In September 2005 as schools were just opening across the country, disaster struck in the form of Hurricane Katrina. Thousands of students along the Gulf Coast had their educations disrupted by the storm. Three years later, another storm is about to hit —- its impact to be felt as colleges open in September 2008 and thousands of students again find their educations disrupted, this time because they have been denied the student loans they need to continue their educations.

As banks respond to the crumbling financial conditions precipitated by the mortgage crisis, they are pulling back on student loans. Almost daily, news stories appear in the national press and higher education outlets heralding the departure of financial institutions from the student loan market. Legislators, led by U.S. Rep. George Miller (D-Calif.) and U.S. Sen. Edward M. Kennedy (D-Mass.), are urging the Department of Education to take action by creating a "lender of last resort" plan as a fail-safe system for students who can not find any other lender. This effort, while important, does not address the real danger facing many low-income college students as this storm approaches.

Consider this case example: Spelman College is the leading educator of women of African descent. We are considered an attractive loan market because we have a graduation rate of nearly 80 percent and a very low student loan default rate. Our students are highly sought after by corporate and graduate school recruiters. One-third are majoring in the much-needed fields of science, technology, engineering and mathematics. In a nation where the college-going population is increasingly made up of young students of color, these women truly represent the future of this nation. Of the 2,200 students currently enrolled at Spelman, 40 percent are Pell-grant eligible —- more than any other highly selective liberal arts college. The federal government determines Pell-grant eligibility based on family size and income —- typically $45,000 or less.

Though our annual cost of attendance is $30,000, well below the price tag of other comparable institutions, many of our students still must turn to private lenders to meet their college costs. A maximum Pell-grant (soon to be $5,000) combined with the maximum federal student loan ($4,500) provides less than half of what is needed. Because of the high percentage of low- and moderate-income students who need financial aid, our institutional resources are spread thin, and the average scholarship award is about $4,000. Add in a part-time job, and a low-income student still may need $15,000 or more in loans to cover her college costs.

This year at Spelman we have a total of 360 students who have received sub-prime or nongovernmental backed student loans. Collectively in 2007-08 they borrowed $6.6 million. The total average borrowed is $18,390 per year. With such a high level of loan dependence and increasing credit restrictions, despite our strength as an institution, I can see that these returning students will have trouble borrowing the money they need.

The worst thing that can happen will be that they must leave school, perhaps already $36,000 or $54,000 in debt, and unable to finish their education. This story will be repeated across the country, particularly at historically black colleges that have shouldered the responsibility of providing educational opportunity to talented but underserved students and continue to be the primary engines of social mobility for them.

What is the solution to this problem? The cash-strapped federal government cannot fix it in time for next semester. Private lending must be replaced by private philanthropy. Even in this economic downturn, the intergenerational transmission of wealth is still under way, and there are many people for whom a $30,000 scholarship commitment to a deserving student (or many such commitments) would be painless. Scholarship organizations such as the United Negro College Fund are well-positioned to award such scholarships across institutions. Certainly, the institutions themselves can easily identify those students who are most at risk. The loss of student loan resources is a gathering storm for many students and their families, but just as was the case with Hurricane Katrina, some are more vulnerable than others to the harmful effects. We see the storm coming. There is still time to act —- and we must. The cure for our floundering economy is a well-educated citizenry who can bring new ideas and increased productivity to the table. In a knowledge economy, allowing educated talent —- our future teachers, scientists, engineers, health care professionals, business leaders —- to fall short of their goals because they don't have enough money should be unacceptable to those who can make a difference. The future we save will be our own.

> Beverly Daniel Tatum is president of Spelman College in Atlanta.