May 22, 2008
Student-Loan Companies Embrace Terms Set Out for Federal Rescue Program
Washington
The Bush administration publicly outlined its plans for rescuing student-loan companies from the nation's economic turmoil on Wednesday and promptly won commitments from major lenders to remain participants in the federal student-loan system.
"We have reached the conclusion that we will stay in the program," Albert L. Lord, chief executive of Sallie Mae, the nation's largest student-loan company, said in a briefing with college representatives only hours after Education
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