Low-income Students May Apply For MEFA College Loans
With millions of families seeking debt relief from mounting credit cards bills, mortgage loans and other financial obligations, finding the money to put children through college may be difficult. But young adults residing in Massachusetts may benefit from a new student loan program offered by the state.
The Massachusetts Education Financing Authority has unveiled a new student loan offering that provides affordable college financing at competitive interest rates to low-income families. The state-sponsored loan will carry a 6.89 percent interest rate, one of the lowest of its kind, including the rates linked to the PLUS loan.
"When it comes to borrowing for college, parents and students should take the time to explore their options. For Massachusetts families and students attending a college in the commonwealth, MEFA offers highly competitive rates, flexible repayment terms and quick approval so you can pay the bill and get to class," MEFA Executive Director Thomas Graf said.
Students applying for federal and state aid should also explore other types of financing, including Pell grants, scholarships and work-study programs.
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