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Despite national media reports that the subprime mortgage crisis has made financing a college education more difficult this year, Connecticut’s college-bound students and families have been largely unaffected, said state Senator Bob Duff (D-Norwalk), Senate chair of the General Assembly’s Banks Committee. At the Legislative Office Building in Hartford yesterday, Senator Duff convened a joint forum of the Banks and Higher Education and Employment Advancement Committees to hear from education and financial experts about how subprime mortgages, the collapse of the national housing market and troubles on Wall Street are affecting student’s ability to obtain student loans. “What we heard yesterday was cautiously optimistic news,” said Senator Duff. “While some student lending entities have closed their doors, students in Connecticut are still able to obtain college loans and financing. While the national economy is still in turmoil from the subprime mortgage crisis, students are not being turned away from Connecticut colleges for lack of financing and that’s a least some good news in a very unstable and uncertain time. “We don’t have a problem, but we could have a problem,” continued Senator Duff, “The experts who testified yesterday were cautious about the future, and it’s a situation that the state will have to monitor. No one can predict what the future might hold and, to the extent that the national markets are affected by the credit crunch and funding shortages, student loans will be affected. Additionally, parents may find it more onerous to obtain a loan, and loan consolidation may be more difficult. Families may be forced to shop around for loans more vigorously than in the past, and that’s a reality parents and students should be prepared for.” © Copyright by NorwalkPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of NorwalkPlus.com, Norwalk Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Related Articles: Danbury's One Book, One Community program to begin October 1 - Sep 23, 2008 - 2:06 PM Job training program available for homeowners facing foreclosure - Sep 23, 2008 - 11:04 AM Shays supports greater oversight and transparency in financial markets - Sep 19, 2008 - 11:13 PM Statewide forums announced to help homeowners with subprime mortgages - Sep 10, 2008 - 2:35 PM CURRENT HEADLINES: Top of Page
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