The Massachusetts Student Loan Authority

The MassachusettsThe Massachusetts Student Loan Authority

The Massachusetts Student Loan Authority (MSLA) was created in 1998 pursuant to Chapter 120Bof the of the Massachusetts General Laws. Its mission is to provide financial assistance to eligible students who have been accepted to a postsecondary institution of their choice. MSLA provides loans that cover tuition, fees, room and boardroom and board, books, etc., at private colleges and universities,universities, including community colleges, vocational schools,schools, and trade schools in the state of Massachusetts. According to the website for the MSLA, the agency has two types of loans; Direct Loans, which offer fixed rate loans,and the and the Federal Family Education Loan Program (FFELP), which offers variable rate loans.

Direct Loans

Direct Loans are federal loans provided by the U.S. Department of Education and administered by the loan servicing companies,companies, called guaranty agencies. These loans are guaranteed by the US government under  IV of the Higher Education Act of 1965, as amended. Guaranty agencies make payments directly to borrowers’ institutions only after receiving full payment from the Department of Education. There are four types of direct loansdirect loans: Stafford, PLUS (Parental Loan for Undergraduate Students); GradPLUS (Graduate Parent Loan for Undergraduate Students);Students); and Consolidation, each with different repayment terms.

FFELP

This type of loan is offered by the MSLA and funded by the U.S.U.S. Department of Education. It is based on income and family size. The minimum monthly payment is $0 for students whose parents’ combined adjusted gross income does not exceed $65,000.00. A student’s parents’ combined adjusted grossincome does income does not need to exceed $110,000.00 per year to qualify for loan forgiveness. When a student graduates and enters repayment, he or she may receive loan cancellation if both parents’parents’ combined household incomes are less than 200% of the federal poverty level,level, or $50,100.00 per year. If the student’s parents’parents’ income exceeds 200% of the federal poverty levelpoverty level, then the borrower is responsible for repaying his or her portion of the debt even if they graduate with a degree.

The MassachusettsThe Massachusetts Student Loan Authority

The MassachusettsThe Massachusetts Student Loan Authority (MSA)

The MSA was established in 1992 under Chapter 61C of the General Laws of Massachusetts (MGL). Their mission statement states: “We promote lifelong learning opportunities for residents of the Commonwealth.” The MSA provides state assistance to students who have borrowed money to help them pay for higher education expenses. If students qualify for financial aid,aid, they can obtain loans at low interest rates. These loans can be repaid over 10 years at varying repayment amounts based on income and family size. Once the loan term ends, these borrowers may choose to renew their loans without any additional payments if they maintain a certain level of academic achievement. Borrowers must make annual loan payments for five years,years, and then they begin making monthly payments. Any student who receives federal financial aid should apply for a Massachusetts student loan as well.

program eligibility requirements.program eligibility requirements.

To be eligible for the Massachusetts Student Loan Authority program, applicants must meet the following requirements:

bebe enrolled full-time at an educational institution accredited by a regional accrediting agency recognized by the U.S. Department of Education;

havehave earned a bachelor’s degree or its equivalent prior to applying for MSA loans;

havehave completed at least 12 months of postsecondary study after earning aa bachelor’s degree or its equivalency.

How to Apply for Loans

There are two different ways to apply for a Massachusetts student loanloan. One way is to contact your school directly to apply for financial aid,aid, while the second way is to visit the website provided below and select the option that best suits your situation. When requesting financial aid, students need to complete the Free Application for Federal Student Aid (FAFSA), which can be submitted online or by mail. Students use information contained in the FAFSA to determine eligibility for financial aid and to calculate the amount of federal grants they receive. After completing the FAFSA, applicants will have the opportunity to review their personal data before submitting it. All information collected for the FAFSA is kept private and confidential.

The MassachusettsThe Massachusetts Student Loan Authority

Is Massachusetts’Massachusetts’ student loan authority a bank?

No, theNo, the Mass Student Loan Authority (MSSL) is not a bank. It was created in 2006 by the State Legislature to provide loans to residents who werewere attending vocational programs at colleges and universities across the Commonwealth. In order to qualify for MSSL’s loans, students must meet certain requirements.

How do I apply for a Mass Student Loan?

You can apply for a Mass Student LoanLoan online. Once your account is established, you may start applying for student loans.

What types of loans does MSSL offer?

MSLA offers several different types of loans,loans, including

Loans with Direct Subsidies;Loans with Direct Subsidies;

Unsubsidized Direct Loans;Unsubsidized Direct Loans;

and institutional direct loansand institutional direct loans.

Each type of loan has its own set of requirements.

When can I expect my first payment?

Typically, your first payment will be due no later than six months after graduation.

Can I pay off my student debt faster?

Yes. If you have federal loans, you can contact the Department of Education or the US Bankruptcy Court. Both options allow you to discharge your student loans if they were issued by a specific organization (like Sallie Mae).

The MassachusettsThe Massachusetts Student Loan Authority

MassHealth

The Massachusetts Health Care Connector (“MassHealth”) is a state agency created under Chapter 118G of the General Laws. Its purpose is to facilitate access to affordable, quality healthcare services for low-income residents of the Commonwealth. To fulfill its mission, MassHealth administers several programs,programs, including the MassHealth program, MassCare, and the Commonwealth Care program. These programs provide insurance coverage for individuals who meet certain income eligibility criteria. The MassHealth program provides financial assistance to eligible members and their families to help pay for qualified medical expenses incurred at participating providers. The MassHealth program operates statewide and serves approximately 1 million people annually.

The MAThe MA Department of Public Utilities

For over 100 years, the Massachusetts Department of Public Utilities (“DPU”) has provided safe drinking water and wastewater treatment and disposal services to the citizens of the Commonwealth and municipalities throughout the six eastern counties. DPU is governed by statute and regulations promulgated by the Public Utilities Commission (“PUC”). In addition, DPU is responsible for maintaining our electric grid andensuring the ensuring the reliability of service to customers.

MassHighway Agency

The MassHighway Agency was established in 1964 to improve road construction, maintenance, and safety in Massachusetts. The agencyagency’s primary responsibilities include managing the statestate’s highway system; administering various grants and loans to local governments and private contractors; providing guidance, oversight, and financial management for the Massachusetts Turnpike; and enforcing the laws governing commercial motor vehicle drivers and operators.

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The MassachusettsThe Massachusetts Student Loan Authority

(MSA)

How toto Use aa Greenhouse | MSA

The Massachusetts Student Loan Authority Massachusetts Student Loan Authority (MSLA) provides funding for student loans through low-interest loans, grants,grants, and interest-freeinterest-free plans if repaid on time without any prepayment penalties. MSLA funds may not cover all loans,loans, nor is their loan program intended to meet financial need. MSLA does not offer tax exempt loans.

MSA-MassMSA-Mass Student Loan Authority

What is the Massachusetts Student Loan AuthorityLoan Authority? What do they do? Is MSA worth joining? Will I get kicked out? These are some questions we try to answer!

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