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Business Profile

Student Loan Services

Mass. Educational Financing Authority

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Student Loan Services.

Complaints

Customer Complaints Summary

  • 2 total complaints in the last 3 years.
  • 1 complaint closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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Complaint status

Complaint type

  • Initial Complaint

    Date:08/23/2024

    Type:Order Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    MEFA account ************ I received mail correspondence from MEFA 8/19/24 and 8/20/24 indicating I was the borrower for a student loan that I thought I was just the cosigner for and my STUDENT daughter *********************** is the ***Signer for the loan, so I called ************ on 8/20/2024 to describe the situation and to get it corrected. The woman who took my call did some searching and indicated that since we chose MEFA CR (fixed rate) loan vs other MEFA loan options that the parent becomes the borrower. This was not at all clear to us when we were signing up for the loan. While filling out all the forms I indicated my daughter as the student and myself as the cosigner and there was never any mention that this was a parent loan. I do remember it asking what type of loan we wanted whether it be fixed or variable rate, which I do remember selecting fixed, which evidently was the MEFA CR loan, but it was not highlighted that this would flip who is the borrower and who is the co-signer. To me this is very deceptive and I would not have signed up for this, if I had realized. I asked them to either change the loan or change who is the borrower, but since there was already a distribution of funds to my daughters school ISU, she indicated there was nothing she could do. This led me to file a BBB complaint.

    Business Response

    Date: 08/30/2024

    Hello,

    MEFA has spoken directly with the consumer to address their concerns and remains available to assist with any additional questions or concerns.

    Thank you  

  • Initial Complaint

    Date:05/14/2024

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I'm urgently contacting you about the inaccuracies on my credit report resulting from the disclosure of my personal information to credit bureaus. This has caused significant financial and emotional distress.In accordance with 15 USC 1681 Section 602, I assert my right to financial privacy and expect my information to be handled confidentially.Moreover, under 15 USC 1681 Section 604(a)(2), a consumer reporting agency cannot disclose account details without my explicit consent, which I haven't given.The discrepancies related to AES/MEFA have negatively impacted my financial situation, necessitating immediate correction.I also emphasize adherence to 15 USC 1666(b), which prohibits creditors from treating credit card payments as late under certain circumstances.Below are my account details for your reference:Account Number: **********************I urgently request a thorough review of my account, prompt rectification of the credit report inaccuracies, and strict compliance with federal laws governing my information.Failure to address these concerns promptly may result in legal action. I appreciate your immediate attention to this matter.Sincerely,***********************

    Business Response

    Date: 05/14/2024

    MEFA is unable to confirm a relationship with the consumer based on the combination of information provided with the complaint.  MEFA encourages the consumer to contact MEFA directly, so that we may identify/validate the consumer's information and provide assistance.  The consumer may contact me directly at ************.  Thank you.    

Mass. Educational Financing Authority is NOT a BBB Accredited Business.

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