We report on the results of a search for the electron electric dipole moment d(e) using paramagnetic ferroelectric Eu0.5Ba0.5TiO3. The electric polarization creates an effective electric field that makes it energetically favorable for the spins of the seven unpaired 4f electrons of the Eu2+ to orient along the polarization, provided that d(e) not equal 0. This interaction gives rise to sample magnetization, correlated with its electric polarization, and is therefore equivalent to a linear magnetoelectric effect. A SQUID magnetometer is used to search for the resulting magnetization. We obtain d(e) = (-1.07 +/- 3.06(stat) +/- 1.74(syst)) x 10(-25) ecm, implying an upper limit of vertical bar d(e)vertical bar < 6.05 x 10(-25) ecm (90% confidence).