Business ProfileforMass. Educational Financing Authority

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.