State OKs $30 Million Loan To CollegeInvest

By: Associated Press
By: Associated Press
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DENVER (AP) -- Colorado officials will make a $30 million loan to a college loan program that's been affected by the nationwide credit crunch.

State Treasurer Cary Kennedy said Wednesday the loan will be provided to CollegeInvest so it can secure federally guaranteed loans for Colorado students. The program hasn't been able to raise enough capital to meet obligations for the 2009 spring semester.

The Legislature's Joint Budget Committee has approved making the loan.

CollegeInvest in the Colorado Department of Higher Education originates loans to college and graduate students through the Federal Family Education Loan Program.

More than 60,000 Colorado students get aid through the federal program from CollegeInvest and other private lenders.

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