United States college students the latest victims in this global financial crunch and funds from banks and other lending institutions goes away. American students who need a student loan to pay their way through college, are starting to have a tough time accessing funds. A huge number of public and private financial institutions are cutting back on financial assistance, making it impossible for some to get financial aid for college.
The list of companies who are no longer offering college aid is on the increase. One state agency, that has served the student community, has recently announced that it will no longer be offering college aid, leaving students at nearly 100 colleges and universities with out financing for student loans.
Traditionally, funds for college have been backed by some of the major US banks, including JP Morgan, Sachs Goldman and Citibank. These banks will no longer be supporting the auction system that allocated resources for education assistance. There are also predictions that funds for college will become more pricey.
One of the main sources of credit to students has always been the federal government backed funds for college, which provides funds to means-tested students. Many students find that this loan only covers tuition and they then need to take out a further private loan to cover other expenses. These are the very loans that are tipped to disappear, although it seems as though lenders are standing by their obligations under the federal backed program.
The effect of the credit squeeze will affect those families with poor credit ratings and lower incomes. The people who have been caught up in the mortgage crisis may have children studying at college, who will no longer be able to access student loans because of their parents' credit score.
The current estimation is that 100,000 students will not qualify for the Federal government or private student loans because of credit rating issues. This, coupled with the reduction in the number of loans actually available, will make attending college difficult for many US students.
Students caught up in this financial crisis and who are unable to obtain student aid still have a few solutions left. You should go and talk to the student aid department at the school you're wanting to attend to see if there are any scholarships or grants available to you. They may also be able to get you enrolled in a State aid program or find you a source of aid not available to just anyone.
Never forget, never give up. If you can't get a hundred percent of your college needs financed, you may have to cut back on classes and get a full or part time job and work your way through college. Yeah, that's nearly unheard of in this day and age, but it still works. - 16732
The list of companies who are no longer offering college aid is on the increase. One state agency, that has served the student community, has recently announced that it will no longer be offering college aid, leaving students at nearly 100 colleges and universities with out financing for student loans.
Traditionally, funds for college have been backed by some of the major US banks, including JP Morgan, Sachs Goldman and Citibank. These banks will no longer be supporting the auction system that allocated resources for education assistance. There are also predictions that funds for college will become more pricey.
One of the main sources of credit to students has always been the federal government backed funds for college, which provides funds to means-tested students. Many students find that this loan only covers tuition and they then need to take out a further private loan to cover other expenses. These are the very loans that are tipped to disappear, although it seems as though lenders are standing by their obligations under the federal backed program.
The effect of the credit squeeze will affect those families with poor credit ratings and lower incomes. The people who have been caught up in the mortgage crisis may have children studying at college, who will no longer be able to access student loans because of their parents' credit score.
The current estimation is that 100,000 students will not qualify for the Federal government or private student loans because of credit rating issues. This, coupled with the reduction in the number of loans actually available, will make attending college difficult for many US students.
Students caught up in this financial crisis and who are unable to obtain student aid still have a few solutions left. You should go and talk to the student aid department at the school you're wanting to attend to see if there are any scholarships or grants available to you. They may also be able to get you enrolled in a State aid program or find you a source of aid not available to just anyone.
Never forget, never give up. If you can't get a hundred percent of your college needs financed, you may have to cut back on classes and get a full or part time job and work your way through college. Yeah, that's nearly unheard of in this day and age, but it still works. - 16732
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As more students think about consolidating their student loans, it is critical that you get sound student loan consolidation advice before moving ahead. Student loan consolidation is not for everyone. it is also critical that you research and beware the pitfalls of student loan consolidation.
