Student Loans Unavailable to Many Community College Students
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credit: Shaylor
Unfortunately for many community college students in the U.S., student loans are completely unavailable to them. These students — a disproportionate number of them being minorities — cannot take advantage of low-interest federal student loans because their community colleges refuse to participate in the federal student loan program.
Community colleges have several reason for not participating in the federal loan program, but most often, they want to discourage their students from borrowing too much money and going into unmanageable debt. However, many believe that their desire to protect is actually hurting their students, denying them the ability to secure the low-interest loans that they need.
According to a new study by the California-based Project on Student Debt, for many students, even relatively inexpensive community colleges would be impossible without a loan. Without access to federal student loans, these students are forced to apply for higher-interest private loans, use credit cards as cash sources, and work too many hours.
In addition to school ineligibility, in the country’s current financial situation, student loans are growing harder to secure. However, the federal government is taking every step possible to assure that those who need student loans will be able to secure them. The only issue is whether a school will allow its students to apply for the loans that make their education possible.
Tags: college | Community College | finance | Loans & Borrowing | Student Loans | Students | university
This entry was posted on Monday, April 28th, 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.
