Duly noted, Barrett Strong. So do thousands of college students trying to make their tuition payments while subsisting on more than just a cup of Ramen noodles. It's hard out there for a... you know... But also for parents and students: skyrocketing tuition prices, byzantine financial aid applications, and predatory student lenders are causing so many headaches, it's a wonder anyone ever graduates.
On Monday, the Massachusetts Educational Financing Authority (MEFA), a major non-profit lender, announced that it won't be able to loan money to college students this fall. That means some 40,000 families in the Bay State will have to hustle to find other loan options. Over the past 10 months, Congress has passed legislation to overhaul the student loan industry, but families and many lenders are still feeling the pinch. Today, we'll take a look at how student financing is coping — or not — in this slow economy.
So parents and college students, as fall semester approaches, how will you fund this year's tuition?