Student cashes in savings after private loan falls through - CNN.com
ATLANTA, Georgia (CNN) -- Eric Hahn thought his financial situation was set after he was approved for a private student loan with an 8 percent interest rate to supplement his federal education loans.
Eric Hahn, 21, estimates he will be in debt for the next five to seven years for his undergraduate tuition.
Just a few weeks later, Hahn, 21, was forced to cash in his savings and investments so he could make his rent and tuition after finding out that the lender, MyRichUncle.com, had suspended its private student loan program.
"Due to continued disruptions in the capital markets, combined with the continued demand we have experienced this year, we are reaching funding capacity limits," a message on his cell phone said, mimicking a statement on the company's Web site.