MEFA Loan for Graduate Education
|Who Is the Borrower?||The student, enrolled in a graduate degree program, is the primary borrower. The borrower must be a US citizen or permanent resident.|
|Interest Rate||Interest rates are fixed.Interest-Only: 6.39% while in school, 7.19% therafter.
Deferred Repay: 6.79%.
|Credit Criteria||Must meet MEFA’s current credit approval standards. Online credit decisions are instant.|
|Fees||Origination fee of 4% (7% without a co-borrower) is added to the loan amount.|
|Minimum and Maximum Allowed||Loans are approved from $2,000 up to the total annual cost of education minus any financial aid, including any Federal Stafford Student Loan. There is no aggregate limit.|
|Repayment Terms||A 15 year maximum repayment. With the interest-only option repayment of interest starts 45 days after the final disbursement of the loan. With the deferred option repayment of principal and interest starts 6 months after the student ceases to be enrolled at least half time. No prepayment penalty.|
|Enrollment Status||Students must be enrolled at least half time each semester in a graduate degree program.|
|Deferment Options||Two repayment options are offered; interest-only and deferred principal and interest. Maximum deferment is 3 years.|
|Can Loan be Sold?||MEFA states that they do not routinely sell their loans.|
|Other Borrower Benefits||N/A|
|How to Apply||
Get more information and/or apply online: http://www.mefa.org/pay-for-college/get-a-loan.aspx
Call MEFA at: 800-266-0243
This information is based on information provided by lenders identified in response to a Request for Information issued by Boston University. The terms and conditions of any loan may vary depending on, among other things, market conditions and your credit score. Proposed terms may have changed since lenders provided information to Boston University. You should contact the lender to obtain current terms and information. You should review any proposed terms and obligations carefully.