Review · Money
MEFA REFI Loan review
The Education Refinancing Loan from MEFA, a Massachusetts nonprofit, offered at fixed rates over 7, 10 or 15 years.
By the Comredix review desk · Updated November 13, 2026
- Quality (40%)
- 7.8
- Experience (25%)
- 8.0
- Value (35%)
- 8.8
MEFA, the Massachusetts Educational Financing Authority, posts the tightest fixed-rate range of any lender on this list. MEFA REFI Loan rates run from 3.95% to 8.95% APR, effective 10/5/2026: 3.95% to 8.60% on the 7 year term, 5.80% to 8.80% on the 10 year term and 5.95% to 8.95% on the 15 year term. The loan refinances private and federal loans, including Direct, Stafford, PLUS and Graduate PLUS loans, for US citizens and permanent residents, and applying is free with a soft credit check for the preliminary quote. The eligibility rules are stricter than most. You need an established credit history, 6 on-time payments in the latest 6 months on every loan you refinance, no education loan default and no delinquencies on education debt in the past 12 months. Loans in a grace period, deferment or forbearance cannot be included, and the minimum is $10,000. Recent graduates still in their grace period will need to wait.
Who it is for
borrowers with strong credit who want the lowest fixed rate
Price
Free to apply; fixed 3.95% to 8.95% APR effective 10/5/2026.
MEFA REFI Loan interest rates range from 3.95% – 8.95% APR.
Quoted from the vendor pricing page on November 13, 2026.
Key features
- Fixed rates of 3.95% to 8.95% APR, effective 10/5/2026
- 7, 10 and 15 year repayment terms
- Refinances private, federal, undergraduate and graduate loans, including PLUS Loans
- Soft credit check for a preliminary rate quote
- Open to US citizens and permanent residents
Strengths and weaknesses
- Strength: The lowest fixed rate ceiling on the list at 8.95% APR
- Strength: The lowest starting fixed rate among mainstream lenders at 3.95% APR on the 7 year term
- Strength: A co-borrower can strengthen the application
- Weakness: Minimum refinance amount of $10,000
- Weakness: Requires 6 on-time payments in the most recent 6 months on every loan refinanced
- Weakness: Loans in a grace period, deferment or forbearance are not eligible
Key facts
- Fixed APR: 3.95% to 8.95%
- Terms: 7, 10 or 15 years
- Minimum to refinance: $10,000
- Rates effective: 10/5/2026
- Lender type: Massachusetts nonprofit
Where it ranks
MEFA REFI Loan is No. 6 in our Best Student Loan Refinance Lenders verdict.
Alternatives we scored
Visit mefa.org · Questions or corrections: editorial@comredix.com