8. MEFA
Not-for-profit lender Massachusetts Educational Financing Authority (MEFA) offers refinancing loans to student borrowers — and unlike many other lenders, you don’t need to have earned your degree to qualify. Only fixed-rate loans are available, but the rates are competitive and may be lower than what other lenders can offer. MEFA also doesn’t charge any fees or penalties.
Refinance loans start at $10,000, and you must have made six consecutive on-time payments on the original loans over the most recent six months. If you can’t qualify based on your own credit history, you can add a cosigner. However, there’s no opportunity to release your cosigner later.
Interest rates: Fixed
Minimum credit score: Does not disclose
Loan terms: 7, 10, or 15 years
Loan amounts: $10,000 up to your total debt
Loan types: Federal and private loans
Eligibility: Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past 5 years. Applicants without an established credit history may apply with a cosigner.
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