Student Loan Guarantor Files For Chapter 11

Law360, New York (April 8, 2008, 12:00 AM EDT) -- The ongoing credit crunch hit the student loan market Monday, as the Education Resources Institute, which describes itself as the oldest and largest nonprofit guarantor of private education loans in the country, filed for bankruptcy.

The Boston-based company, known as TERI, helps secure private loans for students whose government loans don't cover the full cost of college.

The company's Chapter 11 filing in the U.S. Bankruptcy Court for the District of Massachusetts states that it has more than $1 billion in assets and between $500,000,001 and...
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