US credit crunch hits education as banks abandon student loans - Times Online

Think the word 'Harder' hardly portrays the hardened scenario that that the hard-hit battle hardened students are hardening upto. think the magic word is 'IMPOSSIBLE' to get student loans!!

one probably need a even higher credit score than 650 to get a student loan now.
i would guess one needs to be close to the 700 or over 700 to get a decent student private loan.

it is just hard to get any loans these days period. many ppl who has excellent credit score, close to 800 and clean credit history are having problems getting loans for other purposes such as mortgage.

and with the interest rate this low....i woudnt be suprised if banks totally stop loaning $, as it wont be making anything in the interest!

The paper citing this is British, what business does a foreign paper have writing about something in the US? I don't think it will get that much harder for graduate students to get loans but it will get harder for undergraduates and those who go to lower tier foreign medical schools. Since GradPlus was introduced it has actually become easier for me to get student loans at my school. The GradPlus loans don't even require a credit check but they do check for serious delinquencies like bankruptcies etc.

For mortgages banks tightened requirements, they now look for a down payment and proof of income, before you could just sign your name, which was a foolish idea, but thats what led to the run up in real estate prices in the US, people who could not really not afford homes were able to afford them. A lot of other Western nations, mostly in Europe have much tougher credit requirements.

This is about a British paper writing about the US economy. And it is making pople mad right?

Now tell me , do people from other nations get mad, when USA invades them, say like Vietnam or Cambodia ?

Get real , Britain is a free country, their press is free, and they will comment on the US economy, if they want to.

bbc is a british news reporting agency....i think they also do some US news also when its relevant and significant

all you can do is keep your credit in stellar condition, and hope this whole mess resolves itself. unstable times for everyone

__________________
M.D., PGY-1
Internal Medicine / future interests - Infectious Diseases Fellowship

The Times is very sensationalist. They are talking about a new Great Depression in the US, not likely, rather we are going get the Great Inflation, at least in the US unless people stop driving SUVs and consume more sensibly, as the Fed kills interest rates and further devalues the dollar, thereby increasing inflation but the economy still continues to grow. Foreign governments are intervening to prevent the US financial system from collapsing, in the short term this is good but the economic system is more and more controlled by foreigners, quite dangerous considering history.