Printer Friendly

MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY OFFERS $60 MILLION IN LOW-COST FAMILY EDUCATION LOANS

 MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY OFFERS $60 MILLION IN
 LOW-COST FAMILY EDUCATION LOANS
 BOSTON, Jan. 29 /PRNewswire/ -- The Weld Administration today authorized the Massachusetts Educational Financing Authority to issue $60 million in tax-exempt revenue bonds. The bond financing allows the Authority to provide $60 million in low-cost Family Education Loans to middle-income families for the 1992-1993 academic year. The loans are available to students attending 52 participating public and private colleges in Massachusetts.
 According to the Authority's Executive Director Paul C. Combe, the timing of the authorization couldn't be better for consumers. With interest rates at a 16-year low, the Authority will be able to fix the Family Education Loan interest rate at the lowest in the program's 10-year history -- somewhere between 8.50 and 8.75 percent.
 The Family Education Loan is the only fixed-rate educational loan available to middle-income families. The program, a partnership among the state, the colleges and the Authority, is offered at no direct cost to the commonwealth.
 Because of its low -- one half of one percent -- default rate, the Family Education Loan has received a stand alone "A" bond rating from Moody's and Standard & Poor's. More than 4,400 families took advantage of the program last year.
 Families interested in learning more about the Family Education Loan or financial aid in general, may call the Massachusetts Educational Financing Authority at 1-800-842-1531.
 The Authority was created by the Massachusetts Legislature in response to concerns about the affordability of higher education. More than 21,000 loans totaling almost $160 million have been issued through participating public and private colleges since 1983.
 -0- 1/29/92
 /CONTACT: Paul Combe or Grace Bartini of Massachusetts Educational Financing Authority, 617-261-9760/ CO: Massachusetts Educational Financing Authority ST: Massachusetts IN: FIN SU:


SH -- NE014 -- 4673 01/29/92 11:05 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 29, 1992
Words:299
Previous Article:MORRISON KNUDSEN: TEAM TO PROVIDE SERVICES TO NUCLEAR POWER INDUSTRY
Next Article:WANG SIGNS TWO FLORIDA RETAILERS FOR EXEC SERIES PC


Related Articles
MASSPLAN EDUCATIONAL LOAN RATES AMONG LOWEST NATIONWIDE; FIXED RATE SET AT 6.95 PERCENT
WELD, MALONE LAUNCH 1996 CAMPAIGN FOR THE U. PLAN; THE MASSACHUSETTS COLLEGE SAVING PROGRAM
CELLUCCI, MALONE CLOSE 1996 CAMPAIGN FOR THE U.PLAN, THE MASSACHUSETTS COLLEGE SAVING PROGRAM
MEFA Board Accepts Executive Director's Resignation.
North Carolina State Education Assistance Authority Receives $60 Million For Tax-Exempt Bond Allocation.
Sovereign Bank Commits $3.6 Billion to New Community Investment Plan.
Campaign Launched to Educate Students and Families About Responsible Debt Management.
TERI Names Prince to Head Marketing.
Making higher education accessible is critical to nation.
News in brief.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters