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Education Dept. to Step it Up

Posted on August 20, 2008 by Lauren Anderson

The Education Department may be forced to take an increased roll in lending this year. The change comes as other financial institutions continue to back out of student loans and post-graduate loan consolidations, according to the Washington Post.

Last year the department issued $14 billion in federally guaranteed loans directly to students, this year that number may shoot up to $35 billion or more with the help of contractors.

Sara Martinez Tucker, Under Secretary at the Education Department said the department "began to get nervous" about whether enough loans would be available to students in the fall. On April 19 department officials met with President Bush. "We told him we think we need to have an intervention," she said in a Washington Post interview. The president agreed.

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