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The Massachusetts Department of Higher Education

Massachusetts Department of Higher Education

Room 1401
One Ashburton Place
Boston, MA 02108-1696
Phone: (617) 994-6950
Fax: (617) 727-6397
Website: http://www.mass.edu/

Students need to fill out the FAFSA in order to take advantage of Massachusetts' loan programs.

Check your Massachusetts FAFSA deadline and apply early.

Massachusetts does have a separate state loan program that is completely need-based:

The Massachusetts No Interest Loan (NIL) Program is state-funded, through the repayments of prior borrowers.

must be a Massachusetts resident, enrolled full-time in an undergraduate program in the state and demonstrate financial need

0% interest and a repayment period of 10 years

grace period of 6 months after enrolled less than half-time

$1,000- $4,000 per year with a maximum total of $20,000

Massachusetts used to have its own forgivable loan program: The Commonwealth Futures Grant Program for enrollment in high-industry-demand programs, but it is no longer funded.

Massachusetts has two award/scholarship programs that turn into loans (and must be repaid with interest) if students fail to meet their conditions.

The Tomorrow's Teachers Scholarship Program

for state residents who graduate in the top 25% of their class and agree to teach for 4 years in Massachusetts schools

award is equal to the full tuition and fees of a public college

degree must be completed in 6 years and the obligation to teach must be met to avoid forfeiture and repayment

The Incentive Program for Aspiring Teachers Tuition Waiver

for state residents in their third or fourth year of a teacher education program, maintaining a 3.0 gpa and agreeing to teach in Massachusetts for 2 years

award is equal to a tuition waiver at the state college or university in which they are enrolled

degree must be completed within 4 years of entering the program and teaching must occur within 4 years of graduation to avoid forfeiture and repayment

MEFA — the Massachusetts Educational Financing Authority is a self-financing state authority that has provided low-cost private loans to Massachusetts students for 25 years. In 2008, it stopped lending money due to the credit crisis.

However, on April 2,2009, the Governor announced that MEFA will provide $300 million for student loans in the fall.

These loans will carry an interest rate of 7.75%.

(This amounts to a monthly payment of $99.65 per $10,000 borrowed)

The Massachusetts Department of Higher Education funds an enormous number of need-based grants, scholarships and loans. State funding for non need-based aid is limited.

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