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MEFA
The Massachusetts Educational Financing Authority (MEFA) is a self-financing, not-for-profit state-charted student loan authority created by the Commonwealth of Massachusetts in 1982. The authority was created to provide fixed rate student loans and operate the Massachusetts 529 plan U.Fund, launched in 1999, and its prepaid tuition plan U.Plan, launched in 1995. MEFA previously participated in the Federal Family Education Loan Program and Stafford Loan program. In 2018 the Commonwealth announced that starting in 2020 every child born or adopted in Massachusetts would be eligible for a $50 deposit in a MEFA U.Fund 529 plan, in a program called "SeedMA Baby". The program was rebranded to BabySteps before launch following criticism of the name. Loans issued by the authority were previously serviced by Affiliated Computer Services (ACS) and are now serviced by PHEAA The Pennsylvania Higher Education Assistance Agency (PHEAA, better known as FedLoan) is a quasi-governmental agency th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State-owned Enterprise
A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce. The government typically holds full or majority ownership and oversees operations. SOEs have a distinct legal structure, with financial and developmental goals, like making services more accessible while earning profit (such as a state railway). They can be considered as government-affiliated entities designed to meet commercial and state capitalist objectives. Terminology The terminology around the term state-owned enterprise is murky. All three words in the term are challenged and subject to interpretation. First, it is debatable what the term "state" implies (e.g., it is unclear whether municipally owned corporations and ente ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commonwealth Of Massachusetts
Massachusetts ( ; ), officially the Commonwealth of Massachusetts, is a U.S. state, state in the New England region of the Northeastern United States. It borders the Atlantic Ocean and the Gulf of Maine to its east, Connecticut and Rhode Island to its south, New Hampshire and Vermont to its north, and New York (state), New York to its west. Massachusetts is the List of U.S. states and territories by area, sixth-smallest state by land area. With a 2024 U.S. Census Bureau-estimated population of 7,136,171, its highest estimated count ever, Massachusetts is the most populous state in New England, the List of U.S. states and territories by population, 16th-most-populous in the United States, and the List of states and territories of the United States by population density, third-most densely populated U.S. state, after New Jersey and Rhode Island. Massachusetts was a site of early British colonization of the Americas, English colonization. The Plymouth Colony was founded in 16 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boston
Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeastern United States. It has an area of and a population of 675,647 as of the 2020 United States census, 2020 census, making it the third-largest city in the Northeastern United States after New York City and Philadelphia. The larger Greater Boston metropolitan statistical area has a population of 4.9 million as of 2023, making it the largest metropolitan area in New England and the Metropolitan statistical area, eleventh-largest in the United States. Boston was founded on Shawmut Peninsula in 1630 by English Puritans, Puritan settlers, who named the city after the market town of Boston, Lincolnshire in England. During the American Revolution and American Revolutionary War, Revolutionary War, Boston was home to several seminal events, incl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Student Loans In The United States
In the United States, student loans are a form of Student financial aid (United States), financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships and bursary, bursaries which are not repaid, and Grant (money), grants, which rarely have to be repaid. Student loans may be discharged through bankruptcy, but this is difficult. Research shows that access to student loans increases credit-constrained students' degree completion and later-life earnings while having no impact on overall debt. Student loan debt has proliferated since 2006, totaling $1.73 trillion by July 2021. In 2019, students who borrowed to complete a bachelor's degree had about $30,000 of debt upon graduation. Almost half of all loans are for graduate school, typically in much higher a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Not-for-profit
A not-for-profit or non-for-profit organization (NFPO) is a Legal Entity, legal entity that does not distribute surplus funds to its members and is formed to fulfill specific objectives. While not-for-profit organizations and Nonprofit organization, non-profit organizations (NPO) are distinct legal entities, the terms are sometimes used interchangeably. An NFPO must be differentiated from a NPO as they are not formed explicitly for the Public good (economics), public good as an NPO must be, and NFPOs are considered "recreational organizations", meaning that they do not operate with the goal of generating revenue as opposed to NPOs. Functions An NFPO does not have the same obligation as an NPO to serve the public good, and as such it may be used to apply for Tax exemption, tax-exempt status as an organization that serves its members and does not have the goal of generating profit. An example of this is a sports club, which exists for the enjoyment of its members and thus wou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Student Loans
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. This article highlights the differences of the student loan system in several major countries. Australia Tertiary student places in Australia are usually funded through the HECS-HELP scheme. This funding is in the form of loans that are not normal debts. They are repaid over time via a supplementary tax, using a sliding scale based on taxable income. As a consequence, loan repayments are only made when the former student has income to support the repayments. Discounts are available for early repayment. The scheme is available to cit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
529 Plan
A 529 plan, also called a Qualified Tuition Program, is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary. In 2017, K–12 public, private, and religious school tuition were included as qualified expenses for 529 plans along with post-secondary education costs after passage of the Tax Cuts and Jobs Act. Overview 529 plans are named after section 529 of the Internal Revenue Code—. While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of residence. Contributions to 529 college savings plans are made with after-tax dollars. Once money is invested in the account, it grows tax-free, and withdrawals from the plans are not taxed w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Family Education Loan Program
The Federal Family Education Loan (FFEL) Program was a system of private student loans which were subsidized and guaranteed by the United States federal government. The program issued loans from 1965 until it was ended in 2010. Similar loans are now provided under the Federal Direct Student Loan Program, which are federal loans issued directly by the United States Department of Education. The FFEL was initiated by the Higher Education Act of 1965 and was funded through a public/private partnership administered at the state and local level. In 2007-08, FFEL served 6.5 million students and parents, lending a total of $54.7 billion in new loans (or 80% of all new federal student loans). Since 1965, 60 million Americans have used FFEL loans to pay for education expenses. Following the passage of the Health Care and Education Reconciliation Act of 2010 on January 5, 2010 the program was terminated, and no subsequent loans were permitted to be made under the program after June 30 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stafford Loan
A Stafford Loan was a student loan offered from the United States Department of Education to eligible students enrolled in accredited American institutions of higher education to help finance their education. The terms of the loans are described in Title IV of the Higher Education Act of 1965 (with subsequent amendments), which guarantees repayment to the lender if a student defaults. As of July 1, 2010, Stafford Loans are no longer being offered, having been replaced with the William D. Ford Federal Direct Student Loan Program. In 1988, Congress renamed the Federal Guaranteed Student Loan program the Robert T. Stafford Student Loan program, in honor of U.S. Senator Robert Stafford, a Republican from Vermont, for his work on higher education. Stafford loans were guaranteed by the full faith of the US government, and were offered at a lower interest rate than the borrower would otherwise be able to get for a private loan. On the other hand, there were strict eligibility requirem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Affiliated Computer Services
Affiliated Computer Services Inc. (ACS) was a company that provided information technology services as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. ACS was based in Dallas, Texas. ACS was ranked at number 341 on the 2010 ''Fortune'' 500 list. Founded in 1988, by Darwin Deason, ACS operated in nearly 100 countries, generating over $6 billion annually. As of September 2009, ACS employed approximately 74,000 people. On September 28, 2009, Xerox Corporation announced plans to acquire ACS in a $6.4 billion transaction. The deal closed on February 8, 2010. Company history Founding and early developments Affiliated Computer Services, Inc. (ACS) was founded by Darwin Deason and Charles M. Young, both former MTech Communications executives, in 1988. Deason had served as CEO at MTech and decided to launch another data processing firm after a management buyout bid of him and other executives had lost to another bid i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PHEAA
The Pennsylvania Higher Education Assistance Agency (PHEAA, better known as FedLoan) is a quasi-governmental agency that administers several state-level and national higher education student financial aid programs. History It was created in 1963 by an Act of the Pennsylvania General Assembly, and engages in loan guaranty, loan servicing, financial aid processing, outreach and other student aid programs. It was announced on July 8, 2021 that the agency and the United States Department of Education would not continue their relationship, effective on December 14, 2021. In October 2007, Jack Wagner, the Pennsylvania auditor general, released a report accusing the agency of giving excessive bonuses and incentives. Rep. Bill Adolph, chairman of the agency's board, subsequently scheduled an emergency meeting of the board for Wednesday, October 10, to request the early resignation of the president of the agency, Richard E. Willey, based on reporting from the ''Pittsburgh Tribune-Revi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Education Finance In The United States
Education is the transmission of knowledge and skills and the development of character traits. Formal education occurs within a structured institutional framework, such as public schools, following a curriculum. Non-formal education also follows a structured approach but occurs outside the formal schooling system, while informal education involves unstructured learning through daily experiences. Formal and non-formal education are categorized into levels, including early childhood education, primary education, secondary education, and tertiary education. Other classifications focus on teaching methods, such as teacher-centered and student-centered education, and on subjects, such as science education, language education, and physical education. Additionally, the term "education" can denote the mental states and qualities of educated individuals and the academic field studying educational phenomena. The precise definition of education is disputed, and there are disagreements ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
