Current credit crunch leads to tighter standards for your student's loans - KLTV.com - Tyler, Longview, Jacksonville |ETX News

TYLER (KLTV)

Current credit crunch leads to tighter standards for your student's loans

These Wall Street struggles could make it harder on college students trying to borrow money. Many lenders, like Sallie Mae, are now tightening their credit standards, so fewer people are qualifying for private loans. But as KLTV 7's Courtney Lane explains, Congress is taking action to help students and parents afford their college education.


Dianne Elliott is a single mom of four. Her youngest is still in college, and paying for that degree is tough.

"My son actually, they sent me a bill for 40,000 dollars," said Elliot.

It's the story of countless east Texas families, but now, with the credit crisis on Wall Street, it's even harder to get financial help.

"The economy is to the point where they're being scrutinizing people more as to their assets and credit-worthiness of the individual."

Pam Rodriguez is the college advisor at John Tyler High School. She encourages students and parents to start planning early.

"That could be in third grade, kindergarten. There are many scholarships available believe it or not," said Rodriguez.

"I know now what I didn't know then...that you have to start early. You have to start early," said Elliot.

Rodriguez also says there are plenty of resources to apply for, some you may not think about.

"There are tax benefits also that parents can take advantage of if they'll talk to their accountants or tax-preparers they can tell them what they're eligible for."

And this week the Senate passed a bill to help struggling students. The measure authorizes the Secretary of Education to buy loans from lenders if they're unable to meet demand. They say this way students can have access to loans despite the credit crunch.

You may be eligible for free money or loans at a low interest rate. That includes grants, as well as low- interest loans and work study programs. Even if your family saved for college, you may be eligible for some free or low interest money. The bottom line, you don't know what's available if you don't apply - so call 1-888-311-8881.

Courtney Lane, reporting. clane@kltv.com

  • NewsMore>>

  • John Tyler receives donation for local lawyer to help upgrade helmets

    John Tyler receives donation for local lawyer to help upgrade helmets

    Friday, August 18 2017 11:14 PM EDT2017-08-19 03:14:50 GMT
    KLTV StaffKLTV Staff
    The John Tyler Lions always seem to look sharp in their uniforms. But thanks to East Texas lawyer Keith Miller, the Lions will look better and play safer. Helmets that advertise lowering the impact of hits, and possibly reduce the amount of concussions, come with a hefty price-tag. Miller's donation of 7,500 dollars, will go to help the lions cover that cost. "Keith Miller's been a big sponsor of John Tyler High School football program for years now.  I know it's...More >>
    The John Tyler Lions always seem to look sharp in their uniforms. But thanks to East Texas lawyer Keith Miller, the Lions will look better and play safer. Helmets that advertise lowering the impact of hits, and possibly reduce the amount of concussions, come with a hefty price-tag. Miller's donation of 7,500 dollars, will go to help the lions cover that cost. "Keith Miller's been a big sponsor of John Tyler High School football program for years now.  I know it's...More >>
  • Red Zone Rundown: Kilgore looks to a pair of Bulldogs speed to up offense

    Red Zone Rundown: Kilgore looks to a pair of Bulldogs speed to up offense

    Friday, August 18 2017 11:08 PM EDT2017-08-19 03:08:11 GMT
    KLTV StaffKLTV Staff
    The last time we talked about the Kilgore Bulldogs, quarterback Buddy Jackson and wide receiver Jonathan Shepherd were apart of the 800-meter relay team that won gold at the 2017 state track meet. But today they are back in the pads, and looking to turn their speed into touchdowns.  Competing in District 9-4A, Kilgore has always had a strong run game that helped them become the 2016 District Champs. However, in order to surpass their opponents this season, including Carthag...More >>
    The last time we talked about the Kilgore Bulldogs, quarterback Buddy Jackson and wide receiver Jonathan Shepherd were apart of the 800-meter relay team that won gold at the 2017 state track meet. But today they are back in the pads, and looking to turn their speed into touchdowns.  Competing in District 9-4A, Kilgore has always had a strong run game that helped them become the 2016 District Champs. However, in order to surpass their opponents this season, including Carthag...More >>
  • Arp ISD takes extra precautions after high levels of asbestos reported in city's water

    Arp ISD takes extra precautions after high levels of asbestos reported in city's water

    Friday, August 18 2017 10:43 PM EDT2017-08-19 02:43:21 GMT
    Sample of water taken from sink inside Arp Junior High School. (Source: KLTV News Staff)Sample of water taken from sink inside Arp Junior High School. (Source: KLTV News Staff)

    Holding up a sample of water collected from a sink at the Arp Junior High school, the district’s superintendent says “it looks like lake water.” 

    More >>

    Holding up a sample of water collected from a sink at the Arp Junior High school, the district’s superintendent says “it looks like lake water.” 

    More >>
Powered by Frankly