Slowing economy affects students

There is more than the cost of tuition on students' minds this year at Weber State University. The slow economy is affecting consumers around the nation, as well as around the globe, but here at home, college students are feeling the pinch. Everything from student loans and scholarships, to the cost of gas and groceries is dwindling WSU students' wallets down to the bare minimum. According to Salliemae.com, the current interest rate on a Federal Stafford Loan is 6.8 percent, which is up three percent from past years. The economy's effect on the interest rates of student loans varies from time to time. "When the interest rates are higher on a student loan it may be due to a governmental reason," said Wells Fargo employee Laure Spinks-Loevy. "The government may want to restrict the amount of money they give banks when the economy is down, which in return would lessen the amount of money that the banks can loan out to its customers. "There are different kinds of student loans: federal and private, and subsidized and unsubsidized." The difference between subsidized and unsubsidized is that a subsidized loan has the interest paid for while you are attending school, while if a loan is unsubsidized you are responsible for paying all the interest that has amassed from the time the loan is started until the loan is ended. "Yes I have a student loan," said WSU senior John VanderVelpen. "But my interest rates have not gone up much since I got it." VanderVelpen said he obtained his loan through US Bank and it has stayed right around 6.8 percent since he acquired it his freshman year. "Each year my bank gave me set amount of money," VanderVelpen said. "Freshman year I got the least amount of money, while this year I got a lot more money because I am a senior." Not all students at WSU have a student loan, but are still affected by the slow economy. WSU, regarded as a commuter college, has students who live in nearby towns as well as down by Salt Lake City. While some of them may not have student loans, they still need to put gas into their car or truck. With gas prices soaring up to four dollars a gallon this past summer. Even though the prices have dropped over 50 cents, students still have a hard time commuting. "It stinks!" said Tayler Shields, a WSU sophomore. "I spend about 60 dollars a week on gas and since I am spending so much on gas, I can't enjoy other things." Non-traditional students also have a hard time with the struggling economy. Not only must they worry about paying for school, many also need to provide for a family. Making ends meet while providing for a family and an education can get very expensive and lead to quick, deep debt. "It almost brings me to tears," said Jackie Sounde, a non-traditional WSU student. "I have three kids at home and my husband works. We have to pay for gas, groceries, insurance, school and so many other amenities. Thanks to the struggling economy, we are struggling every day."