The Data Digger: Banks cutting back on student loans

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Thursday, June 12, 2008

Banks cutting back on student loans

clipped from www.globalethics.org

An Issue of Fairness and Equity

Samuel Collie, director of financial aid at Eastern Oregon University, talking to the New York Times about cutbacks in loans being offered to his school’s students.

According to the Times: “The practice suggests that if the credit crisis and the ensuing turmoil in the student loan business persist, some of the nation’s neediest students will be hurt the most. The difficulty borrowing may deter them from attending school or prompt them to take a semester off. When they get student loans, they will wind up with less attractive terms and may run a greater risk of default if they have to switch lenders in the middle of their college years.”