MEFA today announced significant enhancements to its Graduate Loan Program, introducing new options tailored to support students pursuing advanced degrees in law, medicine, and other professional fields.

Recent updates to federal law will eliminate Graduate PLUS Loans for new borrowers, as well as impose new annual and lifetime limits on federal graduate loans, all effective July 1, 2026. In Massachusetts, Graduate PLUS Loans totaled $512 million in the 2024-25 academic year.

To help address this need, MEFA’s enhanced Graduate Loan offerings will feature specialized financing for the following areas of study: Dental School, Health Professions, Law School, Master’s & Doctorate Programs, and Medical School.

“For more than 40 years, MEFA has helped families and students plan and pay for education through highly ranked college savings programs and competitive undergraduate and graduate loans,” said Thomas Graf, executive director of MEFA. “MEFA remains steadfastly committed to providing expanded access to the financing that students in professional and advanced programs need to finish their education and move confidently into their careers.”

As the total cost of a graduate degree may exceed new federal borrowing limits, MEFA’s enhanced Graduate Loans will offer a reliable alternative for credit-eligible borrowers seeking to finance the full cost of their education. MEFA expects to announce interest rates and open applications for the 2026–27 Graduate Loan Program in May 2026.

Key highlights of the enhanced MEFA Graduate Loans will include:

• No annual loan limits, covering up to the full cost of education less aid
• No aggregate borrowing limits
• Competitive, fixed interest rates and no application or origination fees
• No pre-payment penalties
• Two distinct repayment options: interest-only and deferred
• Grace period length specific to program
• A rate quote experience, allowing applicants to obtain a pre-qualification through a soft credit inquiry prior to submitting a full application

The enhancements to the MEFA Graduate Loan programs underscore MEFA’s dedication to supporting students and families as they take the next step toward advanced education. To learn more about MEFA’s programs, visit mefa.org/graduate-loans.

About MEFA

MEFA is a state authority, not reliant on state or federal appropriations, established under Massachusetts General Laws, Chapter 15C. MEFA’s mission, since its founding in 1982, has been to help Massachusetts students and families access and afford higher education and reach financial goals through education programs, tax-advantaged savings plans, competitive loans, and expert guidance. All of MEFA’s work aligns with the ever-present goal to support the independence, growth, and success of Massachusetts students and families. Visit mefa.org to learn more.

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"MEFA remains steadfastly committed to providing expanded access to the financing that students in professional and advanced programs need to finish their education and move confidently into their careers,” said Thomas Graf, executive director of MEFA.