The President and CEO of the National Association of Student Financial Aid Administrators (NASFAA) Philip Day wrote Margaret Spellings, U.S. Department of Education (ED) secretary, and Henry Paulson, head of the Department of the Treasury, last week. In his letter, Day welcomed the recent government announcement that suggested a change in the focus of the Troubled Asset Relief Program (TARP) to assist FFELP student loan issuers.

However, he urged Spelling and Paulson to take similar "effective actions" to ensure credit financing is available for those private education loan borrowers that need funding to pay postsecondary education expenses.

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