"Two months ago, as a sense of crisis descended upon the student-loan industry, JP Morgan Chase & Company stood up and said that it not only would continue to supply government-backed loans, but would do so at a discount," The Chronicle of Higher Education reports. "'It sounds so self-serving,' a company spokesman, Thomas A. Kelly, said at the time, 'but if you are doing business with a major bank doing student lending, they're going to be there tomorrow.' That was two months ago. Last week the bank's student-loan division, Chase Education Finance, announced that because of higher financing costs and lower federal subsidy rates, it would no longer offer government-backed loans at colleges with high-risk borrowers. And today officials at Chase are telephoning the colleges that the bank is still willing to serve to tell them that the discounts it promised in February to maintain - reimbursing students for both the borrower origination fee and the default fee that are required under the federal program - will no longer be paid by Chase on the borrower's behalf."