"Congressional negotiators, in reaching terms this past weekend for a proposed $700-billion bailout of the banking industry, have retained language that could be used to help struggling student-loan providers," The Chronicle of Higher Education reports. "Leading lawmakers announced the compromise early Sunday, after a late-night negotiating session prompted by President Bush's plea for urgent action to avert a nationwide financial crisis. The agreement would give Treasury Secretary Henry M. Paulson Jr. authority to use taxpayer funds to purchase bank debt based on troubled residential or commercial mortgages."

You can read the complete September 29, 2008 Chronicle of Higher Education article on-line. A paid subscription may be required.

Additional Media Coverage