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Paying for college becoming more difficult

READ MORE: Paying for college more difficult
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Sending kids off to college is a proud moment in many parents lives, however the nation's credit crunch could be making it more difficult to afford. Nadine Boltz hopes to send her 17 year old daugther Lelani to UNC Wilmington next year. Boltz was able to put her eldest son through college with little sacrifice, but with her husband's health condition and Lelani now a senior in high school, the family's finances are stretched thin. Boltz is like many parents with college bound kids who have been affected by the economic downturn. “At the state in my life I thought that I would be a step ahead whereas I feel like I'm struggling even more now,” Boltz said. Adding to the financial burden is the likelihood of taking out a student loan. The main problem now is the crisis on Wall Street Ben Kittner works for College Foundation of North Carolina. The organization offers financial assistance to students hoping to go to college. One of the most common forms of assistance is through federal Stafford loans. CFNC relies heavily on wall street for financing, but the demand for college loans and the credit crisis makes it harder for investors to put money in to student loans. “Fortunately the government is taking some action to ease the credit crunch and hopefully it will work,” an optimistic Kittner said. The action Kittner refers to is the 700 billion dollar plan to rescue the nations economy. The federal governments’ interest rate on student Stafford loans is at 6.8%. Before the wall street shake up, CFNC subtracted 2.5 percent off the rate to ease cost for parents and students and that is no longer an option. “It means that we're working hard to make sure that there's plenty of money, enough money to students that are planning to go to college and that's our number one concern. In order to do that we are reducing the number of discounts or benefits that we currently offer at least temporarily,” Kitter said. CFNC officials said that there are scholarships and grant money available in addition to loans on their website.

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