<p>Ellemenope, I should have mentioned that. As a California resident, I was surprised with the MEFA.</p>
<p>TheDad, I was surprised, too, that out of staters could take advantage of the MEFA loans. Since so many colleges call MA home, and so many of the students are from out of state, if those students couldn't get loans from somewhere, then alot of MA residents who work for universities would be thrown out of work. </p>
<p>Are the MEFA loans better than the PLUS loans? And it looks like MEFA does PLUS loans also. I have to admit that the financial aid research hasn't happened much on our part either.</p>
<p>Little OT. Yesterday boss & I were talking about tuition and loans when we were in college. (We are both USC grads- 77 & 81 for me.) Boss said that he heard loans are more generous now. I said yea, but now the parents have to take out the loans for the tuition, student loans won't cover private tuition. I remember all my loans were my loans, not my parents. Fortunate for me because no way would my parents have taken out loans for me or my sister. So when did this switch happen? or can students take out loans for full tuition if parents refuse? just curious.</p>
<p>When I was in school (UMich 80) I took out the maximum guaranteed student loan (2500 a year at the time) and my Mom took out additional loans. My loan didn't nearly cover everything. I also worked in the dorm for reduced room charge, typed papers, worked in the library, etc.</p>
<p>Maybe it was that all I needed was the max. USC gave undergrad scholarship (which disappered when I was a senior). I had a great job and saved very well-actually had to become a pharmacist to make more $$.</p>
<p>Is the MEFA parent loan interest rate better than the standard PLUS loan ? What is the limit for how much parents can borrow ( this MEFA/PLUS loan + home mortage + other loans)?</p>
<p>Students can still take out loans at the same amounts that we could. It's just that now it's a drop in the bucket for tuition whereas for us it could pretty much cover even private school tuition. I guess it would be unconciounable to let kids borrow the amount that a private college cost now. Also I don't think our generation was so great at paying back the loans we took.</p>