The current instability in credit markets has touched just about every facet of our financial world; student lending is no exception. While some allowances have been made on the federal loan side, the private/alternative loan option just keeps getting uglier. I saw a notice from one of the biggest private loan providers yesterday with new rate info. The range? LIBOR + 4% to LIBOR + 12.75%! That obviously doesn't include their up front loan origination fees that would tack onto that (commonly 3-10%) ... Keep in mind that this "ugly" option isn't even available unless you have good credit [or a creditworthy co-signer].
This morning I came across a very comprehensive student loan web resource designed for borrowers, their families, and advocates - Student Loan Borrower Assistance. This 'project' is a program of the National Consumer Law Center, "focused on providing information about student loan rights and responsibilities for borrowers and advocates [as well as] ... to increase public understanding of student lending issues and to identify policy solutions to promote access to education, lessen student debt burdens and make loan repayment more manageable."
Student Loan Borrower Assistance provides information on ...
-- Answers pertaining to a wide range of frequently asked questions:
---> Collections
---> Default and delinquency
---> Loan cancellation
---> Repayment
---> Student loans and bankruptcy
---> Understanding student loans
---> Where to go for help
-- Links to student loan policy and legal issues
-- Solutions to student loan problems
October 28, 2008
STUDENT LOAN BORROWER ASSISTANCE
