About Us
Our Mission: College Affordability for All
We are a state authority with an essential public function, committed to helping students and their families plan, save, and pay for college and reach financial goals.
What We Do
Guide Families
Our College Planning Team offers live webinars, as well as support via phone, email, and one-on-one appointments, to help families, in real time, navigate every stage of planning for college and beyond.
Create Resources
Our articles, calculators, videos, podcast, and email curriculum are designed by our expert staff to stay relevant, timely, and comprehensive.
Focus on Students
MEFA Pathway, our free college and career planning website, guides students in grades 6-12 toward a future that fits them best.
Train Partners
We provide trainings for school counselors, college access professionals, and college administrators to share our knowledge on a range of college planning topics, including financial aid, admissions, and student loans.
Provide Financial Solutions
Our tax-advantaged savings plans allow families to save for college and disability expenses, while our competitive, fixed-rate loans offer an affordable financing (and refinancing) option for a college education.
Community-Oriented and Value-Minded
Decades of Service
The Massachusetts State Legislature created MEFA in 1982 to help families pay for college
Free Resources
Articles, webinars, podcast episodes, videos, calculators, and more guide families through college planning
Versatile Products
Tax-advantaged savings plans and fixed-rate loans provide affordable college financing solutions
Guiding Principles
As a state authority established by the Commonwealth of Massachusetts to perform an essential public function, MEFA makes loans to help families cover educational expenses and we adhere to the general principles that promote borrower success set forth below.
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Advisory & Outreach Programs
MEFA makes affordable education loans and serves as a trusted guide, walking families through the maze of higher education options and offering free advisory services. To this end, we follow these policies:
- Offer and/or partner with organizations that offer FAFSA completion assistance and information on financial aid options and processes, including assistance with understanding financial aid offers.
- Provide financial literacy education, which may include information about projected salaries and return on investment for specific degree programs.
- Assist borrowers and their families with managing the repayment of any loans taken out through MEFA; this assistance is provided within the context of all education debt held by the borrower and their family.
- Provide and/or partner with organizations that provide services and specific outreach programs for underserved populations.
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Encourage Smart & Responsible Borrowing
MEFA encourages families to make the best possible decisions for their individual circumstances. To this end, we follow these policies:
- Encourage students to exhaust their Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans, grant aid, and family resources before taking out any other type of loan.
- For new loans, require that schools certify the enrollment, cost of education, and financial aid of each borrower in order to avoid unintentional over-borrowing. School certification acts as a check that the loan is being used for an educational purpose and that the amount borrowed is in line with the college’s costs and the borrower’s needs.
- Advise students and families to borrow only the amount they need. Selecting and paying for college is a family decision and, as such, the student and family need to understand the total cost of the college selected. Family members borrowing on behalf of a student or cosigning a student loan should be counseled to understand their rights and responsibilities in regard to repaying education loan debt.
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Affordable Repayment Options & Loan Terms
MEFA offers affordable education loans with transparent terms. We provide the in-depth counseling that borrowers need in order to understand and manage their loan responsibilities. We also guide borrowers through all repayment options available to them, with special attention paid to working with borrowers who experience economic hardship. To this end, we follow these policies:
- Offer a fixed rate option, with no origination fee.
- Prominently disclose the annual percentage rate, financing costs, total cost of the loan, and other terms and benefits to the borrower prior to loan origination.
- Offer one or more flexible repayment options to meet the needs of families’ varying financial situations. This may include deferment, temporary reduced payment plans, in-school interest-only payments, immediate repayment, refinancing options, varying repayment term options, and no pre-payment penalties.
- Proactively communicate with borrowers and co-borrowers to inform them of their rights, responsibilities, and repayment options.
- Implement a process for advising borrowers who are attending a school that closes. Our current policy allows students up to 12 months to enroll in a new school to maintain continuous deferment.
- Explore partnership opportunities to assist borrowers in paying down their education loan debt.
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Help for Borrowers in Distress
MEFA works closely with borrowers experiencing personal hardship or financial difficulties to offer guidance and assistance. To this end, we follow these policies:
- Whenever possible, work with individual borrowers who have defaulted on their loans to temporarily modify their repayment plan so the borrower stays on track with their repayment.
- Whenever possible, work with individual borrowers who are experiencing financial hardship to temporarily modify their repayment plan so the borrower stays on track with their repayment.
- Borrowers that have a medically determinable physical or mental impairment or are a veteran with a service-connected condition may qualify for a discharge based on a Total and Permanent Disability (TPD). Any MEFA Loan borrower may apply for TPD. Loans may be eligible for discharge only when the student co-borrower meets the definition of TPD. If a non-student co-borrower meets the definition of TPD, that person may be removed from the loan, but the loan will not be discharged. Any remaining borrowers will be responsible for repayment.
- MEFA Loans may be discharged if the student co-borrower passes away. If a non-student co-borrower passes away, that person will be removed from the loan, but the loan will not be discharged. Any remaining borrowers will be responsible for repayment.
- Adhere to our long-standing practice of not accelerating or placing a good-standing loan in auto default due to bankruptcy filing or borrower death.
- Proactively reach out to borrowers who are behind on payments and make every reasonable effort within existing laws and regulations to contact them and offer assistance before utilizing collection activities.
- Though we reserve the right to charge collection fees, adhere to our long-standing practice of not charging collection fees in the event that collection activities are employed.
- Respond promptly to assist borrowers impacted by natural disasters.
MEFA Leadership
- Board of Directors
- Leadership Team
- College Planning Team
All of MEFAs educational programs are excellent. They have knowledgeable staff who keep on top of issues and present the information well.
Customer service is top-notch. Very patient with me and I felt heard, understood and directed to the right resources that our family needed. I have a lot of peace that we will have the opportunity to work with such wonderful people.
I very much appreciate the timely and relevant emails and topics. Your information helped keep us on track during the college application process. The podcasts and articles were very informative. Thank you for your great job and help
Straightforward resources for college guidance. Appreciate the scholarship links and webinars. Helps reduce some of the stress of this exciting time with our young adult.
MEFA is always providing very timely and useful information for students, parents and teachers. The availability of recorded sessions is particularly helpful for those who cannot attend live sessions due to other commitments.