In the midst of banks closing left and right across the nation, many college students do not understand how this new wave of financial crisis will affect them.
Most college students may not be concerned about their generally meager bank accounts, but what about student loans?
This maybe an issue students may want to consider.
There are millions of students across the nation that depend on financial assistance.
Unfortunately, for those in college or planning to go, taking out a loan in the near future may be even more difficult to acquire because they do not have established credit history and banks are tightening lending standards.
Since banks have expressed their concern with lending to other banks the chance of them lending money to students with little to no credit background is decreased.
Credit card debt is also on the minds of graduating students.
USATODAY reported penalties on defaulted credit cards have gone as high as 32 percent.
Therefore, the $3000 credit card debt incurred during your years at college may cost you at the most, $1000 in interest.
And with the job market the way it is, finding a job to pay for that debt may take a leap of faith.
And for those with no loans or credit card debt, don’t worry.
With all these banks defaulting, the brunt of this will fall on taxpayers.
So whether you or your parents pay taxes, the financial crisis facing America is still your concern.
The editorial board.