September 2, 2008
As 'Crisis' Deters Loan Companies, Direct Lending Sees 43-Percent Jump
Washington
The Education Department's direct-lending program has seen a 43-percent jump in business already this academic year, after a series of private lenders stopped offering government-backed student loans.
The department, in its first statistical tally for the new academic year, said on Friday that it had originated more than $10.84-billion in loans at 1,156 colleges as of August 8. At the same time last year, the direct-lending program had originated nearly $7.55-billion in loans
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