The recent article ("Three Large Lenders Out of FFEL," Aug. 13) paints an incomplete picture of the department's loan purchase programs and the current student loan market overall.
Jointly, the U.S. Departments of Education and the Treasury and the Office of Management and Budget have created and are executing two programs designed to provide near-immediate liquidity into the student loan market at no net cost to the tax payer. This effort was accomplished in a three-month period and with no authority to advance or lend funds. To date, the department has approved lenders to use the program - among them some of the largest in the business. Further, the department is currently processing nearly $1 billion in loan purchase requests, ensuring that students have federal student aid available to attend college this year.