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Student Loan ‘Train Wreck’ Predicted
MSNBC — Sallie Mae says it cannot write money-losing student loans indefinitely. Top executives are holding “daily deliberations†about how long the nation’s largest student lender can afford to sacrifice its bottom line for the sake of college-bound Americans, Sallie Mae CEO Albert J. Lord said. Lord told analysts, "We’ve been predicting something of a train wreck" in mid-2008 without prompt changes in a market hit by fallout from the subprime mortgage crisis and cuts last year in federal subsidies to student lenders.
