Private loans must be last avenue to try
Nearly half of the 2.5 million students who went to college last year had to turn to private lending sources to cover costs, said David Kenny, chief executive officer of the online college navigator CollegeZapps.com.
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EDUCATIONAL COSTS
As costs go up, so does aid Other relief
Scholarships and loans aside, there are other vehicles for relief of educational costs, said Bryce Fair, associate vice chancellor for scholarships and grants with the Oklahoma State Regents for Higher Education.
→TAX RETURNS: Students and their families can show deductions when filing federal income tax returns. They include the Hope Tax Credit, the Lifetime Learning Tax Credit and the recently renewed Tuition and Fee Deduction.
→SAVINGS PLAN: Another non-immediate benefit is the Oklahoma College Savings Plan, Fair said.
Economic impact
Finding lending sources for education could become more difficult as some banks leave even the federal student loan program, says CollegeZapps.com executive David Kenny. Some students in the middle class have been left hanging, as their loan providers have pulled out of the business in a jittery economy.
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