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Massachusetts Student Loans

If you are a resident of Massachusetts looking for funding to attend a college, university, technical school, or vocational school in state, you've probably begun to research Massachusetts student loans and the opportunities from literally hundreds of sources. While many of these alternative loans may seem like the answer to your prayers in terms of affordable funding, you should consider carefully what you are getting into. Many banks and private lending institutions will not offer you sensible interest rates or long-term repayment for what you borrow.

Instead, start with the Massachusetts Board of Higher Education. The MBHE is the number one source of information regarding Massachusetts student loans and can help you find the type of loans you are looking for without you having to weed through the scams. As a provider of information, the MBHE doesn't really provide loans, with the exception of the unique Massachusetts No Interest Loan Program, which is sponsored by the state. There is no credit check required, and students receive immediate consideration upon completion of the FAFSA. The NIL is good for up to $4000 per academic year and can be worked out with repayment terms of up to 10 years.

The Massachusetts Educational Financing Authority is the not-for-profit organization that will fund alternative student loans. They partner with Affiliated Computer Services (ACS) as the funding source and offer the following options:

The Student Alternative Loan — the flagship program provided for undergrads with credit that allows them to qualify for a low interest loan without a cosigner. Credit check is required but lenient, and lengths of repayment, as well as deferral needs, are customized.

The MEFA Undergraduate Loan for Parents — offering the same parameters as the Student Alternative Loan for parents of students who do not qualify for their own loan.

The MEFA Graduate Loan — available to graduate students without a cosigner to help them fund their graduate education as well as to build their credit for the future.

While the MEFA doesn't offer Massachusetts student loans for consolidation purposes, students with multiple lending sources may be eligible for a Federal Consolidation Loan. If not, and the student is having difficulty maintaining loan payments, he or she is encouraged to speak to an account manager for assistance.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.