NEW YORK (Thomson Financial) - ITT Educational Services Inc. Tuesday said it
has arranged for Bank of America Corp., Chase Education Finance and Citibank's
Student Loan Corporation to provide federal and private education loans to
qualified ITT Technical Institute students and their parents for the remainder
of 2007/2008 academic year through the 2008/2009 academic year.
ITT shares slumped 15% to $71.72 in a backlash against the secondary
education sector after competitor Corinthian Colleges Inc. disclosed three
lenders, including Sallie Mae, would no longer make loans to students determined
to be subprime borrowers.
Corinthian shares are also down, falling 31.5% to a new 52-week low of
$7.46.
Christie Rizk
cr/vj
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