Student loan marketplace Credible.com has partnered with the Massachusetts Educational Financing Authority (MEFA) in a move which sees MEFA offering student loan refinancing to borrowers across the country.
Credible.com now offers student loan refinancing through six lenders.
“Expanding the number of lenders competing through the Credible.com marketplace helps us serve a broader range of borrowers and provide consumers with more choices,” Credible.com founder and CEO Stephen Dash said.
“We are pleased that MEFA shares our goal of helping consumers make decisions based on their own unique situations, by providing them with the level of transparency they deserve.”
MEFA’s Education Refinancing Loan is available to borrowers in all 50 states who have a minimum of $10,000 in student loan debt at rates ranging from 4.95-6.85 percent. Variable-rate loans begin at 3.31 percent. Borrowers refinancing student loans through MEFA don’t pay application, origination or prepayment fees.
In a release Credible.com said the average borrower saves an average of 1.59 percentage points and $18,668.