Landlords in the college market should get to know their local colleges and universities. Some may certify MEFA loans to pay rent.
The Massachusetts Educational Financing Authority (MEFA) helps undergraduates and graduate students afford higher education, typically tuition. But did you know that MEFA loans can also be used to pay landlords? That’s right, MEFA loans can be used to pay for off-campus housing if the college or university considers off-campus housing a required cost to attend.
Before you excitedly tell your tenants and prospective tenants, the first step is to clear it with the school first. Ask their student loan office, “Will you certify for living expenses including off-campus housing?” If so, then a student can apply for a MEFA loan at least three weeks before the start of their lease. If certified by the school, this extra funding can get a student past your rental screen. It can also help your current student renters afford to stick with you through rising rents.