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In an era when what students know is the most important factor in determining success, postsecondary education has never been more critical. Although two thirds of high-growth, high wage jobs require a college degree, only a third of Americans have one. Ninety percent of the fastest-growing jobs in the knowledge-driven economy will require postsecondary education but more than 60 percent of Americans ages 25-64 have no postsecondary education credential.

Secretary Spellings announced that the U.S. Department of Education would take further action to purchase Federal Family Education Loan (FFEL) Program loans to ensure students have continued access to Federal student loans. The Department will use its existing authority to purchase 2007-2008 academic year FFEL loans. The purchase program is designed to minimize potential disruption in student lending until the conduit program becomes operational.