Student Loans Look Safer Now
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credit: shonk
With so much trauma in the loans market, things were looking difficult for students for a while there: with many lenders crashing out of the market altogether, getting cheap student loans was starting to look impossible for some college students. But thanks to a new legislation recently passed through congress, there shouldn’t be any college students who find it impossible to get a reasonable college loan now.
The legislation has made several changes to the existing system. For a start, student borrowers will now be able to borrow a higher amount for a federally subsidized student loan, which means that fewer students will have the need for the more expensive private loans. The legislation has also created new rules for parents who borrow money to pay for their children’s college education, by having loans which they do not have to start repaying until their children have completed school.
Several other methods, such as increasing the aid available to poor students, and allowing the Department of Education to purchase student loans to increase their capital and lending base, will also make the whole financially draining exercise of going to college a bit easier. Unfortunately, the college experience itself won’t be any cheaper, but better access to loans at least makes it more affordable.
Tags: college | Finances | Lending | Saving Money | Student Loans
This entry was posted on Sunday, May 25th, 2008 at 3:45 am and is filed under College and Education. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
