Anyone know if the financial crisis will make it hard to get private student loans?

[GOPBasher]

I'm hoping to get back into school soon, but I don't think I'll be able to do it without private student loans. (I already have a B.S. and an M.S., so I don't think I can get stafford loans.) Does anyone who knows this kind of stuff have any idea if it'll be more difficult or impossible to get private student loans?

Thanks in advance for any help.

[bicentennial_baby]

1. Er....not so good:

Incoming freshman Rich Evans says the sky-high tuition for his next four years at Boston College will be worth it.

"I'm not paying $200,000 for an education," said Evans. "I'm paying $200,000 for an experience."

But his excitement turned to anxiety when Massachusetts Educational Financing Authority - or MEFA - announced it could no longer offer private student loans.

Just four weeks before the start of school the not-for-profit lender, which offers lower interest rates, put the word out to 40,000 families, many of which had to scramble to find cash.

"With those bills and the tuition coming due and hanging over your head, it does put you in a bit of a panic," said Betsy Evans.

Hundreds of thousands of students are feeling the credit crunch this month, as lenders struggle to capitalize loans. On top of that, congress cut subsidies for federal loans, making that business less profitable for banks.

More than 120 lenders have dropped out of the federal loan program. And this week, Wachovia bank, the sixth largest student lender, suspended its private student loan program for undergrads, Solorzano reports.

http://www.cbsnews.com/stories/2008/08/10/eveningnews/main4336427.shtml

[GOPBasher]

2. Shit... but thanks for the link. n/t

[bicentennial_baby]

3. What sort of degree are you looking for?

It all depends on what level, and which school. Huge differences. :)

[GOPBasher]

4. I'm getting an MS in statistics, but I only need the loan for

a couple undergraduate courses I have to take in the summer of next year -- they're prereq's to the program. I already have the necessary financial aid for the grad program.

The undergrad courses will be at Michigan State, and the MS program will be at Western Michigan.

[bicentennial_baby]

5. Well, you can probably get that...

If it's just a few courses. I'd look into MI Fin. Aid Orgs, kinda like MEFA here is MA, and then the banks themselves. You shouldn't need a huge amount, so it's entirely possible that you can get it. Be optimistic, and explore every damn option. :D