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The outlook is bleak for those fresh-faced college kids trying to get ahead because many of them will not be able to get student loans this year.
In the latest example of the threat against student loan funding, College Loan’s Chief Executive Cary Katz reportedly told college financial aid officers that it will "cease all private loan disbursements effective immediately" because it lost its funding.
"Regrettably, our financing from a large New York bank was abruptly canceled [Thursday]," the letter dated Sept. 4 said. Read full story.
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