MEFA Graduate Loan, Graduate Loan

MEFA Graduate Loan

After completing the undergraduate course, students look forward for their graduation because after doing it, they are eligible to apply for the all kinds of jobs where the minimum requirement is to pass out graduation. Now the main issue is the finance which is mandatory for graduation in desired stream. People who need extra financial support for the graduation can apply for the graduate loans. One of them which is quite popular in Massachusetts is named as MEFA Graduation Loan.

MEFA or Massachusetts Education Financing Authority is non-profit and self financing state authority that does not reliant on state or federal appropriation that are working to make the higher education accessible and affordable to the students that are living in Massachusetts. They are in this business for last 30 years and made career of thousands of students of Massachusetts.

MEFA Graduate Loan

As its name suggests, MEFA graduate loan is a loan program that is provided to all those students who are eligible for the loan by fulfilling all the requirements for this loan. With this loan program students who are resident in Massachusetts can get the appropriate financial help to manage all their educational costs.

Features of MEFA Graduation Loan

Your payments are deferred while you are enrolled in your graduate program.
After completing you graduation, the repayment starts 6 month after you Graduate. The maximum deferment can be extended to 36 months.
You get a long time of 15 years as a repayment period
Fixed interest rates are charged
No charge on application fees
Only 4 percent of origination fee if you apply with a co-borrower (7 percent if apply without a co-borrower)
No any Penalty charges on early repayments

MEFA Graduate Loan Rate

The Interest rates involved in the MEFA Graduate Loan is a fixed rate with defer payments till graduation that charges 8.89% interest rates. The APR is from 9.08 to 10.01%. In short if a student gets $10,000 with this loan then the monthly payment should be $112.36.

MEFA Graduate Loan Requirement

To get the finance through this loan program, you must clear all the requirements. These are:

The student must be enrolled at least half time in an accredited degree granting graduate program in a non-profit college or university.
You and/or your co-borrower live in Massachusetts or You live in Massachusetts or You are attending the Massachusetts college or university
You need to have a satisfactory academic progress records given by the college/university
You must meet all the MEFA’s current credit approval standards
You must be the U.S. citizen or have a U.S. permanent resident
You can apply up to the total cost of attendance minus other financial aid
The minimum loan amount is $2000 which is more than other loans where $1500 is provided as a minimum amount

Students who are interested in getting this loan can also fill the online application at the MEFA’s website. Go for it if you know that you can do it.

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