Student Loan Updates
Summer - Fall 2008
MEFA Loans Currently Not Available
July, 2008 - Effective July 28, 2008 MEFA will no longer be offering Student or Parent Alternative Loans. For parents who were depending on MEFA Loans to cover the costs of their student's education the financial aid office is suggesting you apply for the Federal Parent Plus Loan. The Plus Loan offers the security of a federal loan, a fixed interest rate of 8.5% and low origination fees.
In addition, MEFA has set-up a Help Line to assist parents with free information about financing higher education.
MEFA Help Line
1-800-809-0571
Weekdays, 8:00 am – 10:00 pm EST
Saturdays, 9:00 am – 3:00 pm EST
$2000 Stafford Unsubsidized Loan Increase for Eligible Students
July, 2008 - Effective July 1, 2008 the U.S. Congress passed into law legislation that allows eligible undergraduate Stafford loan borrowers to borrow an additional $2000 unsubsidized Stafford loan for the 2008-2009 academic year. Under the provisions of the unsubsidized loan, interest will accrue while you are in school. The current interest rate is 6.8%. If possible it is advisable to pay the interest while you are in school. Otherwise it will be added on to the principal balance.
Stafford Loan Lenders
June, 2008 - With the financial aid industry in a state of change and uncertainty, we want to update you on the Federal Family Education Loan Program (FFELP/Stafford). Although reports of lenders withdrawing from FFELP are in the news, there are more than 2,000 lenders making FFELP loans to borrowers. We want to help alleviate any doubts or concerns about your ability to borrow Stafford loans in the coming academic year. Please be assured that FFELP continues to be a sound option for our students now and in the future. We will provide more info as it becomes available. If you have any questions or concerns, call us at 978-542-6112 or email us at finaid@salemstate.edu
Resources
|
