Financial Aid and the Credit Crunch

Posted by: Louis Lavelle on October 6, 2008

By Alysa Teichman

What does the bailout mean for financing your education? The answer is still unclear, but Mark Kantrowitz , the author of “FastWeb College Gold, the Step-by-Step Guide to Paying for College” offers a few tips to understanding your financial aid in this article:

1) It’s the students at community and technical colleges that will be most affected by changes in the economy and the lending crisis.

2) Save, save, save – any amount you can set aside helps.

3) Going to school might not be the best way to escape the uncertain job market if you can’t get a loan.

4) The interest rates on your loans are likely to jump within the next month.

5) Choose loans based on the lowest interest rates and fees.