The Education Department was expected to meet with a large group of student loan lenders yesterday to unveil the terms under which the department will purchase their loans using new legal authority that was signed into law May 7, said sources who planned to attend the meeting.

At the meeting, which was to be held at the end of the day, the department was expected to outline at least three conditions under which it will purchase loans originated through the Federal Family Education Loan, or FFEL, program, to mitigate a looming lending crisis.

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