The Massachusetts Educational Financing Authority (MEFA) is a self-financing, not-for-profit state-charted student loan authority created by the Commonwealth of Massachusetts in 1982.[1] The authority was created to provide fixed rate student loans and operate the Massachusetts 529 plan U.Fund, launched in 1999, and its prepaid tuition plan U.Plan, launched in 1995.[2] MEFA previously participated in the Federal Family Education Loan Program and Stafford Loan program.[3] In 2018 the Commonwealth announced that starting in 2020 every child born or adopted in Massachusetts would be eligible for a $50 deposit in a MEFA U.Fund 529 plan, in a program called "SeedMA Baby".[4][5] The program was rebranded to BabySteps before launch following criticism of the name.[6][7]
 | |
| Company type | Quasi-governmental |
|---|---|
| Industry | Student loans |
| Founded | 1982 |
| Headquarters | Boston, Massachusetts |
| Owner | Commonwealth of Massachusetts |
| Website | www |
Loans issued by the authority were previously serviced by Affiliated Computer Services (ACS) and are now serviced by PHEAA under its AES brand.[8] ACS was fined $2.4 million by the Massachusetts Attorney General in 2016 for mishandling repayment plans.[9] The authority was previously a member of the National Council of Higher Education Resources before ending its membership following a political dispute.[10]
References
edit- ^ "Audit of the Massachusetts Educational Financing Authority Overview of Audited Entity". Mass.gov. Retrieved 10 October 2024.
- ^ https://www.masslive.com/news/2024/10/more-people-than-ever-are-signing-up-for-this-mass-college-savings-plan.html
- ^ "MEFA: Expanding Services for Financing Higher Ed -". Campus Technology. Retrieved 10 October 2024.
- ^ MacNeill, Arianna. "What exactly is #SeedMABaby anyway?". www.boston.com. Retrieved 10 October 2024.
- ^ Napolitano, Andrew. "The First Educational Savings Program for Every Child Born in Massachusetts". www.masstreasury.org.
- ^ "Tweet of the Week: #SeedMAbaby". BostonGlobe.com. Retrieved 10 October 2024.
- ^ "From #SeedMABaby to BabySteps: State's infant college saving plan launches". www.bizjournals.com. Retrieved 10 October 2024.
- ^ "Borrower Complaints Mount Against Company That Handles Billing For MEFA Student Loans". www.cbsnews.com. 3 October 2016. Retrieved 10 October 2024.
- ^ "Company That Handles Billing For MEFA Student Loans Agrees To Pay $2.4 Million". www.cbsnews.com. 21 November 2016. Retrieved 10 October 2024.
- ^ "POLITICO Pro: Massachusetts student loan agency drops national trade group over DeVos guidance". subscriber.politicopro.com. Retrieved 10 October 2024.