Schumer wants student loan market to be protected.

The Associated Press
WFLS News

Date published: 10/7/2008

NEW YORK (AP) - New York Senator Charles Schumer is calling on the government to make sure the credit squeeze doesn't dry up student loan programs.

Schumer says he has sent a letter to Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke urging them to

pay attention to the student loan market as they begin to implement the financial bailout.

The Democrat says a tighter credit market could force students or their families to pay higher interest rates on loans, or keep them from qualifying at all. Schumer says a number of lenders

already have gotten out of the student-loan industry.

About $60 billion, nearly half of all public and private student-aid money, comes via the federal student loan program.

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(Copyright 2007 by The Associated Press. All Rights Reserved.)

Date published: 10/7/2008