MEFA Reviews: Student Loan Refinancing and Private Student Loans
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Student loan ratings

Student loan refinancing
Private student loan
4.0
The bottom line:
The Massachusetts Educational Financing Authority, known as MEFA, offers student loan refinancing and private student loans for undergrads and graduate students across all 50 U.S. states. Its refinancing loan is best for borrowers with a stable income who don't have a degree. Its private student loan is best for students who expect stable income after graduation.
Student loan refinancing review

4.0
/5 NerdWallet ratingPros
No late fees.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
No formal deferment/forbearance options.
No co-signer release.
Best for borrowers with a stable income who don’t have a degree.
Full Review
Unlike most other private lenders, MEFA doesn’t have a formal program that lets borrowers pause payments temporarily through deferment or forbearance for economic hardships. That means refinancing with MEFA is best for those with stable income who don't foresee needing breathing room in the future.
You don't have to have graduated to refinance with MEFA. But you must have made one year's worth of on-time payments toward your loans. You're also ineligible if you've defaulted on student loans in the past.
MEFA student loan refinancing at a glance
Borrowers without a degree can refinance.
No late fees.
Offers personalized rate estimates via a soft credit check.
How MEFA could improve
MEFA could improve its student loan refinance product by offering:
Formal forbearance for borrowers facing an economic hardship.
A co-signer release program.
Biweekly student loan payments via autopay.
How much can refinancing save?
MEFA student loan refinancing details
Before refinancing with MEFA
You can apply for a MEFA refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
If you aren’t eligible to refinance with MEFA
If MEFA denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.
NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Private student loan review

4.0
/5 NerdWallet ratingPros
No late fees.
Cons
You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Only one repayment plan offers co-signer release.
Best for students who expect stable income after graduation.
Full Review
MEFA private student loans don't offer a formal deferment or forbearance program if you have trouble affording payments. That makes MEFA a good choice only for those who expect a stable income after graduation.
Despite being a state-based organization, MEFA private student loans are available to students no matter where they go to school. MEFA offers fixed interest rates only, which means they'll stay the same over the life of the loan.
MEFA private student loan at a glance
Offers fixed interest rates only.
Co-signer release is only available if you select the deferred repayment with co-signer release option when you apply.
No deferment or forbearance programs are available.
How MEFA could improve
MEFA could improve its student loan product by:
Offering formal forbearance for borrowers facing an economic hardship.
Offering co-signer release on all repayment options.
Allowing borrowers to make biweekly payments via autopay.
MEFA private student loan details
Before applying for a MEFA student loan
You can apply for a MEFA student loan on its website. Before taking out a MEFA student loan or any other private loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren’t eligible for an MEFA student loan
If MEFA denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Find the Right Student Loan
Frequently asked questions
MEFA is a four-star lender based on NerdWallet's student loan rating system. Our ratings prioritize low interest rates and flexible repayment options that allow borrowers to repay loans faster and avoid default.
No. MEFA provides private undergraduate and graduate student loans. It also offers student loan refinancing.
MEFA provides private student loans and student loan refinancing to qualified borrowers.