Finances are generally a straightforward topic – you always need money, and getting the education you want means you work or borrow the money. Most of the time, when you hear things like subprime mortgage crisis, you tend to ignore it.
Truth is, everything in the economy affects everything else. Now the inability of people to pay back some loans has had a drastic effect on mortgage lenders and banks.
For students looking for loans, or alumni trying to refinance existing loans, this means being smarter about finding loan sources. State agencies in Pennsylvania, Michigan and New Hampshire and several other states have scaled back available funds, but most other states are continuing with funding. And even where the states have cut back, private loans are still available. According to FinAid.org, loan issues need to be watched – don’t take anything for granted.
In addition to checking with your school or current lender, other sources of information include NellieMae, the federal Direct Loans site, and numerous other private loan providers. For an update on the status of your existing loans, try the National Student Load Data System. You can learn more about the basics of student loans or ways to deal with student debt.
1 comments:
Interesting article. The nation is going to find itself in a unique situation soon as college becomes too costly for the majority of US citizens.
Federal aid limits are tiny, and with the only possible solution being private loans which are under fire, how are people going to afford to pay for college?
http://www.thinkfinancial.com
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