Repost: State panel to appeal student-loan change

The California Student Aid Commission announced Wednesday it will appeal a federal decision to remove California’s student loan guaranty, charging that the federal move would cost the state tens of millions of dollars annually.

The U.S. Department of Education in July decided to revoke CSAC’s status as a guarantor of federal student loans, citing disputes between CSAC and its nonprofit guaranty arm, EdFund. The department also was concerned that Gov. Arnold Schwarzenegger’s Department of Finance was trying to “sell” EdFund for $500 million to relieve California’s budget crisis.

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