The Department of Education, Treasury Department and Office of Management and Budget are telling Congress to pass a bill enabling the administration to buy billions in student loans. The idea behind the proposal is that in the midst of the economic crisis, lenders need the capital from selling loans.

The New York Times’ Jonathan D. Glater reports that effects of the lending crisis affects on college students is not yet known. The peak season for college loans applications is still months away. Read Glater here.  MB

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