Money (That's What I Want)

Duly noted, Barrett Strong. So do thousands of college students trying to make their tuition payments while subsisting on more than just a cup of Ramen noodles. It's hard out there for a... you know... But also for parents and students: skyrocketing tuition prices, byzantine financial aid applications, and predatory student lenders are causing so many headaches, it's a wonder anyone ever graduates.

On Monday, the Massachusetts Educational Financing Authority (MEFA), a major non-profit lender, announced that it won't be able to loan money to college students this fall. That means some 40,000 families in the Bay State will have to hustle to find other loan options. Over the past 10 months, Congress has passed legislation to overhaul the student loan industry, but families and many lenders are still feeling the pinch. Today, we'll take a look at how student financing is coping — or not — in this slow economy.

So parents and college students, as fall semester approaches, how will you fund this year's tuition?

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I'm cosigning my younger bro's loan. I told him after he graduate, after is deferral period is up, to consolidate his commercial loans into a federal one.

Sent by Key | 3:42 PM | 7-30-2008

I'm an upcoming graduate student getting ready to start my first year at Wake Forest University in Winston-Salem NC. I'm very thankful for financial aid because I would not be able to afford tuition without it.

I received financial for my undergrad at Appalachian State, and to tell you the truth, I'm not worried about taking out loans in this bludgeoned economy. Maybe I'm just optimistic but I feel like it's worth it, going to school and fulfilling one of your dreams. There's no time like the present.

Sent by John Mazza | 3:52 PM | 7-30-2008

I went in to rather significant debt (subsidized and unsubsidized) for my college education, despite a scholarship from my alma mater (Allegheny College). My 10 year reunion was this summer and I am still paying my loans. Do I have any regrets? Not a one!! Every penny was WELL worth the investment in my future (which has turned out with me becoming a university professor myself) and I'd do it again in an instant. If there is anything for which it is worth assuming significant personal debt, it's a college education.

Sent by Amy W. | 4:05 PM | 7-30-2008