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NC agency has money needed for college loans

Tuesday, July 08, 2008 1:45 PM

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RALEIGH (AP) — College students in North Carolina should be able to get the financial help they need this year.

The North Carolina State Education Assistance Authority says it will have the money to meet demand after the State Employees Credit Union agreed to invest $1.1 billion in the student loan market.

The News & Observer of Raleigh reported Tuesday the money will replace some of the money that had been generated through auction-rate securities. The auction-rate securities market failed earlier this year as part of the bigger credit crunch.

Auction-rate securities were used to finance about $2 billion a year in student loans in North Carolina.

The $1.1 billion investment allows the authority to provide loans with better rates than other available options.

The authority backs about 60 percent of the student loans made in the state.

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Information from: The News & Observer, http://www.newsobserver.com

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