State’s Largest Student Lender Says No More Private Loans
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By Maya Nesbit
Published: November 20, 2008
South Carolina’s largest student lender announced, thursday, it will suspend private student loans.
South Carolina Student Loan Corp. will make all private loans already committed for the coming spring semester, but will suspend taking applications, said Chuck Sanders, president of the state created non-profit student lender.
Sanders tells News Channel 7 that there is no way to finance private student loans in this economic climate. He says that they do still have federal loans that are available, they have facilitated $500 million this year in federal loans so far this year.
In the 2007-2008 school year SC Student Loan Corp. financed $67 ½ million in private loans.
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