| Lender | When? | What? |
| Loan to Learn |
1-AUG-07 |
Layoff many staff |
| College Board |
22-AUG-07 |
Exits FFELP 10/15/07 due to NY SLATE |
| NELNET |
6-SEP-07 |
Layoff 400/3,300 (12%) |
| GCO-ELF |
25-SEP-07 |
Suspending consolidation loan acquisitions |
| PHEAA |
28-SEP-07 |
Hiring freeze, attrition |
| Loan to Learn |
30-SEP-07 |
No new private student loans |
| NextStudent |
1-OCT-07 |
Suspending new Stafford/PLUS loans. Layoff 100/409 (24%). |
| SunTrust |
3-OCT-07 |
Sells loan portfolio to Nelnet and closes Murfreesboro TN servicing center |
| First Niagara Bank |
4-OCT-07 |
Exits student loans |
| RISLA |
4-OCT-07 |
Ends NELNET partnership |
| US Education Finance Group |
? |
Layoff 25/45 (56%) |
| FinanSure |
26-OCT-07 |
Exit FFELP/Private, layoffs |
| Illinois SAC |
7-NOV-07 |
Layoff 50/470 (11%) + 18 vacant (4%) |
| JP Morgan Chase |
8-NOV-07 |
Hired 125 of Nelnet layoffs 12/1/07 |
| College Loan Corporation |
12-NOV-07 |
Layoff 340/700 (49%) |
| Federal Student Loan Solutions |
17-NOV-07 |
fsls.net site no longer responding |
| Student Loan Xpress |
30-NOV-07 |
Ended private student loan, continuing FFELP |
| Student Capital Corporation |
DEC-07 |
Dissolved brand, absorbed into College Loan Corporation |
| Sallie Mae |
27-DEC-07 |
Halting FFELP spot market purchases |
| Goal Financial |
31-DEC-07 |
Exits FFELP, layoff 134/300 (from Warn Act Notices, company web site) |
| National Education |
9-JAN-08 |
Suspending FFELP 1/15/08, layoffs? |
| Sallie Mae |
18-JAN-08 |
Layoff 350/11,000 (3%) |
| Sallie Mae |
18-JAN-08 |
Sallie
Mae ended recourse loans effective 3/1/08 at Corinthian, Career
Education, ITT Educational Services Inc., DeVry, Education Management
Corporation, Lincoln Educational Services. |
| NELNET |
23-JAN-08 |
Layoff 300 (10%) |
| NELNET |
23-JAN-08 |
Stops making new consolidation loans |
| Kentucky HEAA |
25-JAN-08 |
Ending 3 loan forgiveness programs |
| College Loan Corporation |
31-JAN-08 |
Suspending FFELP 3/1/08, layoff 260/360 (72%), no longer offering private loans at certain for-profit colleges |
| NextStudent |
1-FEB-08 |
Suspending new FFELP consolidation loans (continuing private loans and private consolidation loans) |
| Collegiate Solutions |
5-FEB-08 |
Exiting FFELP |
| First Marblehead |
6-FEB-08 |
Layoff
(estimate) more than 100 of 1,100, plus attrition and
freezing. Company refused to confirm actual number. |
| Independent Bankers Bank |
7-FEB-08 |
Exiting FFELP 2/15/08 |
| Michigan Higher Ed SLA |
12-FEB-08 |
Suspending MI-LOAN private student loan 2/15/08 |
| ISM Educ. Loans (Indiana) |
14-FEB-08 |
Suspending Consolidation Loans |
| American Educ. Svcs (AES) |
15-FEB-08 |
Suspending FFELP effective 3/7/08 |
| Capital One/Axiom |
15-FEB-08 |
Exiting FFELP 4/1/08 |
| MOHELA (Missouri) |
15-FEB-08 |
Suspending consolidation loans, private loans. |
| Iowa Student Loan |
18-FEB-08 |
Suspending FFELP loan acquisitions and FFELP
consolidation loans 2/29/08. |
| NorthStar/T.H.E. |
18-FEB-08 |
Suspending all loan discounts (including existing borrowers) |
| Sallie Mae |
20-FEB-08 |
Ending serial (subsequent) private student loans at certain for-profit colleges, not just new borrowers. |
| PHEAA |
26-FEB-08 |
Suspended FFELP loan originations and secondary market acquisitions effective 3/7/08. Affects 140,000 borrowers, $500M loan volume. Still guaranteeing and servicing loans. |
| HELP Alternative Loans |
22-FEB-08 |
Discontinued private student loan program. |
| Brazos |
25-FEB-08 |
Suspending in-house originations |
| CollegeInvest |
1-MAR-08 |
Suspending consolidation loans |
| K2 Student Loan Solutions |
3-MAR-08 |
Exiting FFELP (consolidator) |
| Brazos Higher Ed. Service Corp. |
7-MAR-08 |
60% of work force (163 employees) laid off |
| Montana Higher Ed. Stu. Assistance Corp. |
08-MAR-08 |
$155.9 million bond auction fails again |
| New Hampshire Higher Ed. Loan Corp. |
11-MAR-08 |
Suspending private loans |
| Kansas State Bank |
13-MAR-08 |
Suspending FFEL and private loans |
| Graduate Leverage |
13-MAR-08 |
Temporarily suspending FFELP loans |
| Northeastern University |
17-MAR-08 |
Northeastern University announced that it will be switching to the
Direct Loan program because of concern about the credit crisis.
|
| HSBC Bank |
17-MAR-08 |
Exiting FFELP effective May 31, 2008. |
| M&T Bank |
18-MAR-08 |
Suspending participation in FFELP effective April 1, 2008.
|
| NorthStar/T.H.E. |
19-MAR-08 |
Suspending consolidation loans |
| Sallie Mae |
20-MAR-08 |
Sallie Mae reduces premiums paid to schools participating in its School-as-Lender program.
|
| Brazos |
24-MAR-08 |
Suspending all FFELP originations at four Brazos lenders (Brazos Student Lending, Academic Finance Corporation, Educational Funding Services,
Inc. and Acapita) effective 3/27/2008.
Still offering private student loans through afclending.com,
studentloans.com and efsi.net.
|
| Zions Bank |
27-MAR-08 |
Suspending FFELP loans effective 3/31/08.
|
| NorthStar |
1-APR-08 |
Suspending FFELP loans effective 4/1/08.
|
| Student Loan Xpress |
3-APR-08 |
Suspending FFELP loans effective 4/3/08.
|
| Access Group |
11-APR-08 |
Suspending FFELP consolidation loans.
|
| Massachusetts Educational Financing Authority (MEFA) |
15-APR-08 |
Suspending FFELP loans effective 7/1/08.
|
| Michigan Higher Education Student Loan Authority (MHESLA) |
15-APR-08 |
Suspending FFELP loans effective 4/16/08.
|
| Chase Education Finance |
15-APR-08 |
discontinuing federal loans to students attending certain high-risk institutions.
|
| Citibank's Student Loan Corporation (SLC) |
15-APR-08 |
Suspending lending at certain schools and withdrawing from Federal
Consolidation Loan market.
|
| Bank of America |
18-APR-08 |
Suspending private student loans.
|
| Kentucky Higher Education Student Loan Corp./The Student Loan People |
18-APR-08 |
Suspending loans to first-time borrowers.
|
| Northwest Savings Bank
|
25-APR-08 |
Suspending FFELP loans to first-time borrowers.
|
| Kleberg Bank
|
1-MAY-08 |
Suspending FFELP lending.
|
