August 7, 2008 Gov. Patrick's plan would send funds to MEFA Play video

(Katie Daly, NECN; Worcester, MA) - Thousands of college students are worried, wondering if they're going to have enough money to pay for college, which starts in just a few weeks.

It all started after a Massachusetts agency said it's not going to provide millions of dollars in loans because of the slumping economy. Governor Deval Patrick has a plan that could offer some relief.

As college students get ready to mail in their tuition bill--the market crunch has families struggling to find enough money for tuition.

Lynne Myers is the director of financial aid at Holy Cross. Her office has been busy advising students about their loan options...which took a big hit after Massachusetts educational financing authority announced they will no longer offer loans....affecting 98 percent of Holy Cross students in need of financial aid.

Governor Deval Patrick has asked the state pension fund and major universities to help with student loans. The pension fund would invest 50 million dollars...with millions more from universities...some of which could fund a bond offered by MEFA.