Lenders Say Department's Threshold for 'Last Resort' Relief Is Too High

The U.S. Department of Education, setting terms for the "lender of last resort" provisions in its student-loan rescue plan, has decided that colleges will be eligible for institutionwide relief only if at least 80 percent of their expected borrowers can't find a lender.

The terms, set out in a letter on Thursday from Vincent T. Sampson, deputy assistant secretary for postsecondary education, met immediate protest from groups representing lenders, which complained that such a

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