MEFA Review - Student Loan Refinance

Application & Approval Process
Rates & Fees
Payment Terms
Customer Support & Benefits

About, or the Massachusetts Educational Financing Authority, was founded in 1982 by the Massachusetts state legislature. The primary mission of the organization is to be a self-funded state entity, which aims to help students secure financing for their tuition. also offers a range of other products, including refinancing options and savings plans. is one of the best-recognized student loan refinancing providers in Massachusetts. The organization has a longstanding history of helping out both graduate and undergraduate students with their tuition and student financing.


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  • Accepts both private and federal loans
  • Free refinancing calculator
  • No fees for prepaying or late payments of your loan
  • Free online quotation service


  • Requires at least 10,000 in debt to refinance loans
  • Students must have paid their monthly installments for at least 12 months before applying for refinancing

Key Highlights

  • The minimum credit score you are going to need if you want to refinance with is 670. This is a relatively low requirement when it comes to student loan refinancing options.
  • To be eligible for student loan refinancing with, you need to have at least $10,000 in debt. In comparison to the average student tuition for the United States in 2018, which is $99,417, this is a reasonable minimum.
  • org is incredibly versatile when it comes to offering different options in terms of interest on their student refinancing loans. Variable rates change according to fluctuations of the 1-Month London Interbank Offered Rate (LIBOR). If you choose this option, your monthly payments would vary per those shifts.
  • In terms of fees, is one of the more liberal student loan refinancing providers. The organization does not charge you for filling in the initial quotation form, or even for being late with your payments.
  • Best for students who are U.S citizens have and have a steady source of income. has a refinancing minimum, which also means that to go through with this process, you will need to have a substantial amount of student debt to combine. Тhe Massachusetts Educational Financing Authority caters to a wide range of customers, regardless of the higher education center they were enrolled in. Private and federal loans are eligible for refinancing with, as well as graduate and undergraduate loans.

Application & Approval Process

Initial quotation makes it quick and easy to get a free preliminary quotation and understand the terms and conditions you will receive for your refinancing.

The application process for the initial quotation is relatively straightforward. First, you will be asked to create an account where you provide your full name, email address, phone number, and select a password.

After creating an account, customers are asked to fill in a personal information questionnaire. This includes information about their address, citizenship, employment, and housing details. The form also asks you to provide all the information pertaining to the loans you are looking to refinance including:

  • Estimated total amount of student loans
  • Highest degree of education obtained
  • Last educational facility
  • Last date of attendance at this school

Last but not least, the form will ask for your social security number. Once you’ve completed this questionnaire, you will get your preliminary quotation, outlining the possible term for your student loan refinancing with

It is important to note that requesting this preliminary evaluation will not affect your credit score in any way.

In depth-analysis

The student loan refinancing option provided by is exceptionally versatile, as it is suited to cater to a wide range of potential customers. The organization has made its refinancing services available to students who have both federal and private loans. Not only that, but also covers both graduate and undergraduate tuition loans.

This makes one of the more flexible refinancing providers. With the student loan refinancing calculator, you can quickly get an estimate of the amount and number of monthly payments you will have to pay. When calculating, you can choose between variable and fixed APR, and you can select a loan term of either 7, 10, or 15 years.


Afterward, you will either be prompted to continue to the approval process, or you will receive an adverse action letter that you are not eligible for prequalified rates.

If you receive this letter, do not be disheartened, as the notice outlines the necessary steps for you to finish the application process and get approval. The most common glitches when it comes to prequalified rates are related to insufficient information provided in the initial quotation form. This could mean that was unsuccessful in finding your credit report, your credit score, or you did not meet the requirement to have paid your loan installments for at least 12 months.

Once you provide the missing information, you will be approved for your student loan refinancing. After you’ve received the approval, you can move on to reading over your agreement. In terms of approval times, aims to go through loan refinancing applications as soon as possible.


An agreement contract contains all the details regarding your loan, including:

  • Term of the loan
  • Interest rate
  • Total amount of money you are going to borrow
  • Information about charges and taxes you will have to pay

Your student loan refinancing agreement is the binding document you will sign with, so you must safeguard this document. Rates & Fees

The Massachusetts Educational Financing Authority boasts a no-fee policy, which means that you will not be charged additional taxes for any of its services. One of the most significant advantages of refinancing with is that you will not be charged a fee for late payments. In terms of full disclosure and transparency about additional costs, is one of the best choices on the market.

When it comes to rates, offers variable and fixed interest rates. Depending on your preference and eligibility, you might be able to choose the option, which is more suited to your repayment capability. The lowest available rate for both options is 4.65% APR.

Payment Terms

Payment terms vary depending on the total amount of student loans you want to refinance, as well as your credit score and current employment. Another factor, which might play a role when is deciding on your application is your current housing arrangement. If you need to make monthly payments towards rent, or a mortgage, your payment terms might become a little less favorable. also offers flexible loan terms. Students can choose between a loan term of 7, 10, or 15 years. What is even more important is that is willing to work with you if you ever have difficulty covering your monthly increments. While there are no late payment fees, defaulting on your loan could be avoided if you speak directly with representatives.

Customer Support & Benefits

There are several different contact options available below. The customer center working hours are from 8 AM to 8 PM (ET), Monday to Friday. has provided a detailed FAQ section where customers can find the answers to the most commonly asked questions. It outlines the main terms and conditions on student loan refinancing and provides useful information about interest rates and eligibility.

Moreover, all information provided on the website has been adapted for individuals with disabilities. Students can request an optimized information packet in either braille, large print, electronic, or audio format.


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Contact Details

  • Address:, P.O. Box 8520, LaVerne, CA 91750-9998
  • Phone: (855) 433-REFI (7334)
  • Email: [email protected]

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