April 23, 2004
New York Governor's Plan Threatens Future of Direct Lending; Other States May Follow Suit
Financial-aid administrators at many public colleges in New York fear they may have to make a costly and challenging switch from participating in a federal student-loan program they love to one they are skeptical of -- or else risk losing millions of dollars.
Their anxiety stems from a vaguely worded proposal, included by Gov. George E. Pataki in his 2004-5 budget plan, that would require public colleges to agree to work with the state's student-loan-guarantee agency if they are
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