Economic crisis hurting students' ability to pay for college

[babylonsister]

Economic crisis hurting students' ability to pay for college

By Tony Pugh | McClatchy Newspapers


BLOOMINGTON, Ind. — Late Thursday evening, Neal Theobald, Indiana University's vice chancellor for budget administration, received a sobering letter from Sallie Mae, the nation's leading provider of student loans.

"Because of the continuing turmoil and uncertainty in the credit markets, Sallie Mae has made the difficult decision to tighten the underwriting on all our private student loan products, which will require applicants to meet higher credit standards. We believe that this action will mean lower approval rates for these loans," Sallie Mae Executive Vice President Barry Feierstein wrote.

The lending giant also announced plans to "adjust" or raise its loan pricing.

"These decisions were not easy to make," Feierstein said in the letter, "but the current financial markets provide no other choice."

At a time when student financial-aid requests nationwide are up 16 percent from last year, Sallie Mae's decision to make fewer loans at a higher price will deepen the financial pain of millions of parents and students who already are struggling to pay for college educations.

It's the latest example of how the Wall Street crisis is digging into the pockets of Americans who are far removed from New York's financial district.

more...

http://www.mcclatchydc.com/227/story/54423.html

[amdezurik]

1. heel yeah!

we gots way to many edumacated peeples now don't needs no mure dey jus vote fer dems anyway!

[OhioChick]

2. K&R

:kick:

[Greyhound]

3. Instead of a program to help people to get an education, it is just more corporate welfare.

Even when we manage to get some communal program through, the parasites and their jackals turn it to shit.:grr: