http://t1.gstatic.com/images?q=tbn:ANd9GcRhwpavMl1CkAKTn2PPT2ufFmbq6MXoP8a9IKbVyxKLZ7OUZgOSgwG63nwBy . The Education Department is taking new steps to help parents obtain federal college loans if their applications are rejected because of minor problems in their credit history — an effort to address complaints about tighter lending standards that has hurt enrollment at historically black colleges and universities.
Education Secretary Arne Duncan disclosed the action in a letter Tuesday to Rep. Marcia L. Fudge (D-Ohio), chairman of the Congressional Black Caucus. For months, advocates of historically black colleges and universities (HBCUs) have pressed Duncan for help because a sharp reduction in lending to parents has had a significant impact on HBCUs, including Howard University in the District, Morgan State University in Maryland and Hampton University in Virginia. More...