MEFA Undergraduate Loan Program
After completing the primary schooling with respective marks, every student dreams to get the admission in an undergraduate educational program that are either conducted by the high schools or in the colleges. Getting the admission requires a big amount of money since study becomes expensive as you study further. Those who have their parents or else with a strong financial background can easily get the admissions but for those who have insufficient amount need to take the help for the loan programs.
MEFA Loan
People who are resident of Massachusetts and searching for the financial aid or those who are out of students and want to attend the college in Massachusetts can now take the advantage of a loan program. The loan program is known as Massachusetts Education Financing Authority (MEFA) Loan Program.
It offers you:
- Discover how to use your federal loans to their fullest
- Calculate the repayment that you have to do after your Post-graduation
- Repayment Plan
- Control the private state loans so that you can pay the tuition fee that are not able to be paid using the federal loans
MEFA – The Lenders
It is a non-profit self financing state authority that are not reliant or federal appropriation that works to make higher education more accessible to the students and families that belongs from Massachusetts. They are providing the loans for more than 30 years to the thousands of families of Massachusetts.
MEFA Undergraduate Loan
There are two kinds of loans that are provided by the MEFA, an undergraduate loan and graduate loan. The MEFA undergraduate loan is a low cost and affordable interest rates including private student loan that helps students pay their undergraduate educational costs.
Features of MEFA Undergraduate Loan
- No application fee included
- 4 percent origination fee
- Fixed Interest rates
- Repay loan over 15 years
- Early repayment include no penalty
- Additional 5 years of deferment is also possible
- Interest payment may be tax deductible
The limit of MEFA undergraduate loan is that it is a cosigner based student loan and you must need cosigner to get this loan.
MEFA Undergraduate Loan Fee
The loan fee for MEFA undergraduate loan are 7.75% fixed on the immediate repayment and 8.89% fixed on defer repayments until up to 6 months after graduation with the 5 year deferment limit. The 4% origination is also charged by the lender. Suppose the borrower get $10,000 loan then the estimated monthly payment for fixed interest rate, immediate repayment plan will be $99.65 and for the Fixed interest rate, defer repayment until graduation $112.36.
MEFA Undergraduate Loan Eligibility
In this, three borrowers can apply for the loan: the parent borrower, student borrower and the co-borrower. All have the same rights and responsibilities on the loan and any borrower may make payments. The applicant fills the form according to the section which is made different for these different borrowers.
MEFA Undergraduate Loan Requirements
- The student must be enrolled in at least half time in an accredited degree granting program at an eligible non-profit college or university
- You must need to fulfill one of these criterias,
- The primary or Co-borrower live in Massachusetts
- Student lives in Massachusetts
- Student is attending the Massachusetts college or university
- You need to maintain satisfactory academic progress according to the college/university
- The applicant must have the US Citizenship or US permanent resident
- You also have to match the credit approval standard of MEFA
- You can apply for the loan up to total cost of your education that include tuition fee, hostel charge, board and miscellaneous expenses
- The minimum loan amount that anyone can take is $2000 which is higher than other loans that provide $1500 minimum
The MEFA Undergraduate Loan program has changed the life of many meritorious students and if you think you have the talent to get the heights then why don’t you apply now and get it.
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