The credit crunch and financial fiasco hits close to home:
Just got a copy of an e-mail my daughter in college received from her student loan lender, Edamerica. Basically, Edamerica is saying that "due to the recent national credit crunch Edamerica is unable to fund your {her} loan in the timeframe required by your school". It turns out that Edamerica is one of the largest student loan sources in the U.S. Supposedly, they are one of the first student loan lenders to get funds under the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) - which I never heard of - but the government apparently is not getting the money out under this Act when it said it would.
She got the e-mail at 4:30 PM today, so she has not heard anything from the college. Supposedly, Edamerica has already contacted the college. Hopefully, the college will wait for the funds before taking any action. If the do, I will get involved
.
Might get interesting; we are already funding about half her college costs. She has won scholarships and got this loan for the other half.
I knew some student loan lenders were having trouble funding loans. It would have been nice to have some sort of warning before she went off to college so we could have investigated alternatives, though
.
Just got a copy of an e-mail my daughter in college received from her student loan lender, Edamerica. Basically, Edamerica is saying that "due to the recent national credit crunch Edamerica is unable to fund your {her} loan in the timeframe required by your school". It turns out that Edamerica is one of the largest student loan sources in the U.S. Supposedly, they are one of the first student loan lenders to get funds under the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) - which I never heard of - but the government apparently is not getting the money out under this Act when it said it would.
She got the e-mail at 4:30 PM today, so she has not heard anything from the college. Supposedly, Edamerica has already contacted the college. Hopefully, the college will wait for the funds before taking any action. If the do, I will get involved
.Might get interesting; we are already funding about half her college costs. She has won scholarships and got this loan for the other half.
I knew some student loan lenders were having trouble funding loans. It would have been nice to have some sort of warning before she went off to college so we could have investigated alternatives, though
.
