Washington — In a week marked by grim financial news and market turmoil, the U.S. Senate acted swiftly on Wednesday to add its approval to House-passed legislation to extend by one year a federal rescue plan for student-loan companies, the Associated Press reported. The bill now goes to President Bush.
Supporters of the bill say it is needed to ensure that student loans remain widely available in the 2009-10 academic year. While there are few signs that students have been unable to obtain federal loans this year, lenders have warned that problems could arise when the original student-loan rescue law expires. —Charles Huckabee
