These government aid programs are great but only provide limited amounts, usually $7,500 per year for undergraduate students. Over the past decade, government grants and loans, such as the Stafford loan, have failed to keep up with the rising costs of tuition. Since the government programs cover less of the tuition costs today, the borrowing of private sector education loans has increased tenfold to $17... displayed 300 characters
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A spokeswoman for Wachovia says this is because of the current economic state and investors have shunned the securities that they rely on to raise the lending funds. Last month the Massachusetts Educational Financing Authority (MEFA) said it couldn’t raise the capital to fund the private loans. This meant that some 32,000 borrowers had to scramble to find funding somewhere else... displayed 300 characters
