Every aspect of the loan industry has been severely affected by the recession. I was fortunate enough to graduate in a year where the rates were low and the loans were readily available. I refinanced all of my outstanding loans into a 2.9% package and haven’t looked back since. I owe a lot of my success to these loans.
Students pursuing degrees at this time are having a more difficult time getting financing and good rates due to their lack of credit and the amount of defaults on the market. Most cases require a backing from their parents to secure the loan and most parents are in crisis with their homes and jobs. The issue has compounded to the degree that it threatens the higher education of tomorrow’s leaders.
Student Loans are becoming more accessible through private companies and the government. It is very important to make payments on time and not default on these loans. Defaults on these loans can be catastrophic to your credit report for years to come.

Tags: Credit, recession, Student Loans