March 28, 2008
Education Department Issues Lender-of-Last-Resort Guidelines as More Banks Quit Federal Program
As lenders continue to pull out of the federal government's guaranteed-student-loan program, the Education Department this week issued guidelines for establishing "lender-of-last resort" programs that would make certain students could find loans if the government declares a loan emergency.
Five pages of guidelines were sent to 35 guarantee agencies, the nonprofit entities that use federal money to repay lenders when borrowers default. If a lender-of-last-resort emergency is
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