LITTLE ROCK (AP) - The state Board of Finance has approved a line of credit of up to $80 million for the Arkansas Student Loan Authority.
The student loan authority sought the line of credit so it can make loans to students while waiting for the bond market to stabilize. The money will come from state funds that would have otherwise been put in six-month certificates of deposit.
Last year, the authority funded about $70 million of the $470 million in loans for college students in the 2007-2008 school year.
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