As the bomb blast shock begins to wear off, and we look around through the haze, how are things shaking out? Well, last fall our elected delegates removed profitability from the FFELP program. Most participants have left that market. It's simple: no profit, won't play. It seems that mostly banks are continuing to make FFELP loans. Albeit, they're not marketing the product like the old days, but if you ask, you can get a FFELP loan from a bank -- mostly the larger, diversified banks. They have a low cost of capital (deposits and TARP money), and can justify the low margins as a loss leader to cross sell other banking products. Of course, the number of banks continue to shrink, but that's a story for another blog. Also, FFELP consolidation loans are a thing of the past. Let us know if you find anyone making those loans.
But if that weren't enough, the credit crunch wrenched the marketplace even further. This affected primarily the private ed lenders. Anyone with a line of credit either had it revoked or it was priced unprofitably. The result? Most non-bank private ed lenders shuttered their doors. What's left is an environment where only pristine credit worthy customers can now secure one of these loans.
So, you need a loan to go to college? Pretty much all you can get now is a Stafford or PLUS loan. And the Dept of Ed's Direct Loan program is making loans, so the FFELP products are out there and you can indeed secure them. There's just no choice. You can't choose your lender/servicer, you can't shop around for discounts anymore. We're not so sure this is what Congress intended, but it's the result.
3 comments:
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