Panel: Bad Economy Means Less Access To College (Associated Press)
"The struggling economy is likely to make it tougher for college students to obtain and pay for loans this fall, members of a federal education panel said Friday," the Associated Press reports. "The panelists, hosted by the U.S. Department of Education's Advisory Committee on Student Financial Assistance, said students face higher interest rates on loans issued by private entities like banks or may not qualify for loans at all as lenders tighten their requirements in light of the sub-prime mortgage crisis and other economic factors. Over the years, panelists noted that colleges have seen state funding dwindle, changes to student loan programs and economic challenges such as high gas prices in the 1970s and 80s. 'What's unique about today is we're facing all of these things simultaneously, and they all have an impact on our institutions as well as our students,' said panelist Donald Heller, director of the Center for the Study of Higher Education at Pennsylvania State University."
You can read the complete June 13, 2008 Associated Press article on-line.
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