February 1, 2008
Sallie Mae Tying Loans to Students' Credit Scores and Colleges' Graduation Rates
Sallie Mae, the nation's largest student-loan company, has warned colleges it will no longer provide private loans to students with below-prime credit scores and will begin withholding service from colleges with poor graduation rates.
The company announced the changes as a response to its own financial woes, though smaller lenders have announced similar service cutbacks as they cope with a reduction in federal subsidies on government-backed loans and the overall tightening of credit
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