What, you cause a panic you gotta put down now, Globe, as this country realizes its education funds have been looted?
On top of that, state and federal governments are all operating on borrowed money as they loot us.
The REAL PAIN isn't very far away, America -- as the BLOGS have pointed out for YEARS!!!!
This is just the beginning, and even the lying, war-promoting, agenda-pushing devils of the Zionist AmeriKan MSM admit it.
Oh, and look who is going to benefit from gouging the kids (thus parents) despite the reassurance of college officials.
"The private loans... will be variable, changing monthly or quarterly as the nation's interest rates rise and fall.... If interest rates rise, payments could jump - causing the same kind of trouble homeowners have been grappling with as variable mortgage rates rose.... The biggest question is whether borrowers are willing to gamble on a variable-rate loan."
Now they are going to base the college loans program on the mortgage mess?
Yeah, thanks for HELPING BANKS PROFIT, American parents.
All so that kid you have can get a shit edurkashen!!!!
"College families scouring for loans; As bills come due, schools counsel calm; Funds still available - at higher rates" y Peter Schworm and Beth Healy, Globe Staff | July 31, 2008
With tuition bills looming, thousands of Massachusetts students and parents are scrambling to secure college loans amid deep turbulence in the nation's credit markets, but college and university officials are reassuring families they should be able to borrow the money they need.
From where?
College officials are quick to tell parents and students that government-backed programs, such as Stafford loans, remain widely available and that a wide range of options for additional private and federal loans remains, although probably at higher interest rates.
"There are a lot of options for students and families," said Tony Erwin, director of financial aid services at Northeastern University. "But the terms aren't going to be as favorable. That's a result of the market shifting."
But some education officials said the timing of MEFA's withdrawal, just weeks before students return to campus, was bound to unsettle families.
"It's very discouraging to learn about this so late in the game," said Robert Antonucci, president of Fitchburg State College. "It creates an environment of panic, even though there are other options out there."
Numerous commercial lenders and state financing agencies stopped providing student loans this year because of a deepening credit shortage and reduced government subsidies that cut lenders' profits, loan specialists say.
Yeah, SCREW the KIDS!!
We got WARS to pay for and WAR LOOTERS to fund!!!!
And WHERE did ALL the BANK BAILOUT $$$ GO?!
The departure of many major lenders from the student loan market will make it trickier for parents to find a substitute, especially with a tight deadline.
"This does come as a blow for students, especially so late in the game," said Justin Draeger of the National Association of Student Financial Aid Administrators. "There seem to be enough lenders in the game to pick up the slack, but private loans will likely be more difficult to get, and more expensive."
Hardly any of the private loans will have fixed rates; they will be variable, changing monthly or quarterly as the nation's interest rates rise and fall.
At Boston University yesterday, some students said the loan struggles amounted to a crash course in real-world finance.
"I think college students have to grow up a lot quicker because of the uncertain economy," said Jennifer Choi, a junior from Orange County in California who is applying for a loan from Sallie Mae, the nation's largest student lender, to pay for the upcoming semester. Balancing the paperwork with her job and classes, she said, has been daunting.
Deciding what kind of loan to take out is much like choosing a mortgage, financial specialists said. There are interest rates, fees, penalties, and incentives - and mind-boggling fine print. The biggest question is whether borrowers are willing to gamble on a variable-rate loan.
If interest rates rise, payments could jump - causing the same kind of trouble homeowners have been grappling with as variable mortgage rates rose.
In tough economic times, officials said, students and their parents are cobbling together tuition payments from any number of grants and loans. At the University of Massachusetts at Boston, the number of students seeking financial aid has climbed by more than 1,200 from last year.
"It's impacting people that thought they'd be immune," said J. Keith Motley, chancellor."
WAKE UP, America, and GET YOUR HEADS OUT of that BOWL of SHIT!!!!!!