UPDATE: Student Loan Rates Set for Change; ITT (ESI) & Corinthian (COCO) on Move
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(Updated - May 17, 2013 12:05 PM EDT)
Shares of ITT Educational Services Inc. (NYSE: ESI) and Corinthian Colleges Inc. (NYSE: COCO) moved higher on Friday. Career Education Corp. (Nasdaq: CECO) and a number other for-profit education stocks were also higher. The rally is related to proposed changes to the interest rate on student loans. Yesterday House Republicans advanced a proposal that would link student loan interest rates to market conditions. Without change to the program, interest rates for new subsidized student loans would double to 6.8% on July 1st.
Shares of ITT Educational Services Inc. (NYSE: ESI) and Corinthian Colleges Inc. (NYSE: COCO) moved higher on Friday. Career Education Corp. (Nasdaq: CECO) and a number other for-profit education stocks were also higher. The rally is related to proposed changes to the interest rate on student loans. Yesterday House Republicans advanced a proposal that would link student loan interest rates to market conditions. Without change to the program, interest rates for new subsidized student loans would double to 6.8% on July 1st.
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