As I wandered around my house cleaning today, I listened to NPR (National Public Radio) and to add to my growing concerns over the state of our economy, I am blasted (for the second time) with an interview discussing the now impending doom that our children are facing to get a higher education. It is reported that many banks, and I had heard this very passively a couple of weeks ago, are backing out of giving Federal student loans. In Pennsylvania, this is now a very real issue. It is said that due to the irresponsible behaviors of the government and banks, they are in such debt that they can no longer provide students with Federal government loans.
As many who have had to get student loans and are still sacked with the payments, the benefit of a Federal loan is that it is backed by the Federal Government, which means that if the person becomes disabled, unemployed or dies, their loans are forgiven. The rates are also lower than a private loan. Well, here we are in another economic crisis. This one affects the lives and future of the same kids who are suppose to go out there and make changes in the world. For many kids who already struggle or who come from poor backgrounds this could possibly mean "No College" even if they are top of their class. One Penn State administrator spoke about the many students who have loans with banks that are folding. He spoke also about the many kids who cannot get loans because with private loans the rates are high and they need good credit. Making it impossible for some to attend college. This is only the very beginning of a huge problem as I see it. Another breakdown in what is turning out to be a disastrous decade.
I personally worry, my son is now 15 and thinking of his future and what schools he'd like to attend. How in the world is he going to be able to do this. I myself have a good size student federal loan and have always been grateful for its flexibility, especially during hard times when I had to defer them until I got on my feet. Those days are officially over.
After this news tidbit, I had to run to the gas station where the gas line in the pouring rain was long and fearsome. As cars waited because it was worth it to wait for the Valero gas at $3.75 than to get it quickly at Mobile for $3.97, I am filled with anxiety. My faithful Honda Civic jugged down $40.00 worth of gas when only 5 years ago it cost $16.00 to filler' up. I am grateful, as I look across at the woman on her cell phone in her giant Yukon XL.
I am scared and very worried......