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Congress Aware Of The Student Loan Crisis

There is recent concern in congress to reslove the Student Loan Crisis,
as many high school seniors will be completing their loan applications
in the comming weeks. Many lenders have suspended their lending in
the area of student loans, sure to cause a problem in the short term.

Congress is aware of the probelms and are seeking solutions. President
George W. Bush supports legislation passed last week to allow the Dept
Of Education to purchase govenment guaranteed loans. The US Senate
is working on their verision and the Presdient is expected to sign it.

We’ll keep you posted.

Sallie Mae Announces It Is Dropping Student Loan Consolidation’s

Student loan consolidation market just got a hair-cut, as Sallie Mae
the countries largest student loan lender announced it was getting
out of the student loan consolidation business. The move is sure to
hit millions of college graduates in 2008.

Sallie Mae had already announced in January, that it would be cut-
ting back on making students loans, taking a much harder look at
the students ability to pay back the loan.

Bank of America announced last week that it was also stopping its
student loan lending, joining 46 other feaderal student lenders who
have also ended their exposure to student loans.

With the sky-rocketing cost of college tuition and the credit crisis
hitting students in 2008,  many students may have to wait untill
the business cycle corrects or until Uncle Sam come to the rescue.

WATCH VIDEO

2008 Student Loan Default Rate Projected To Increase

Increases in the student default rate are projected, as congress
extened the “Cohort Default Rate“, which projects the percentage
of college students defaulting on student loans.  The extention will
move this gauge out to three years, rather than two years.

Colleges with a Cohort Default Rate of 25% for three years face a
possible loss of Federal Financial Aid for their institutions. This is
going to be an issue for students as funds for education get tight.
Students should apply as early as possible to avoid getting caught
in the cross-fire.
   

College Drop Out Rate - Staggering 54%

According to the Department of Education, recent statistics show
that over 54% of college students drop out by year six. The break
down shows that 30% of freshman student drop out the 1st year,
with sophomore dropping out at a rate of 18%. By the sixth year a
staggering 54% of students drop out.

That is an large amount of money being wasted each year, with the
students defaulting on their student loans & destroying their credit
ratings, its an ugly mess.

MARK SANDS