Difficulties Paying Tutition

Posted by Susan Kristoff Aug 13, 2008

Last week I wrote an article on financing an engineering education. It turns out that paying for school is getting even harder. The Massachusetts Educational Financing Authority (MEFA), who provided over $500 million in student loans last year, would not be issuing any loans this school year due to lack of financing. It seems that the credit crunch has extended to the student loan market, and students will have to find other sources to pay their tuition bills.

Since many engineering schools are private schools, their tuitions are far higher than state schools, and it takes more loans and grants to fill the gaps. As someone who has only recently paid off her student loans (ten years after graduation), I would hate to be in the shoes of students who are not only stressing out about their classes and projects, but how to pay for it all in the first place.

If any of you readers have any ideas about sources for student loans and grants, especially those specifically for engineering students, please let me know so I can share them here.