"U.S. Department of Education Announces Plans to Purchase Up To an Additional $6.5 Billion of FFELP Loans"

On November 20, 2008, the U.S. Department of Education unveiled its latest action to help ensure that students and their families continue to have access to Federal student loans. The Department announced it will purchase up to $6.5 billion of Federal Stafford and PLUS loans that were originated during the 2007 – 08 academic year. This Stroock Special Bulletin provides an overview of the Department’s latest action and its implications for lenders and students and their families.