The Massachusetts Educational Financing Authority, which secured more than $500 million in educational loans last year, announced Monday that it would not offer loans for the coming academic year.
The self-financing state authority, known as MEFA, was unable to secure financing for the 40,000 students it services, said Tom Graf, the authority’s executive director, in a statement. The authority offers fixed-rate loans to students who live in Massachusetts or attend school there.
This is just as students are about to head to school for the fall semester. No word yet on how many may decide not to go. This is more fallout from the mortgage crisis.
Ouch.
