Top Massachusetts Student Loan Refinancing and Private Student Loans

The state of Massachusetts offers students a chance to study at some of the most prestigious schools in the country while living in an area rich with American history. But if you’re planning to attend a school in Massachusetts, you’ll need to figure out how to pay for it.

Unfortunately, scholarships, grants and other financial aid opportunities aren’t always enough to cover the full cost of attendance (COA). The Institute for College Access & Success found that graduates of four-year Massachusetts institutions left school with an average debt of $33,256 in 2019.

If you find yourself needing to take out Massachusetts student loans to fund your education or are looking to save money while repaying your existing loans, here are some refinancing and private lenders to explore.

Massachusetts student loan refinance options

Refinancing your student loans can lower your interest rate, reduce your payment or improve your loan terms. And, depending on your loan balance, you could save thousands (or more) by simply refinancing your student loans.

But federal student loan borrowers should be cautious and weigh the pros and cons of refinancing before moving forward. Once you refinance with a private lender, you’ll lose all federal benefits and protections, like income-driven repayment (IDR) plans and loan forgiveness programs.

If you have private student loans or feel confident you won’t need access to federal benefits, then we recommend comparing offers from at least three refinancing lenders.

Here are some Massachusetts student loan refinance options, and national refinancing lenders, to consider.

Massachusetts Educational Financing Authority (MEFA)

MEFA offers refinancing loans to Massachusetts families and students. You can quickly compare MEFA refinance loans with other lender offers using our partner lender, Credible.

Key details of the MEFA refinancing loan include:

• Rate type: Fixed and variable
• Terms: 7, 10 and 15 years
• Loan amounts: $10,000 minimum
• Cosigner option: Yes

Check out our full MEFA refinancing review for more detailed information, including eligibility requirements and what to expect with the application process.

Workers Credit Union

Workers Credit Union was founded in 1914 to benefit immigrants from Finland, but now serves over 100,000 members across central Massachusetts. It offers a Massachusetts student loan refinance option to existing credit union members. But it allows non-members to apply for refinancing before becoming a member.

Key refinancing details include:

• Rate type: Fixed and variable
• Terms: 5, 10 and 15 years
• Loan amounts: $5,000 to $125,000
• Cosigner option: Yes

Other national refinancing lenders

There are many national refinancing lenders that work with borrowers across the country. We partner with the top student loan refinancing lenders in the industry to provide you with the best refinancing deal that includes generous cash-back bonuses.

The following lenders currently have the largest cash-back bonus offers:

• Education Loan Finance (ELFI). EFLI is known for its highly competitive fixed interest rates and consistent customer service. You’ll earn up to $1,275 cash-back when you refinance with our link.
• Credible. You can quickly compare multiple lenders with only one application. Plus, you’ll receive up to $1,250 when you refinance with our link.

Additionally, refinancing lenders like Earnest and Laurel Road have earned five stars from us for their competitive rates and customer service interactions.

Where to find private Massachusetts student loans

If you’re taking out Massachusetts student loans for the first time, you have a variety of local and national options. And some Massachusetts colleges and universities even have their own loan programs that are available to students who demonstrate financial need.

Here’s some local financing options for residents and out-of-state students attending a Massachusetts college or university.

Massachusetts No Interest Loan (NIL)

The Massachusetts NIL program offers zero interest loans to Massachusetts residents who attend an eligible in-state institution and demonstrate financial need.

Key details include:

• Terms: 10 years
• Loan amounts: $1,000 to $4,000 per academic year (lifetime limit of $20,000)
• In-school repayment options: No payments until six-month grace period is complete

MEFA

MEFA also provides private student loans for undergraduate and graduate students.

Key details of its undergraduate loan include:

• Rate type: Fixed
• Terms: 10 and 15 years
• Loan amounts: $1,500 ($2,000 for private school) to COA minus financial aid received
• Cosigner option: Yes
• Cosigner release: Yes
• In-school repayment options: Full payments, interest-only payments or defer principal and interest until six months after graduation

MEFA also has graduate loans with a 15-year repayment period.

Amherst College loans

Amherst College provides students loans for students who need assistance outside of the financial aid package they receive. But its loan options are limited.

For example, it provides subsidized computer loans to students who received need-based scholarship from Amherst College to cover the cost of a computer and related equipment.

Key details of its computer loan include:

• Rate type: Fixed
• Loan amounts: Up to $3,000
• In-school repayment options: No payments until six-month grace period is complete

It also provides subsidized loans with a 5% interest rate for a limited number of international students and those who do not qualify for federal programs.

Harvard University loan program

Most Harvard students graduate debt-free due to family contributions and generous financial aid packages. But the Harvard Loan is available to need-based students who might need loans to cover their expected family contribution (EFC) or other education expenses.

Key details include:

• Rate type: Fixed
• Terms: 10 years
• Loan amounts: Determined by class standing and by calculated student contribution
• In-school repayment options: No payments until six-month grace period is complete

Other institutions might offer Massachusetts student loans to eligible students. So, check with your school’s financial aid office to determine what might be available to you.

National private student loan lenders

You can also private student loans by shopping around with national lenders online. We recommend checking out some of the best private student loan companies, including Sallie Mae, Earnest and Ascent.

Focus on finding the best interest rate. But you should also pay attention to other features, like loan fees and in-school repayment options. These can increase your costs immediately and while in school.

Make a plan for your Massachusetts student loans

Massachusetts student loan borrowers can reduce their student debt by taking advantage of various loan forgiveness programs. Look into federal programs, like Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness.

Depending on your profession, you might have access to state-sponsored loan forgiveness through the Massachusetts Loan Repayment Program (MLRP) for health professionals. This program provides loan repayment incentives in exchange for serving in a healthcare shortage area.

Our team of student debt can also show you how to maximize IDR forgiveness, or find the best pay-off plan while balancing your career goals. Get in touch with us to schedule your one-hour consultation.

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