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Californian politicians looking for change on students loans regulation

A group of top lawmakers from California have asked to federal government  to reconsider its decision to give EdFund’s student loan guaranty business to the Minnesota-based Education Credit Management Corp. “In order to protect the current and future students of California, the commission, by a majority vote, has taken decisive action to appeal the U.S. Department of Education’s decision to terminate the California Student Aid Commission’s guaranty agreement,” said Barry Keen, chairman of the commission.”We respectfully request that you not take any further action to begin transitioning California’s guaranty function to ECMC until we have an opportunity to work closely with you in addressing our concerns.”  was written in the letter addressed to the federal department. On the other hand U.S. Department of Education is taking California legislative leaders’ letter under consideration. A spokesman said they will continue working so they can find the best solution as possible that can meet needs of all types of students, parents, taxpayers and state institutions. However, a worker from Legislative Analyst’s Office made a statement on which she said  “The communication from the federal government appears unequivocal that the decision has been made and (EdFund) is terminated effective Oct. 31″. In this case all business would be moved to Minnesota and over 400 people would loose their jobs in California.

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