Latest news from www.msn.com read as follows:
Students in need of private loans to pay for college costs for the coming academic year will have to grapple with higher interest rates and tougher credit checks. Even then, some who have qualified for such loans in the past probably won’t this year.
“Private loans are going to clearly be harder to come by for many students,” says Sandy Baum, senior policy analyst for the College Board, the nonprofit entity that administers the SAT admissions test.
That’s bad news at a time when grants and loans available under government aid programs have failed to keep up with rising college costs. Many students have had to rely on variable-rate private loans to fill the gap. Tighter terms for private loans will most affect students with low credit ratings and those who attend colleges with low graduation rates.
Private loans have been one of the fastest-growing ways to pay for college. In 2006-07, students and their parents took out an estimated $17.1 billion in private loans, up from $1.57 billion in 1996-97, according to the most recent tally from the College Board. The $17.1 billion represents 22 percent of all the borrowing to pay for college.
Companies that offer multiple lending sources may be able to help secure financing for those students. Students that have recently graduated as a physician may qualify for funding for new businesses. Private finance companies are available to help dentists and other physicians secure funding for their new private physician practice.
For more information on financing go to www.pfcfinance.com or to qualify for a loan call 1-877-835-1253.
