Student lenders rose Friday on an otherwise quiet day for financial stocks, after Congress gave final approval to legislation that would lift limits on federally subsidized student loans.
Many private lenders had stopped making loans as the credit markets tightened, leaving students and parents with fewer options to finance higher-education costs. The legislation increases limits on how much borrowers can receive in federally subsidized student loans. Lenders like Sallie Mae (SLM Quote) were jumping 7.1% to $21.39 and First Marblehead(FMD Quote) was climbing 6.3% to $4.04. Student Loan(STU Quote) was rising slightly to 2.9% to $136.50.
Banking giant Citigroup (C Quote) moved up 1.7% to $26.42 after it and partner State Street (STT Quote) said they were selling employee benefits joint venture CitiStreet to ING Group (ING Quote) for $900 million in cash. State Street was down fractionally. ...
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