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Think the credit crunch is over? Ask a college student.

Started by morganb · 11 months ago

The Massachusetts Educational Financing Authority is unable to grant loans to college students this year as it is unable to secure financing due to the condition of the capital markets.  More than 40,000 college students will be locked out of financing for their college education due to the beating taken on Wall Street.

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8 comments

  • xboarder

    11 months ago

    Any suggestions on where to go to get help or direction on paying back student loans after graduation when your starting salary is no where what is needed to pay the loans, rent, car and car insurance let alone charge card debt. I've looked into consolidation, refinancing, etc and the banks want a high interest rate which means payments I can't afford for 30 years. At this rate I'll be done with my own loans just in time to start paying my own kids!!! Any suggestions would be greatly appreciated.
    reply
  • morganb

    11 months ago

    that is a great question. i'm still paying back my student loans and i'm
    sure i'll be done with those just in time for my son to get his as well.
    amazing. we can forgive poorly-gotten mortgage debt but not debt used to
    educate our workforce.
    reply
  • BAYCNJTANG

    11 months ago

    The Army National Guard has a program to address this issue. Can you say "HoooRaaa" ?
    reply
  • wolfgan

    11 months ago

    If you have some sort of useful degree, i'd look at leaving the country and go work in the middle east. Saudi or Dubai. They pay well and they are still looking for people. Whether you pay back the loans or not is up to you. At the rate the US is going into the dumpster because of these banking types, you may not have to.

    Sabre
    reply
  • gina

    11 months ago

    The rich (including the congress critters) get richer and every one else gets to eat cake if they can find any
    reply
  • Dad with debt

    11 months ago

    To xboarder: Depending on your degree you may be able to work in public schooling, local police department or other public sector and have all or a portion of your debt forgiven. Otherwise check into ICR = Income Contingent Repayment Plan. Check with the servicer of your student debt to see if you qualify. Income is evaluated annually and payments are budgeted based on income. At the end of 25 years any balance remaining is forgiven. Since these debts are not dischargable in a bankruptcy and can follow you until death there are no easy escape clauses.

    Good Luck!
    reply
  • Mike Sweeney

    11 months ago

    All money that should be used to strengthen the economy, ie: infrastructure, employment, etc. This is like pumping air into a tire that has a hole in it. It'll be spent and there will be nothing left to show for it.
    reply
  • comicpro

    11 months ago

    This is truly sad and with the cost and necessity of having a college education the importance of failed policies, irresponsible oversight, and plain greed are now destroying the futures of our youth. Expenditures spent on a unnecessary war would be better served on things such as this.Have no fer as I do believe the FEDS will use our tax money to provide loans to this program. I would definitely support that endeavor.
    reply

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