Education Companies Fall on Obama Student Loan Proposal

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For-profit colleges and trade schools stumbled on Thursday after President Barack Obama proposed shifting federal student loans into a 'direct-loan program' administered by the U.S. Department of Education.

Career Education Corp tumbled 8.8 percent to $23.84 while ITT Education slumped 8 percent to $107.94 and Corinthian Colleges Inc fell 6 percent to $19.

The S&P 500 index of education companies fell 2.3 percent. The index overall has fallen 3.4 percent in 2009.   (Rueters)

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