August 7, 2008 Gov. Patrick hawks MEFA bonds as last minute loan save Play video

(Latoyia Edwards, NECN) - Massachusetts Governor Deval Patrick has floated a plan to save private student loans for thousands of Bay State college students.

Last week, MEFA announced it could not provide those loans for the upcoming school year.

Now, Patrick is turning to the state pension fund for help. He wants the board to buy $50 million in MEFA bonds to help finance the loans.

This is the first time in MEFA's 26-year history that it has been forced to refuse loans to Massachusetts students.

NECN's Latoyia Edwards has the story.