Mar

11

How does the recent credit “panic” affect my student loans?

Filed Under Credit 

David M asked:


I have already received half of my student loan, but can the credit crisis permit me from receiving the rest if things should get worse?

credit loans

Comments

6 Responses to “How does the recent credit “panic” affect my student loans?”

  1. Caffeinated Content on March 11th, 2008 12:16 pm

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    Most probably not. Credit crisis should not affect your ability to get student loans for they are usually 100% backed up by the govt. You might not get them from private banks but the govt. should be able to give you the loan. The credit crunch is what the investors and banks are feeling. Not the govt. They just run deficits and will run more and more and more. And they will not cut spending. And if they do, I doubt it will be student loans.

  2. Caffeinated Content on March 13th, 2008 2:12 am

    Create a video blog…instantly.

    Yep.

    Loans are already drying up, and have been for quite a while.

    Welcome to the new world economy.

  3. Create a video blog...instantly. on March 14th, 2008 11:35 am

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    If you filled out an application and you were approved, you should be fine. This more of a problem for those students who are starting the loan application process now. Credit is pretty tight right now.

  4. Caffeinated Content on March 14th, 2008 4:42 pm

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    as already mentioned, if they govt loans, you’re 100% safe.

    and since us/canada are not broke by any way, this credit panic will not impact the average consumer a lot… besides the fact that acquiring credit cards and lines of credit / mortgages will be harder.. they’ll make the credit lending process tougher.

    but see, student loans are for your studies..they would NEVER lawfully be able to deny those in any situation whatsoever…

    hope this helps.

  5. Website content on March 15th, 2008 10:49 am

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    Yes. You may not get any loan to pay for next year.

  6. Caffeinated Content for WordPress on March 18th, 2008 8:56 pm

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    I’ve been researching the topic some.

    First, if you’ve already been approved for loans this semester and are just waiting for disbursement for next semester you should be fine this year.

    As for next year… this of course depends on how things go. Government funded loans should remain available but the credit crunch could surely effect interest rates.

    Private loans are less of a sure thing. There is no guarantee they will be there and for some of us, like myself, that can’t fun their entire education through government loans… this is a little unsettling.

    Nothing is set in stone yet though. I bailout could be passed or movers and shakers could fix things before we need loans again.

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