College Students are Watching Wall Street

Source - By Aaron Brilbeck
Tuesday, September 30, 2008 at 5:24 p.m.

Students at the University of Toledo are keeping a close eye on the economic crisis. For most, their futures depend on getting college loans.

Freshman Colton Hulshof has already been turned down. "They told me they couldn't give me a loan because of the credit crisis that was going on and the economy looks pretty bad as it is. So, yeah, they turned me away", Hulshof says.

Hulshof is not alone.

Tyler Alt was able to get a loan for school because his parents co-signed. But what if mom and dad lose their jobs? "Probably have to work 2 or 3 jobs to hopefully, maybe pay for college.", Alt says. "If not than I'll probably have to drop out".

The U.T. financial aid office is seeing a lot of uncertainty these days. Federal loans are still available, but when those aren't enough, students have to go to alternative, private loans. And those lenders are starting to turn students away. "We've already had a couple of lenders just recently inform us that they weren't going to be into the alternative loan process any longer.", says U.T. Assistant Director of Loans, Sherri Jiannuzzi. "But they would fund the ones already processed".

That's good news for some students. But it doesn't help those who are still struggling to find financing. "Just worried.", Hulshuf says. "Really. Pretty much base myself on hoping I can get through college and get a job and get out there. But getting through college is going to be the hard part."