May 20, 2008
Education Dept. Readies Loan Bailout Terms Amid Hints That Sallie Mae Will Leave Federal Program
Washington
Top Education Department officials are expected today to outline the secretary's terms for purchasing loans under the rescue provisions approved this month by Congress. The terms are not expected to be favorable to lenders, fueling speculation that many loan companies—including Sallie Mae, the nation's largest student-loan provider —may respond by announcing their withdrawal from the government-subsidized student-loan system.
Sallie Mae executives, including the company's
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