Some of the nation’s biggest banks plan to stop providing student loans for college applicants and students. Less-selective four-year colleges, like Eastern Oregon University and William Jessup University in Rocklin, California, have already been dropped by other student lenders.
The New York Times reports that some loan companies have exited the student loan business entirely, [...]
The Bush administration has submitted a written proposal to the Congress seeking to buy student credit loans. By doing so, the administration hopes to provide capital to lenders for new student loans and to make sure that the nation’s credit crunch does not prevent students from borrowing money for receiving a higher education.
The New York [...]
Sallie Mae, the Reston, Va., based student loan company, has lost $104 million in one quarter. The company has been suffering from financial problems since last year and a reshuffling of its top management as well as a failed buyout.
According to Democratic Underground, Sallie Mae has eliminated about 1,000 jobs over the past six months [...]
Following in the footsteps of national top universities — Harvard, Stanford, Yale and Princeton, Brown University is dropping its tuition fees for all those students whose parents earn less than $60,000 a year.
The New York Times reports that Brown has other plans to substitute grants for student loans for all those whose families earn less [...]