UPDATE, AUGUST 2008: Nope. Didn’t happen.
A victim of the severe credit crunch, the Massachusetts Educational Financial Authority (MEFA) announced earlier this year that it might not be able to make new loans to college students.
To the relief of thousands of parents, this has changed.
From the Boston Business Journal:
[MEFA] plans to make fixed-interest student loans available in late July, according to the Boston-based nonprofit’s Web site.
MEFA … last year provided loans to about 14,700 Massachusetts students …
[O]n its Web site this week MEFA said a “series of financial transactions” made it possible to establish funding for loans in 2008-2009 school year.
My last two years of college, I took out a hefty loan from MEFA (at a very low interest rate), which made my life a hell of a lot better (I stopped having to work, part-time and ended up pulling straight A’s for eight quarters). Ten years of monthly payments later, I received a note from MEFA – my loan had been canceled and I would no longer owe anything; the remaining balance had been paid off, in full. (I don’t know if they do this anymore … it’s too hard to explain why they do this.)