The Massachusetts Educational Financing Authority, a state agency that has struggled to raise capital for student loans amid a global credit crisis, said it has sold $400 million in bonds to issue loans during the current school year.
The Boston-based nonprofit will offer a 7.75 fixed interest rate to parents of students in Massachusetts.
The authority’s loans are a favorite among families for its low rate lending policies.
The agency couldn’t raise capital earlier in the year, prompting some families of Bay State students to scramble for new lending options.
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