If you’re a student — or someone who helps pay for the college education of a student — you know that in January the second half of the bill for tuition, room and board, fees, and other expenses is due. Unfortunately, quite a bit has happened this past semester to the economy, and many families are finding that January bill much harder to pay than they anticipated. This is especially true for students whose parents own small businesses, which have been hit especially hard by the credit crunch.
Here’s an article in the Wall Street Journal about this phenomenon.
Students, if you are having trouble paying for school and anticipate having to drop out, communicate with your financial aid office. Emergency financial aid is sometimes available. Schools do not want to lose students because of financial reasons, and you may be able to get help.