Low-Cost College Loans Offered by Massachusetts Educational Financing Authority
Boston, MA (PRWEB) July 26, 2013 -- The Massachusetts Educational Financing Authority (MEFA) will again offer low-cost college loans for the upcoming academic year, maintaining the same low, fixed interest rates offered last year. Working to prevent an interest-rate increase on MEFA Loans is another example of how MEFA helps families to plan, save and pay for college.
“With college bills arriving in mailboxes all across our state, now is the time for families to turn to MEFA, the Commonwealth’s Authority on paying for college. The Patrick Administration is committed to ensuring students have options for continuing their education past high school,” said Governor Deval Patrick. “Through our continued partnership with MEFA, we are making a college education affordable and accessible for more Massachusetts students.”
In addition to a low-cost loan program, MEFA also offers free advisory services to all Massachusetts families seeking guidance on how to pay for college and how to select the right loan option. Families are encouraged to call MEFA at 1-800-449-MEFA during business hours for assistance or visit http://www.mefa.org anytime for tutorials on college financing, advice on selecting loans, and monthly payment calculators.
“At MEFA, our first priority is to help families plan and save for college by helping them develop strategies to meet college costs. If after exhausting federal student loan options a family still needs to borrow we are pleased to offer fixed interest rate loans with low monthly payments.” said Thomas Graf, Executive Director of MEFA.
The MEFA Loan, starting at 5.99% (APR: 7.26% - 7.83%), continues to provide a variety of flexible repayment options to give families greater choices. Families may select from immediate, interest-only and deferred repayment options while completing an easy online application. By providing clear, complete information to families, borrowers know in advance the amount of the fixed monthly payment and the ultimate total cost of the loan.
The MEFA Loan is a state-based loan available to families. Unlike the Federal Direct studen loan, which is borrowed by the student, the MEFA Loan is a family loan requiring the parents and students to co-sign the loan together. MEFA recommends students exhaust their federal student loan eligibility before seeking other loan options allowing students to take advantage of the federal government’s flexible repayment plans.
MEFA is now accepting applications for the 2013-2014 academic year. The MEFA Loan’s low, fixed interest rate is available to all qualifying borrowers and unlike loans offered by other lenders, does not vary depending on credit scores.
For more information on how MEFA can help families plan, save and pay for college, call 1-800-449-MEFA (6332) or visit http://www.mefa.org. Also, follow MEFA on Twitter @mefatweets for tips and information and on Facebook.com/mefaMA.
About MEFA
MEFA is a not-for-profit self-financing state authority, not reliant on state or federal appropriation that has been working for over 30 years to make higher education more accessible and affordable for students and families in Massachusetts. MEFA was created by the state legislature at the request of Massachusetts colleges and universities and provides community education programs, college savings plans, and low-cost financing options. In its over 30 year history, MEFA has assisted hundreds of thousands of families in financing a college education. For more information, visit http://www.mefa.org to learn more.
Martha Savery, [email protected], 617-224-4813, [email protected]
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