Banks Cut Off Wisconsin Two-year College Students’ Access to Loans

Jun 4, 2008

MILWAUKEE — Several lenders say they will no longer give loans to students at Wisconsin’s 16 technical colleges and 13 two-year colleges.

The decision reflects a national trend among lenders who say loans to students at two-year colleges are not profitable because students borrow less money for less time and thus pay less interest.

College officials say they have been told Citibank and Chase will no longer offer loans to their students. Two other lenders, TCF Bank and Student Loan Xpress, say they are halting all student loans.

Milwaukee Area Technical College’s financial aid director says it has been particularly hard hit. Al Pinckney says AFG Provincial also will stop offering student loans, meaning the school will lose five lenders serving about 5,300 students.

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