College Lending Tight But Available

Did you ever think you would be wondering if you could get a loan for college? What about your parents? Well here we are all wondering what will be happening to college loan programs for the rest of this year and next.

How about minimizing those loans, or not having any loans at all? Wonder what it would be like to graduate from college without loans hanging over your head? Debt free?

Imagine how empowering it is to be in control of your college debt or at the very least significantly impact your every day expenses.
Let's talk.

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College Lending Tight But Available
Most students are finding loans for tuition even as some banks opt out. Rates and fees are higher, though.

With lenders leaving the college loan market, some students face higher interest rates and a scramble to find new banks.

"It's not that you're having tons of students unable to attain refinancing. They just have to hunt around for another lender," said Mark Kantrowitz, publisher of FinAid.org, a Web site offering financial-aid advice.

It will be more expensive for some students, too, as banks raise fees and interest rates, he said. He estimated that added fees could amount to hundreds or thousands of dollars in new costs for students over the life of their loans.

About 1 to 2 percent of college students nationwide may be unable to get loans, Kantrowitz said. Students at for-profit trade schools and community colleges and at institutions whose students have had high default rates likely will face the greatest challenge, he said.

Source: Complete article found on philly.com
http://www.philly.com/philly/jobs/students/20080818_College_lending_tight_but_available.html