Current Financial Events

[NittanyKitty]

Is the current economic and financial situation worrying any American students (or international, for that matter) other than me? I'm in my last year of undergrad and am choosing to take the next year to work (applying next cycle), providing I get any sort of a job. What does it mean to be assuming education debts like the ones required for veterinary school at a time like this? I'm seriously losing sleep on worrying about the future. Am I alone in this?

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[Malhi]

You're absolutely right. It is a worrying situation. Even multinational companies aren't hiring now.

However, I am hoping that considering that veterinary medicine is #9 on the list of jobs that are growing. I think we may be better off than a lot of people who may not be able to find jobs at all. I really hope they actually do pass a legislation for veterinary student debt relief.

 

[BuckleyGirl]

I'm worried too! But, I think its a good time to be in the science world, and I'm hoping that will keep jobs in vet med safe. Anyone else have any insight on all this craziness?

 

[pupsforseeing]

i've been thinking about it not so much from the long-term job market standpoint (although i guess i should), but just from the taking out federal loans standpoint. any insight into what will happen to interest rates/availability as a result of all this?

 

[Ben and Me]

I'm worried because I am fortunate enough to have grandparents that gave me money for my education. Unfortunately, it is all invested in the stock market, so in the last few weeks I've seen the amount of school I could pay for dwindle rapidly.

Hopefully it will turn around, though...or maybe I'll be lucky enough to get into my in-state school!

 

[sumstorm]

My hubby is in the financial industry. Very bad situation. I feel guilty spending money on apps since he may not have a job by the end of the year or earlier.

 

[turnandburn]

i've been thinking about it not so much from the long-term job market standpoint (although i guess i should), but just from the taking out federal loans standpoint. any insight into what will happen to interest rates/availability as a result of all this?

Not sure about interest rates but because they are federal loans I dont' think they'll suddenly become unavailable. I mean, how many vet students DON'T take out loans???

 

[projekt]

It's better to be in school in a recession than at work, because it tends to be in recessions that employers take more liberties with their workers, like reducing health benefits, implementing unfair HR practices, etc., because they figure the workers don't want to be out of a job. I remember the recession of 1992-1993 very well and it was tough for a lot of people. Those who entered graduate schools in 1992 came back out in 1996 and were treated to the beginning of a booming market.

 

[sumstorm]

The problem is that they are serviced by other banks. The whole lending industry, including student loans, is at risk. Banks borrow money from each other to stabilize when things go poorly, but the housing market issue is affecting too many banks (large and small, local, national, and international) which means to cover losses there, they are either 1) not lending money 2) increasing rates or charges in other areas 3) unable to borrow money 4) unwilling to provide servicing for federal loans.

We have enough savings to cover the cost of vet school completly right now, but with hubby's job at risk, I decided to apply to the PhD/DVM joint programs where some support may be provided.

The view from my position with an expert in banking at home is pretty dismal.

 

[projekt]

Well, Direct Loans come from the treasury, right? So I don't think they'll be affected.