College Loan Market Tightens
As the 2008-09 school year approaches, many students may end up paying more for their college loans, if they are available. There will be fewer lenders in the student loan market and the ones that remain won't be prone to giving discounts for autopay or ontime payments as in previous years.
The MI-LOAN alternative loan program of the Michigan Higher Education Student Loan Authority was temporarily suspended this week as sufficient funding for the program was not available.
The Montana Higher Education Student Assistance Corp failed to sell about $390 million in bonds for student loan financing. Though the failure to sell should not impact Montana student loan financing for the 2008-09 school year, it certainly will raise costs for the MHESAC.
According to the Des Moines Register, the Iowa Student Loan Liquidity Corp. will be unable to fund student loans properly in 2008-09.
Several other state student loan programs have reported difficulty in funding their programs in the usual way and several major school loan lenders like College Loan Corp and Sallie Mae will be either curtailing student loan programs or tightening loan qualification requirements. All of this points to lower availability and higher costs for student loans.
Be sure to get your financial aid applications in as early as possible this year. You don't want to be at the end of this line.
Technorati Tags: College Loans Financial AidPaying for College College Loan Corp Sallie Mae
As the 2008-09 school year approaches, many students may end up paying more for their college loans, if they are available. There will be fewer lenders in the student loan market and the ones that remain won't be prone to giving discounts for autopay or ontime payments as in previous years.
The MI-LOAN alternative loan program of the Michigan Higher Education Student Loan Authority was temporarily suspended this week as sufficient funding for the program was not available.
The Montana Higher Education Student Assistance Corp failed to sell about $390 million in bonds for student loan financing. Though the failure to sell should not impact Montana student loan financing for the 2008-09 school year, it certainly will raise costs for the MHESAC.
According to the Des Moines Register, the Iowa Student Loan Liquidity Corp. will be unable to fund student loans properly in 2008-09.
Several other state student loan programs have reported difficulty in funding their programs in the usual way and several major school loan lenders like College Loan Corp and Sallie Mae will be either curtailing student loan programs or tightening loan qualification requirements. All of this points to lower availability and higher costs for student loans.
Be sure to get your financial aid applications in as early as possible this year. You don't want to be at the end of this line.
Technorati Tags: College Loans Financial AidPaying for College College Loan Corp Sallie Mae
Labels: college loans, financial aid, paying for college, sallie mae. college loan corp, student loans
posted by Ken MacKenzie at
4:47 PM
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