Q:With all the talk about how bad the economy is, and changes being made to the student loan system here in America, will I still be able to get all the student loans I need for college this year?
A: It really depends on what type of student loans, and what you qualify for, but for most individuals there will be minimal changes for obtaining student loans. Some issues you may face with both private student loans and federal student loans as a result of changes being made in the student loan lending system/economy:
1. For private student loans, the lender you used last year may not be making student loans this year. In this case, you can still get the same federal student loans you need/have gotten in the past, but you will have to choose a different private student loan lender for the year.
2. Many schools and colleges have made the switch to the government’s Direct Loan program, which may make your lending process via the school/college a bit different, but if this is the case your school/college should notify you.
3. You may have more trouble getting a private student loan if you have a low credit score or cannot find a co-signer.
4. You will find that most private student loan lenders no longer make consolidation loans, however The Direct Consolidation Loan Program is still available.
5. You also might find that your guaranty agency is telling you that you cannot rehabilitate because there are no buyers for your student loan.
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