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Students 'could be hit by credit crunch'
24 April 2008
Students are being warned to keep an eye on their finances as they too will be affected by the global credit crunch.
As lenders tighten up their criteria and start upping the cost of credit, many students will find themselves struggling to keep up with repayments.
David Malcolm, head of social policy at NUS, told researchers that whilst most forms of student credit won't be impacted upon, borrowing on credit card, store cards and personal loans is expected to get more pricey.
"The credit cards and any other credit outside of interest free overdrafts will be more expensive.... A lot of students do rely on those, whether they should or not is another matter but they do," he said.
"It's something to be careful about and make sure they do not...... get themselves into debt.... But if they do the key thing is to talk to someone early."
Across the pond, the major effect the global financial turmoil is having was highlighted by USA Citigroup which has withdrawn from the US student loan market because of it. 
