFA) is a student loan refinance provider available to borrowers nationwide.

MEFA services borrowers in all fifty states from undergraduates to graduates and even those who have incomplete degrees. Overall, MEFA is a great option for residents and doctors with medical school loans.

Read on to learn more about refinancing your student loans with MEFA.

MEFA student loan refinance details

MEFA features fixed and variable interest rate refinance loans with 7, 10, and 15-year terms, and can cover amounts ranging from $10,000 up to the total sum of an individual’s outstanding debt. Further, the loans do not include any application fees, origination fees, late fees, or prepayment penalties.

To qualify for a MEFA Refi, borrowers must have a credit score of at least 670 and a minimum yearly income of $24,000. Only U.S. citizens or permanent residents may qualify.

Our trusted partner, Credible, allows you to compare prequalified rates from multiple lenders — including MEFA.

Pros of refinancing your student loans with MEFA

Lower credit score requirement

With a credit score requirement of only 670 points, MEFA has much lower credit score demands than many other lenders. Often, student loan refinancing companies will require that borrowers have credit scores of at least 700, 720, or even 750 points before they can qualify, often resulting in the need for a co-signer with a higher score before they can refinance their loans. With MEFA’s lower requirement, more individuals can apply and be approved for refinancing because the demands against their credit score are more open.

No late fees

Unlike the majority of student loan refinancing companies, MEFA features absolutely no late fees for any missed payments. This means that even if you accidentally skip a payment, you won’t immediately have hefty fees falling on your head, making it a lot easier to resolve the missed payment without falling further behind because of late fees.

No hard credit check

Hard credit checks can be quite damaging to an individual borrower’s credit score. Each time a big lending company runs a credit check against them, their credit score can drop from the inquiry alone. Therefore, offering potential clients the option of a soft credit check is a big plus for MEFA. With a soft credit check, the lender can determine a potential borrower’s eligibility and even an estimation of the personalized rate they will likely receive without causing any damage to the person’s credit score.

No degree requirement

Like a few other loan refinancing companies, MEFA allows borrowers to take out a student loan refinancing option regardless of their degree status. This can be especially helpful to students and individuals who are struggling against debt for a degree they either no longer want to complete or are no longer financially able to complete. Many other loans for student debt refinancing require the completion of at least one degree (usually undergraduate) before a person can qualify for refinancing, but MEFA has a wider range of eligibility so that more people can benefit.

See personalized rates from multiple lenders — including MEFA — without affecting your credit score.

Cons of refinancing your student loans with MEFA

No formal deferment or forbearance options

Most private loan and refinancing lenders offer borrowers at least one option for deferment or forbearance to provide them with a cushion of protection if, for whatever reason, they cannot make their regular payment. This is especially handy for those who are reentering school, active-duty military, and those facing personal, medical, and financial stress. Unfortunately, MEFA doesn’t offer any formal deferment or forbearance options. This means that unless borrowers have an incredibly reliable, stable income each month that has plenty of room to make loan repayments and cover unexpected extras, then this loan is not the right one for them.

No co-signer release

Co-signer release is a great option that several notable student loan refinancing companies offer their borrowers. It allows a co-signer to dismiss themselves from responsibility on a loan once the original borrower has proven that they can, and will, successfully repay the money they’ve borrowed. But MEFA offers no such option to its clients. Once a co-signer has agreed to back a loan, they are stuck in that role until the entire debt is repaid.