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Business
Lenders predict harsher climate for student loansPublished 02/17/08
Amid a widespread tightening of credit, some student lenders predict college loans will be harder and more expensive to come by for the fall.
Without a break in the credit crunch - such as stepped-up lending by major banks - the situation could become far worse, these lenders say, leading to many students being unable to fund their educations.
"There is no question in my mind that, unless something changes in the marketplace, there will be a shortfall of funds available to make student loans," says Mark Valenti, president of the Connecticut Student Loan Foundation, a nonprofit lender based in Rock Hill, Conn....
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student loan lending - February 18, 2008
I was laid off last week from a student loan lender-one of four in our immediate area closing the doors to making students new loans. I have been in the industry since 2003 and have never seen it more dismal. Approximately 500,000 people in the industry laid off since last year!!! I feel sorry for students! Best of luck to graduates.... finding someone to consolidate their loans. Repayment is going to hit them hard. I wouldn't be surprised if the default rate goes sky high.
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