The credit crunch is taking a toll on student loans. And while the government promises borrowers it can make more federal loans available, some experts say it won’t be able to cover all the funds if the credit crisis lasts, reports the St. Paul Pioneer Press. Here’s what you need to do to avoid problems with your loan applications:
Visit your financial aid office. Financial aid officers can give you a better idea of where different lenders stand on providing loans, says MSN Money.
Get a cosigner. If you have to go with a private loan and your credit isn’t stellar, a cosigner with strong credit can help you qualify for better rates and avoid certain fees, MSN Money reports.
Need more background on this issue? Get the facts from FinAid.org or find out more with this CNBC video.
Just goes to show that you always have to plan ahead.