So you’ve been going to college for a couple years and relying on a combination of Federal and State loans to pay for it. You think everythings fine, you’ll get the loans this year too. Unfortunately due to the mess that Deval Patrick and his Sub-Prime mortgage buddies got us into, you aren’t going to school this fall. The Massachusetts Educational Finance Authority has no money to lend to anybody.
The Massachusetts Educational Financing Authority today said it will not be able to provide any student loans this fall, which could leave tens of thousands of families in the lurch just weeks before college classes begin.
The nonprofit lending authority said it was unable to secure funding to provide private student loans. It is contacting more than 40,000 students and families to whom it has made loans in the past, to urge them to seek other options.
“As a result of our problems and the continued dislocation of the capital markets, we have been unable to raise funds for the coming academic year,” said Thomas M. Graf, executive director of the group.
So first the sub-prime crowd enabled a run-up on housing prices which are now collapsing. Now they have affected the student loan market to such an extent that thousands of Massachusetts residents will not be able to get college loans. Yup Deval and his cronies really screwed all of us, Together we can deny student loans!!!!! (Disclosure, in 2002 I was offered a Job by Ameriquest, I did not accept after doing due dilligence about their practices.)