Each year, millions of students seek financial help to fund their college education. Recently it’s becoming more and more difficult to get the help needed. Student loan companies have begun closing due to the lack of funding available. Sallie Mae, the leader of student loans is seeking help if they want to continue to offer loans to students.

Lawmakers cut billions in subsides to lenders to pay for the increase in student aid last year. The cut has made it expensive for lenders to get the capital they need to offer money to students. Because of this cut, it’s making student loans almost impossible to get and students are spending months trying to get the money they need to fund their education.

Congress passed a new law that is aimed to help ensure the loan program continues. Currently, this issue has become a critical problem that needs to be resolved quickly. Students are scrambling to get the money they need to start the fall semester that is only a few months away.

Many lenders have shut down and can no longer afford to continue to offer these loans to the students. They are asking the government to make the capital available at a rate that is lower and affordable. The cuts made last year were way too severe and is harming the lending company greatly.