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Bailout affects private student loans

Abstract:
What does a $700 billion bailout mean to a University student?

Probably not much, since economic jargon isn't taught as a second language in many public schools.

But the current financial crisis and battered job market is leading some to believe that no one is safe, including college graduates....

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collegeloanconsultant

posted 10/08/08 @ 8:24 AM EST

The $700 billion bailout bill contains a provision that should help students whose colleges use the FFELP program. Under the Ensuring Continued Access to Student Loans Act, lenders were only allowed to sell this year's loans to the Department of Education. But in the bailout bill, they are now allowed to sell back bad loans from previous years. While this may be not so good news for taxpayers, it should encourage lenders to continue their FFELP loans.
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