About two weeks ago, we noted that Massachusetts doesn't measure up when it comes to funding its students. As if the lack of state aid weren't enough, the Globe reports that nonprofit lending agency Massachusetts Educational Financing Authority will not be providing private loans for students entering school this fall. The organization offered over $500 million in loans last year, so that's major money to make up. MEFA will continue to help families with college savings, and hopes to offer loans later this year.
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Results tagged “studentloans”
Massachusetts in general, and Boston in particular, is famous for having dozens of colleges and hundreds of thousands of college students. But do we fund them well? The Globe reports that our state is stingier than most when it comes to financial aid. We offer only $83 million in aid as opposed to the $273 offered by South Carolina--hardly known for its institutes of higher education. We offer half the national average of aid as a percentage of costs, covering less than 5% of the cost of attending schools. We also devote half the national average of our higher education budget to financial aid. And all these statistics refer to public funding, meaning they don't even take into account the much higher prices of the many private schools in Massachusetts. What's a poor kid to do? Not go to school in Massachusetts, it seems.
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