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The Affect of Mortgage Crisis to Student Loans

CNNMoney.com is running a very interesteing article where they forecast that the subprime mortgage woes will maie it harder to get low-interest loans.

It will effect Federal Loans less, but it may still have an effect. Currently many lenders absorb several of the fees assicated wtih Stafford and PLUS loans - if they’re losing money in other areas, they not be abel to affrod that.

With private loans you’re likely to see higher intereste rates or see a rise in the minimum credit scroe required to get

Two Kinds of different Federal Programs

Let’s just say the government’s numbers are optimistic at best. Forbes analyzes the 2 loan programs, FFELP and Direct, and also analyzes the government’s analysis. Read the entire article here. Here’s an excerpt:

“For more than a decade the federal government has played a game with student loans. The budget estimators pretend the loans cost taxpayers little or nothing as the money goes out the door, then make an “upward reestimate” to reflect the true cost. It’s sort of like budgeting nothing for a war and then throwing in an emergency appropriation later.

The government’s accountants define the cost of a student loan as the cash going out minus the projected repayments, the repayments being discounted using a complicated blend of rates on U.S. Treasury securities. In recent years direct federal loans, of which $100 billion are now outstanding, have been magically profitable on issuance. Interest charged is expected to more than cover interest costs plus losses from deadbeats. But watch those revisions, which since the
direct loan program was started in 1994 have increased the cost from a mere $400 million to $11 billion.

Brace for the mother of all revisions. A combination of congressional budget cuts and turmoil in the credit markets is driving many private lenders out of the indirect student loan business, where Uncle Sam protects lenders against defaults and pays them a subsidy to make up for below-market loan rates. This one-two punch will force millions of students into the government’s direct program. Indirect loans outstanding (via lenders like Citigroup and SLM Corp., alias Sallie Mae) come to $344 billion. New lending this year, direct and indirect combined, will be $110 billion.

…

Last year private lenders issued $79 billion in loans. Some of that traffic was tainted by underhanded tactics such as paying colleges for steering business. But many financial-aid administrators also say private lenders do a better job than the government at processing loan applications and handling collections. Wilma Hjellum of 20,000-student Illinois Central College in East Peoria says she’d have to add several people to her staff if she switched to the direct-loan
program.

Fans of direct lending like Senator Edward Kennedy have pointed to budget estimates that indirect loans were costing the government a lot, $13 per $100 lent. The direct-loan program, in contrast, appeared to make money with every new loan it issued.

Yet such numbers relied on accounting that would make an Enron executive blush. The government ignores administrative costs–around $708 million in the fiscal year ended Oct. 31, 2007–and makes unrealistic assumptions about interest rates, says Deborah Lucas, a finance professor at Northwestern University. (Even if market interest rates shoot up, today’s borrowers will owe only 6.8% and can stretch repayments out over 30 years.) Another little problem: The government assumes a 12.4% default rate over the life of a direct loan, which computes to an
annualized cost of 1.6%. That number looks sound now but will shoot up if there’s a recession, she says. “

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Stafford Loan Interest Rates

Confused about what the Stafford Loan interest rate is? With all the Congressional bills and crazy news stories, it’s easy to lose site of the fact. Here’s what the situation is currently, for the current and upcoming calendar years:

Year	Interest Rate Subsidized Stafford (Undergrad)	Interest Rate Other Stafford (Unsubsidized/Graduate)
2007-08	6.80%	6.80%
2008-09	6.00%	6.80%
2009-10	5.60%	6.80%
2010-11	4.50%	6.80%
2011-12	3.40%	6.80%
2012-13	6.80%	6.80%

Talk About Financial Aid Market

This is some introduction and internview by Kudos to my co-worker, Christopher Penn, who was in Channel 5 News in Boston last night! He spoke about the current state of the Financial Aid market and how the credit crunch is affecting students.

Student loan lenders got a big trouble

Two more lenders have stopped lending, PHEAA from Pennsylvania and MOHELA from Missouri.

*PHEAA
From the Chronicle of Higher Education: “Pheaa Temporarily Suspends Federal Student Loans
The acting chief of Pennsylvania’s student-loan agency told state legislators on Tuesday that his
agency would temporarily stop making new loans through the federal guaranteed-student-loan program,
the Associated Press reported.

James L. Preston, acting president of the Pennsylvania Higher Education Assistance Agency, or Pheaa, said the agency had decided two weeks ago to suspend loans made outside the state, and now had decided also to suspend in-state loans, effective March 7.

The decisions stem from a credit crunch that has created turmoil in the bond markets. “Right now, it’s not profitable for us at all to finance” federal student loans, Mr. Preston told state lawmakers in Harrisburg, Pa., during a hearing on Pheaa’s budget. Instead, he said, the agency will steer prospective borrowers to banks that are still participating in the
federal program.”

* MOHELA
From the St. Louis Business Journal: “MOHELA suspends private lending, loan consolidation

The Missouri Higher Education Loan Authority (MOHELA), Missouri’s student loan agency, has suspended its loan consolidation and private lending services as the market for auction-rate securities backed by student loan debt continues to dry up. The changes could make it more difficult and expensive for Missouri students to finance their college educations.

An unprecedented financial squeeze on MOHELA and the student loan industry at large made cuts in products and services necessary, said Will Shaffner, MOHELA’s director of business development.

The difficulty can be traced back to the national subprime mortgage fiasco and the credit crunch it triggered last fall. That mess began spilling over into the student loan industry about six months ago as wary investors lost confidence in asset-backed securities — even those outside the mortgage market.

MOHELA is a state-chartered entity that issues bonds to raise money to buy student loans from originating banks and provide lower-cost services. Those bonds are usually sold in the form of auction-rate securities, which treat long-term debt like short-term holdings. Every week to 35 days, holders of those securities can sell them in bank-managed auctions that reset the interest rates on the securities for new buyers.”