Can a Student Loan Help You in a Poor Economy?

This poor economy has been shocking to the students as there is an increase applications for loans from students. There has been a tremendous decrease in the availability of student loans, grants and scholarships. People applying for financial assistance have increased multifold. Though funding for financial increased aid by 7.9%, the economic crisis has resulted in an increase in demand for student loan.
There is an indication that fewer federal loans have led to students taking money from private sources with higher interest rates. These private loans are like credit card debt and cause more financial crisis among students. Student loans can help students during this time of financial crisis by limiting their loan amount.