Massachusetts Educational Financing Authority to offer low-cost college loans for students
April 13th, 2010 - 12:52 am ICT by BNO NewsEAST BRIDGEWATER, MASSACHUSETTS (BNO NEWS) – The Massachusetts Educational Financing Authority (MEFA) will offer low-cost, fixed interest rate college loans to help thousands of students and families across the state, Governor Deval Patrick announced on Monday.
These loans are part of the efforts to provide affordable options for students pursuing higher education during challenging economic times. This year, Governor Patrick’s Administration has allocated $280 million in tax exempt bonds to MEFA in order to finance education loans with some of the lowest interest rates in the United States.
“The first step toward future success starts with education and securing opportunities for tomorrow’s workforce. Through our continued partnership with MEFA, we are making a college education affordable and accessible for more Massachusetts students and that’s good news for all of us,” Governor Patrick said.
MEFA is one of only a few lenders nationwide to raise proceeds to fund college loans. Loan applications for the 2010-2011 academic year are now available.
“We want to make sure that financial obligations do not deter students from continuing their education and remain committed to providing the support necessary to encourage success,” said Education Secretary Paul Reville.
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