As lawmakers and financial experts continue to work on a bailout, many leaders in the banking industry say loans that help college students get through school could be some of the first to be affected. KSFY was at one local campus Wednesday to see how students and faculty are dealing with the uncertainty.

There are two main types of financial aid. Federally guaranteed loans and loans known as Alternative loans. Financial experts at Augustana College, home of the Vikings, say it's these alternative loans that could be most severely effected by the current financial crisis.

Financial Aid Director Brenda Murtha has seen a lot in her 18 years in this office. She says for this academic year most students already have their financial aid packages, and won't be affected. Next year could be a different story. "My guess would be maybe 10 to 15 percent of students are going to be, may experience problems for the next academic cycle."

One student, Johanna Snow, is counting on problems not showing up right away. "I don't think students loans are going to be effected immediately. So we do have some time."

But she still wanted to check her loans. Brenda says one lesson students should learn, even if it isn't taught in a classroom, is not to wait. Apply for financial aid early. "We may be looking at some hardships in getting non-federal loans next year."

Brenda tells KSFY the overall message here should be that students with good credit who are trying to get these alternative loans will still be okay. It's students who can't get the federal loans and don't have good credit who might be in trouble.