The Standard & Poor's downgrade of the U.S. long-term debt rating was followed a few days later by downgrades of debt issued by government-related entities such as the Federal Home Loan Banks and the Federal Deposit Insurance Corp. (FDIC), as well as a slew of funds with a majority of their exposures to U.S. Treasurys.

But what happened to securities guaranteed by the Federal Family Education Loan Program (FFELP)?

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