- How Many US Consumers Will Shop this Weekend?
- Tuesday's Heavy Dose of Data to Dictate 'Risk' Behavior
- Obama says Boosting US Jobs is Top Priority
- More Consumers Giving 'Black Friday' the Cold Shoulder
- Prepare For Large Decline In Stocks, Next Year?
- Appeals Court Denies Microsoft's Alcatel Petition
- HP Comes in As Expected; Is It Time to Buy?
- Cramer: What Monday’s Housing Number Really Means
- Why the Dollar Will Likely Stay Weak for Some Time
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- HP's Mark Hurd
- HP Comes in As Expected; Is It Time to Buy?
- 9 Stocks That Play Rising Water Costs: Strategists
- Weis' Deal Likely Won't Change Big Money Contracts
- Gold Prices Can Double in 3 Years: Portfolio Manager
- Nov. 23: Unusual Volume Leaders
- Help Wanted—Please Run $4 Billion University
- Apple Comes to AT&T's Rescue
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Why Amazon Rules Retail
- Wave of Debt Payments Facing US Government
- The Social Media Gaming Threat
- China Eastern to Complete Shanghai Air Buy by End '09
- Paul: Audit the Fed
- JAL Slides to Record Low on Bankruptcy Jitters
- Gold Will Collapse Like Oil Did in 2008: Charts
- Prepare For Large Decline In Stocks, Next Year?
- Lyondell Urged to Consider Reliance Takeover Offer
Text Size 
CHARLOTTE N.C., Nov 6 (Reuters) - Bank of America Corp will suspend its federally-backed student loan program by Dec. 5, the company said in a letter to colleges and universities on Friday, as the U.S. gets ready to end the program entirely. A number of becomes banks have said they would exit the Federal Family Education Loan Program, this year. The Student Aid and Fiscal Responsibility Act of 2009 would replace the FFELP program with direct government loans. It has passed the U.S. House of Representatives and is awaiting a Senate vote, but it strongly supported by President Obama and widely expected to become law. A spokeswoman for the Charlotte, North Carolina-based Bank of America confirmed the validity of the letter, and said the bank would continue to collect payments on customers' existing loans. Bank of America was the fourth largest lender under the program in fiscal year 2008, issuing $4.8 billion in new loans, according to U.S. Department of Education data. The program, created in 1965, is a public-private program designed to allow banks to make students loan backed by government guarantees. (Reporting by Joe Rauch; editing by Carol Bishopric) ((joe.rauch@thomsonreuters.com; +1 704 692 5885; Reuters Messaging: joe.rauch.reuters.com@reuters.net) Keywords: BANKOFAMERICA/STUDENTLOANS COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Print
Email
- The show attracts a big TV audience every year, but this year it may take on even more importance.
- …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
- Congressman Ron Paul explains to Squawk Box why he’s pushing legislation to audit the Federal Reserve.
- CNBC’s Phil LeBeau took a test drive of GM’s flagship electric car. Here’s what he thought of the Volt.
- The energy company Power Efficiency is building tools that regulate the power electric motors use.
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.
Data is a real-time snapshot *Data is delayed at least 15 minutes