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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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