student loans

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Banks Cut Colleges Eligible for Student Loans

Students at 2-year, non-elite 4-year schools left in the lurch

(Newser) - Students at 2-year and some less competitive 4-year colleges will be having a tougher time finding loans as banks trim the list of colleges they serve, reports the New York Times. In a move that potentially shuts out some of the neediest students, Citibank, JPMorgan, PNC, and SunTrust all say...

Fannie Mae Loses Billions in Q4
Fannie Mae Loses Billions in Q4
Feb 27, 2008 10:48 AM CST

Fannie Mae Loses Billions in Q4

Government-backed lender off $3.56B, but feds lifts restraints on portfolio

(Newser) - Fannie Mae reported huge fourth-quarter losses today, painting an ugly picture both of the economy and the mortgage giant's own future. The company lost $3.56 billion—triple what analysts expected, Bloomberg reports. Derivatives were the big culprit, accounting for $3.33 billion in losses, but the company also reported...

Credit Crunch Extends to Student Loans

Investors balk on bonds key to students, museums, cities

(Newser) - A huge new group of borrowers—from students to museums to local governments—are about to find their credit drying up, as the subprime meltdown that has already cost banks $100 billion continues to spread, reports the Wall Street Journal.  In the last few days, investors have backed away...

Sallie Mae Drops $900M Lawsuit
Sallie Mae Drops $900M Lawsuit
Jan 29, 2008 9:31 AM CST

Sallie Mae Drops $900M Lawsuit

Move helps struggling student loan provider obtain $31B in financing

(Newser) - Beleaguered student loan provider Sallie Mae yesterday dropped its $900 million lawsuit against the onetime suitors who bailed on a $25.3 billion buyout after the credit crunch caused would-be investors to walk away, reports the Washington Post. By agreeing not to seek the penalty from investment firm JC Flowers...

Ex-Sallie Mae Suitor Tries to Dodge Breakup Fee in Court

Investor group doesn't want to cough up $900M

(Newser) - The group that offered to buy out educational lender Sallie Mae for $25 billion is now seeking court approval to back out and avoid paying a $900 million break-up fee. The investor group, including Bank of America and JPMorgan Chase, is arguing that recent legislation will reduce the student loan...

$25B Sallie Mae Buyout on the Rocks
$25B Sallie Mae Buyout
on the Rocks
Sep 27, 2007 9:52 AM CDT

$25B Sallie Mae Buyout on the Rocks

Credit market implosion leaves buyer looking for the door

(Newser) - Sallie Mae doesn’t look like such a bargain at $25 billion anymore, and J.C. Flowers & Co. is trying to renegotiate—or escape—its deal to acquire the student lender, citing the credit market implosion and legislation to reform student loan practices. It’s the kind of deal...

Job Market Shrinks for Lawyers
Job Market Shrinks for Lawyers
Sep 24, 2007 1:10 PM CDT

Job Market Shrinks for Lawyers

Lots of new grads, but big salaries are hard to come by

(Newser) - Lawyers are entering the work force in record numbers, but demand—and salaries—aren't keeping up. Law schools advertise six-figure starting salaries for grads, but these wages materialize only for those from elite schools or at the top of their class, the Wall Street Journal reports. For the rest, $20-an-hour...

Congress Delivers Loan Relief for Needy Students

Broad overhaul of student loan industry earns broad bipartisan support

(Newser) - Congress yesterday passed a student loan reform bill that slashes billions of dollars from lender subsidies and redirects the funds into grants for low-income students, the New York Times reports. The sweeping measure will cut $20B from federal lender subsidies, halve the interest rate on need-based loans, and pump $12B...

NCAA Records Sought in Payola Probe

Student loan referrals may have netted sports program payoffs

(Newser) - New York's attorney general has demanded records of 40 NCAA athletic departments from  Georgetown and UCLA to discover if students were illegally steered to a particular college loan provider for kickbacks. Several of the Division I schools have links on their websites to a company that officials suspect is offering...

House Votes to Overhaul Student Loans

Increases Pell money, slashes interest rates on federal loans

(Newser) - The House OKed a major shakeup of student loans yesterday, in a plan that will eliminate $19 billion in subsidies to lending companies and send the cash directly to students. The bill will increase funding for Pell grants and cut the interest rates on all federally-funded loans—assuming it survives...

U Chicago Receives $100 Mil Gift
U Chicago Receives $100 Mil Gift
Jun 1, 2007 9:00 AM CDT

U Chicago Receives $100 Mil Gift

(Newser) - An anonymous donor has pledged the largest gift ever—$100 million—to the University of Chicago. The gift's purpose is to eliminate student loans for undergraduates from low-income families. The donor came from a family of modest means and has, quite obviously, done well for himself . The university identified the...

Sallie Mae Chief Quits
Sallie Mae
Chief Quits
May 23, 2007 5:52 AM CDT

Sallie Mae Chief Quits

Equity firm pressured loan giant CEO to step down, ease buyout

(Newser) - The CEO of student loan giant Sallie Mae resigned unexpectedly yesterday in the midst of a $25 billion buyout by a private equity firm. The Wall Street Journal reports that Thomas J. Fitzpatrick was pressured out to stave off Congressional criticism of the buyout by J.C. Flowers and Co,...

Bush Officials Killed Proposal For Student Loan Reform

Education Department under Bush is cozy with the loan industry, critics say

(Newser) - Bush officials killed a proposal to clamp down on sleazy practices in the student loan industry in 2001, the Washington Post reports. The proposals, drafted under Clinton and circulated to the Bush team, was aimed at curbing the kind of abuses now being investigated, in which loan companies pay universities...

Loan Giant Sallie Mae Goes Private
Loan Giant Sallie Mae Goes Private
Apr 17, 2007 8:37 AM CDT

Loan Giant Sallie Mae Goes Private

Nation's largest student lender is sold for $25 billion

(Newser) - A group of investors is buying student lending giant Sally Mae for $25 billion, even as Capitol Hill debates reducing federal subsidies for student loans. The company—which began as a quasi-public agency—will be taken private by Bank of America, JPMorganChase, and private equity houses J. C. Flowers and...

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