More than 500 members of the National Association of Independent Colleges and Universities responded to the survey, conducted in September. Of the colleges that responded, 424 said they lost at least one student lender and 27 percent of that group said students had trouble finding a new lender.
The lack of available funds for investment in student loans is causing lenders to make the requirements for securing loans more stringent, said Trace Urdan, a senior analyst at Signal Hill Capital Partners, a Baltimore- and San Francisco-based investment bank.
“The credit score requirements of lenders will go up and up until the only people who can get loans are the people who don't need loans,” he said. “[The money] is still available but not so easy to get.” He predicted a rise in enrollment at two-year community colleges as a result.
Alan Collinge, who runs the political action committee Student Loan Justice, agreed, saying he suspected few students, if any, would be unable secure a loan but that the loans themselves would get worse.
“The terms and interest rates in these loans are going to get far worse, and they were really bad to begin with,” he said. “Students can’t bear the weight of student debt. When the average borrower is leaving school with $23,000 in loans something has gone horribly wrong.”
Collinge blamed universities for part of the crunch for raising their tuition rates at a faster rate than inflation.
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