July 14, 2008

For-Profit Colleges Seek to Fix New Student-Loan Problem

By Goldie Blumenstyk

Washington

After rushing to enact a law that makes it easier for students to obtain more federal student loans, Congressional leaders and lobbyists for for-profit colleges may now be close to a deal to help those colleges avoid an unintended result of that new law.

The parties are seeking a measure to keep the colleges from running afoul of the requirement that at least 10 percent of their revenue comes from nonfederal sources.

The colleges have been concerned about the

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