Monday, April 21, 2008

Student Loans are Beginning to Bounce

Norton thought he was set when he deposited a $16,000 student-loan check to pay for summer classes and the fall semester. But when he started to pay bills for classes, rent, and other expenses last week, his checks bounced.
Jefferson warned us against spending money we don't have. Now, the effects of a debt-based society are beginning to show.
More than 50 firms have abandoned or cut back their federal or private student loan programs this year, unable to raise money in the financial markets. Yesterday, Citigroup, one of the largest private lenders, said it would stop lending at some schools and end its federal loan consolidations.
How this will affect UW-Parkside? Well, considering the fact that 40% of us are in the lowest economic echelons, our students are in trouble. Couple that with an increasing lack of funding for WHEG and Lawton grants, as well as increasing tuition and SEG fees, and you can see that the future is not bright for young people in Southeastern Wisconsin. Time will tell.


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