Money for student loans is available!

Derek Matthews has signed into financial aid many times before. He hopes today isn't the last time.

"I was telling my roommate and everybody that you're going to have
to find someone else, get a different roommate because I probably won't
be back next semester," Matthews said.

Financially, things were fine when the Wichita State freshman started school. And then the economy took a turn.

"With my family, it's kind of important now, especially since my Mom
was in the mortgage industry. So when the economy went down, she was
unemployed. So my payment for college was kind of out the window. So
getting loans and scholarships and stuff is kind of important,"
Matthews said.

Matthews isn't the only one looking for help.

The phones inside WSU'S financial office are busy, even with a semester break looming.

But there's good news for college students and their families. Despite the weak economy, you can still get a student loan.

"There shouldn't be a problem for students to be able to get federal
student loans right now, so there shouldn't be the widespread panic
that student loans are in jeopardy," WSU financial aid officer April
Keim said.

About 8 out of every 10 students on WSU's campus qualify for some
sort of financial assistance, whether that's federal loans, grants, or
scholarships, or private loans. But the financial aid office does
caution students to use private loans as a last resort to pay for
college.

"Students should always apply for federal financial aid first,
really, before they seek those private student loans. They have better
interest rates, they're not based on credit," Keim said.

As Matthews learned, don't wait to apply for student loans, or seek help. It's a mistake that could cost you your education.

Both public and private schools said money for student loans is still available for this school year, and next.