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On October 1st, 2007 the College Cost Reduction and Access Act became effective, making your student loans more expensive.
Discounts on your student loans have been reduced – or even eliminated.
In the past, lenders offered significant discounts - remember that’s why you picked them! This Act has caused lenders to cut or even terminate all borrower discounts.
 Take Action Now!
Some lenders are now collecting federal loan fees – up to 4%
This means you may have to come up with that 4% out of your own pocket.
Your lender may not be offering loans anymore. No loans = no college?
Here’s a few lenders who have announced that they are cutting their loan offerings:
- Sallie Mae, the largest student loan lender in the nation, announced that it will no longer offer loans to students at colleges with poor graduation rates1.
- College Loan Corporation, the 8th largest federal loan lender, announced it will stop making federal loans altogether on March 1, 20082.
- Next Student will no longer lend new Stafford and PLUS loans3.
- National Education has suspended funding new Stafford and PLUS loans as of January 15, 20084.
- Nelnet has ended its student loan consolidation program and will be more selective when originating other student loans5.
- Goal Financial is no longer accepting applications for any new loans6.
Take Action Now!
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