September 23, 2009
In Credit Crunch, Students and Families Borrow More in Federal Loans
Students and families borrowed 25 percent more through federal loan programs last year than during the same period the previous year, data from the U.S. Department of Education show. The growth comes at a time when more people are going to college, many families are needier than in the past, and more students are applying for federal aid. Congress also increased the amount that undergraduate students could borrow starting in the 2008-9 academic year.
The loan programs were built to
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