Governor Patrick announces new funding for student loans

Governor Patrick announces new funding for student loans

April 1, 2009 - 10:34 AM
BRAINTREE - Wednesday, April 1, 2009 - Governor Deval Patrick announced today the availability of $300 million in low-cost, fixed-rate loans to help families with college costs.

The loans will be offered by the Massachusetts Educational Financing Authority (MEFA), and applications are available beginning today.

They have a fixed rate as low as 7.75%, and the monthly payment is $99.65 for every $10,000 borrowed.

Students and families can apply for loans online at www.MEFA.org/getaloan or by phone at (800) 449-MEFA.

MEFA also has trained education payment counselors available to help families evaluate higher education financing options.

For more information, visit www.mass.gov/studentloans, a website established by Governor Patrick last summer that includes helpful information and directs families to available resources.