The Massachusetts Educational Financing Authority announced last month that it wouldn't be able to provide student loans this fall, eliminating a funding option for more than 40,000 families. The student loan authority's troubles thicken as hopes for state aid whithered, forcing the group to raise money on the public on the public market.

American Student Assistance, a Boston-based nonprofit that guarantees student loans, offers these suggestions to affected students and parents who are trying to figure out their next step.