The federally subsidized student loan market is feeling the ripple effect of the credit market crisis. Providers are halting or cutting back on lending because of difficulties accessing capital for loans.

Experts say anxious students and their parents shouldn't worry. But that's easier said than done, given the bleak economic picture.

At a recent congressional hearing, U.S. Education Secretary Margaret Spellings told lawmakers that student aid would be available, despite the market conditions.

Spellings said her department was monitoring the situation and, if necessary, could double the amount of loans available through a program that allows students to borrow directly from the government.

She shouldn't wait too long to take action.

The National Association of Student Financial Aid Administrators has already given Congress a dire warning to prepare for the worst-case scenario. Government needs its contingency plan in place before a loan shortage occurs.

A country that says it values higher education can't leave millions of students facing the prospect of being unable to pay for college.

Some lenders are stepping up and filling the gap to help students. But too many investors are unwilling to buy securities backed by student debts, leaving student lending companies unable to raise money to pay for their federally guaranteed loans.

Without the availability of those low-interest loans, many students and their parents will have to scramble to pay tuition and buy books. Some may be forced to get private student loans at much higher rates.

Already, 19 companies that specialize in federally guaranteed student loans have pulled out of that market because they can't afford the cost of borrowing in the bond market.

Among them is the Pennsylvania Higher Education Assistance Agency, known as PHEAA, which plans to continue servicing and originating loans by other lenders. That should be somewhat reassuring to the 500,000 students in postsecondary schools in the state who receive aid through the low-cost Federal Family Education Loan Program.

PHEAA has also promised that other sources of money will remain available through the agency, and scholarships and grants will still be issued.

In the coming months, students across the country will begin applying for college loans for the fall semester.

Spellings and the Department of Education shouldn't wait for the loan pool to dry up before taking steps to ensure student-loan money will be available.