March 29, 2011
A Year After Bank-Based Lending's Demise, a Shrunken Industry Redefines Itself
A year after President Obama signed a law eliminating bank-based student lending, the lenders and guarantors that formed the backbone of the old system have laid off thousands of workers, eliminated programs, and sought out new roles in the student-loan industry.
The Education Department is working to soften the impact with money to help retrain student-aid workers, servicing contracts for nonprofit lenders, and offers to pay loan guarantors to develop default-prevention programs. But
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