Senate calls for universities and colleges to use financial might to rescue student lender
BOSTON —The state Senate is calling on colleges and universities to pool their financial strength to rescue a troubled student-loan agency.
The Massachusetts Educational Financing Authority said Monday that skittish investors have refused to finance its $500 million in private student loans, leaving 40,000 students and their families looking for new lenders just as fall tuition bills arrive.
In a letter delivered to Gov. Deval Patrick today, lawmakers call on the governor to press Massachusetts educational institutions with large endowments – many range into the billions of dollars – to do what Wall Street apparently will not: extend MEFA a line of credit, lend it money, or purchase its bonds…[Read more]
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