NEW YORK, NY October 07, 2008 —Sen. Charles Schumer is asking federal officials to keep a close eye on the student loans market. He says private banks are severely limiting or cutting off their access to student loans.

SCHUMER: If the doors of education are closed because of this financial crisis and people can't go to college, even though they're qualified, that would make this crisis longer and deeper than it has to be.

REPORTER: Schumer also has sent letters to all of New York State's college presidents asking them to accept federal Stafford and Perkins loans.