MEFA Loans 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. Massachusetts residency is not required.|
|Interest Rate||Interest rates are fixed.Interest-Only: 7.09% while in school, 8.09% thereafter.
Deferred Repay: 7.59%.
|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 Direct Stafford Student Loan. There is no aggregate limit.|
|Repayment Terms||A 15 year maximum repayment. Repayment 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||Interest-only repayment is offered with a 7.59% interest rate during the in-school period and 8.39% thereafter. Deferred interest and principal repayment (maximum 3 years) is offered with a 8.09% interest rate.|
|Can Loan be Sold?||MEFA states that it does not sell its loans.|
|Other Borrower Benefits||N/A|
|How to Apply||
Get more information and/or apply online: http://www.mefa.org/loans
Call MEFA at: 800-449-6332
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.