student loan advice | Big Banks Ending Student Loans For Community College Students

Big Banks Ending Student Loans For Community College Students

You know, finding student aid for a community college is hard enough. But now with the economy the way it is and the credit crisis, finding student aid just got a little tougher. For many, this may be a disadvantage of attending a community college.

Major banks such as Citibank, JP Chase Morgan and others are cutting back or ending loans to students who attend community colleges. Their excuse? Higher defaults on student loans, fewer people to lend too (well duh, if there’s no aid…) and smaller student loan amounts.

Once again, if you’re wanting to go to community college, you’re made to feel like second best. What these bozo’s fail to realize is that many of us went to community college to get our requirements out of the way so we could move on to a four year college and focus on our primary studies!

But banks being what they are, they care little, if any, for the people who are needed the student aid, they care more about their bottom line. That’s why they’re currently in the mess they are and I feel sorry for none of them. Let them lie in the bed they made for their selves!

Hell, who knows, maybe after they all lose their jobs, they’ll have to go back to a community college and learn a real skill to feed their families!

Here are a few quotes from people at Citibank and JP Morgan;

In making our decisions, we simply looked at the typical size and length of loans at schools, and at schools where we did very little lending

We stopped doing student loans at some community colleges and some four-year colleges, but we are not disclosing the numbers,

Yeah, not disclosing the numbers hunh? Sounds like you bozo’s have something you don’t want everyone else to know about…like maybe you’re discriminating against certain schools? Hmmmm…

So just how big is this problem with major lenders cutting back or ending student loans for students attending community colleges?

Well the The Community College Research Center found nearly half of all college students in the nation attend community colleges. That’s a lot of college kids scrambling to find alternate means of student aid!

So what should a community college bound student due about financial aid?

Here’s a couple of options.

  1. Private student loans. These loans can be used for anything. Community College or a traditional four year college. But you must first quality with a decent credit score or have a cosigner. Let’s face it, most community college students have little if any credit. If they do, it’s probably bad credit at that. Also, many community college students are low income, so that means that their families probably don’t have the type of credit needed to score a private student loan. In reality, this option is only going to be available to a select few community college students.
  2. The Federal Direct Loan Program. Now that many large banks and lending institutions are ending loans to community college students, more and more community colleges are helping students get financial aid through the William D. Ford Federal Direct Loan Program. The Federal Direct Student loan program is a program of the FSA and part of student aid from the Department of Education. Your schools counselor or the community college you wish to attend will have more information and possibly other options open to you

Hey, at least Uncle Sam is still trying to help community college students out! That is, while they still have a few bucks left! LOL

So worry not my 2 year community college attending students, there is help out there now that the big banks have stuck the knife in our backs again. Not surprising, you know the CEO’s of those firms must still live their lavish lifestyles and can not risk you lowly bums at the 2 year community college defaulting on your loan. Even if you’ll be the one fixing his furnace after you graduate!

Related Posts

Filed Under student loan advice | Leave a Comment

Tagged With , , , , , , , ,

Comments

Comments are closed.