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Mass. agency returning to student loan business

September 16, 2008
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BOSTON—The Massachusetts Educational Financing Authority is getting back into the student loan business.

The agency that has provided loans to about 40,000 families in Massachusetts in past years says it successfully raised $400 million in financing through the sale of bonds.

The sale will allow MEFA to immediately begin offering loans to families of undergraduate and graduate students for the 2008-2009 academic year.

The fixed interest rate loans are available for both the current and second semesters.

MEFA had previously announced it could not finance private student loans because the auction-rate bond market had collapsed. In April, the authority said it could not support federal Stafford Loans.

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