Colleges urge loan alternatives MEFA dries up, so search is on
WORCESTER— The tuition deadline for Clark University had already passed and that of Worcester Polytechnic Institute was just days away when the Massachusetts Educational Financing Authority announced Monday that it would not offer private student loans this fall.
The organization stopped offering federal loans in April.
As many as 40,000 students are affected statewide, and local lenders hope students heeded early warnings and pursued other loans, particularly the federal PLUS loans that parents can take out for their children. Unlike federal Stafford loans that students can take out themselves, PLUS loans are not limited and can be for the full cost of attending a college…[Read more]
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