Tuesday, October 21, 2008
Economic crisis hurting students' ability to pay for college
McClatchy Washington Bureau: "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."
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5 comments:
This is such a depressing article. I hate seeing how the economy is falling and knowing that it will affect student loans for college. Loans are such a huge part of so many college students lives. It will be really sad when many students can't afford their education anymore because loans are so tight. I hope that the government does something about this to reverse the trend!
We all can't help but feel the strain on the economy. Everyone of us has a family that needs to work to pay for college, or the thought of loans to pay off later. It's really scary to think how long it will take to pay off a $200,000 degree when it's for theatre; not that many people make it big in this industry. These kids are freaking out because six years of college cost them $70,000? Give me a break.
This is such a tragic fact of life. I don't know of anyone, yet, who actually hasn't gone to school because of all the economic issues but i know everyone is struggling. One thing that really encourages me is in the presidential debates Obama touched on college tuition. Not to get too political, but part of the reason i support him is because he makes a point to mention this problem - while McCain ignores it. The first step to solving an issue is to acknowledge it. I know the majority of issues stems from the generally terrible economy, but Obama is proposing government almost rebate-like checks for college tuition - It's not perfect but i think it's a great start and at least he is making the government focus on the education of its children.
This is the bitter reality of the finance industry's poor choices, and we're paying for it. In addition to loans costing more and being harder to get, students who have college savings or investments in the stock market have also seen a decline in their interest rates, or lost money in the market. Welcome to a total recession.
I think we are all responding to this article because it so closely features our demographic. Yeah, it sucks that college students are going to take a hit for the financial crisis, but I personally excited to see Sallie Mae taking proactive steps to see that it doesn't happen again.
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