Long Island students are worried about their chances of getting a college loan as America's financial crisis wears on.

"Banks are backing out of the business of doing private loans," says Catherine Malnichuck, a financial aid advisor at Farmingdale State College.

Malnichuck says private loans are a multibillion-dollar business, but are not government-backed like Stafford loans. She says many banks aren't willing to risk loaning money to students anymore, and the institutions that are may make it difficult to manage.

"They're raising their rates," she says. "They're raising the credit score that needs to be available in order to approve a loan like that."

Students who rely heavily on loans to obtain higher education are in fear of what's to come.

"It's a little nerve-racking," says Farmingdale freshman Yeshika Provost. "I'm pretty sure you can't get anywhere without a degree."

"Every college student should be worried," adds Amanda Davis, a senior.

Retired residents also consumed by economical worries