NAICU - NAICU Survey Finds Impact from Student Loan Crunch, but No Widespread Loan Crisis for Fall 2008 Semester

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NAICU Survey Finds Impact from Student Loan Crunch, but No Widespread Loan Crisis for Fall 2008 Semester

October 21, 2008

FOR IMMEDIATE RELEASE
October 21, 2008

CONTACT: Tony Pals, tony@naicu.edu
office: 202-739-0474 cell: 202-288-9333

WASHINGTON, D.C., Oct. 21 - While there was no widespread student loan crisis this fall, there were multiple instances of students taking time off of school, switching to part-time status, and turning to alternative forms of financial support, according to the results of a survey conducted by the National Association of Independent Colleges and Universities. The survey, released today, also found a considerable amount of behind-the-scenes scrambling by private colleges to keep loan capital flowing to their students.

"In the main, the survey shows that independent higher education and our students weathered the student loan crunch through September," said NAICU President David L. Warren. "To varying degrees, individual students and institutions were impacted by the crunch, but no widespread access crisis materialized in the first half of the fall semester.

"However, the full-blown effects of the credit crunch and the nation's economic struggles are yet unknown," Warren said. "It is impossible to predict the possible future consequences of the nation's continuing economic struggles on students and colleges."

NAICU will continue to closely monitor the impact of the credit crunch and economic slowdown on institutional budgets, family financial need, and student choices for the coming semester and the next academic year.

► RESULTS: For finding highlights, and survey questions and responses, go to
www.naicu.edu/StudentLoanReport

About the Survey
In September 2008, NAICU surveyed its 953 member institutions on the effects of the credit crunch on student loan availability for the beginning of the 2008-09 academic year. NAICU's September survey had a response rate of more than 50 percent, with 504 colleges and universities participating. Data collection was during the period of September 10-30, 2008.

About NAICU
NAICU serves as the unified national voice of independent higher education. With more than 1,000 member institutions and associations nationwide, NAICU reflects the diversity of private, nonprofit higher education in the United States. NAICU members enroll 85 percent of all students attending private institutions. They include traditional liberal arts colleges, major research universities, church- and faith-related institutions, historically black colleges, Hispanic-serving institutions, single-sex colleges, art institutions, two-year colleges, and schools of law, medicine, engineering, business, and other professions.

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