September 28, 2009
Student Lenders, Fighting to Survive, Spend Millions to Lobby Congress
By Carol T. Powers
Sallie Mae, the giant of the student-loan industry, has led efforts to thwart President Obama's plan to end bank-based lending, spending $5.8-million over the last year and a half to lobby the federal government.
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By Carol T. Powers
Sallie Mae, the giant of the student-loan industry, has led efforts to thwart President Obama's plan to end bank-based lending, spending $5.8-million over the last year and a half to lobby the federal government.
Washington
A shrunken student-loan industry, faced with the legislative fight of its life, has spent millions of dollars on lobbying and campaign contributions over the last year and a half, even as subsidy cuts and a continuing credit crunch have squeezed its margins and driven dozens of banks from federal student lending.
Between January 1, 2008, and the end of June 2009, the top 20 participants in the federal bank-based loan program spent nearly $14-million lobbying the federal government,
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