April 21, 2008

US Student loan cheques bounce!

There is one thing that students have learned to rely on and that is the cheque for their student loan, this goes towards paying for their classes etc and makes the whole thing workable for many people. But imagine being a student whose loan cheque has bounced when it is paid into the bank.

This is what has happened in the US when five hundred students become the first victims of the credit crunch in the states. This happened where a non profit organisation, who would normally be handing out the student loans, has filed for bankruptcy.

It would normally be that it made no difference what the family’s background in financial matters was, but things have changed and what once was taken for granted is no longer looking like all students from all backgrounds will be guaranteed to be able to get a student loan, which will have many people worrying about their futures.

Source [Boston]