Since the end of the last year, the world has been very scared. Even though signs of an economic crisis have been evident for years and years, 2008 was the year it chose to explode, and affect all our lives.
Now, the word “economy” has literally taken part of our daily activities, and has consequently gained a whole new, and negative meaning. If things go bad, it’s because “of the economy.” If one wants to justify avoiding a commitment, it is because “the economy turned life harder.” The economy is this big beast we fear, and which covers our future with a smoky and dark haze.
For college students, the situation does not seem easy either. Many rely on student loans, which are more and more hard to find. Private loans, many of whom granted by institutions in deep financial crisis, have become even more restrictive recently. The Washington Post reports that “[a]t least a dozen firms have stopped issuing private loans, citing problems in the debt markets.”1 Giants like Wachovia – now acquired by Wells Fargo, have closed their student line, and even popular lenders such as Sallie Mae, are tightening their requirements.
Even for those who rely on federal loans, skies are not bright blue. Many federal lenders have reduced the availability of loans. For example, according to the Boston Globe, Citigroup Inc., and Sallie Mae2 have quit federal consolidation loans, which allow grouping of several different family loans.
Such crises represent a formidable obstacle students have to overcome in order to pursue a college degree. Here at SCAD-Atlanta, the situation is not different from the rest of the country, and many students face the possibility of not having money to support their college education just when a valuable diploma becomes even more necessary to succeed as a professional.
The Connector featured opinions and suggestions from students and staff at SCAD-Atlanta, directly — or indirectly — involved with the current crisis. It also showed what initiatives SCAD is sponsoring in order to relieve its students from their financial burden. We would also like to hear from you. Leave a comment, send us an e-mail or even knock on our office door! What you have to say might be of great importance in these times of crisis. Reality is hard, and solidarity has become even more necessary.