The House approved the Ensuring Continued Access to Student Loans Act of 2008 which would authorize the Department of Education to advance federal funds to guarantee agencies operating as lenders of last resort
that lack money for new loans.
Secretary of Education the authority to advance federal funds to guaranty agencies operating as lenders of last resort
if they do not have sufficient capital to originate new loans, and the temporary authority to purchase loans from lenders in the federal guaranteed loan program.
The national recovery plan, hatched by the Central Bank and tire International Monetary Fund (IMF) and announced June 25, unsigned at press time, will take two years and rely in part on $1 billion in financial assistance from the IMF and other lenders of last resort