With Republicans ending the Grad Plus program, private lenders are eyeing billions in new business, while some students could be left in the cold.
In the 22 years since Ken Ruggiero jumped from tech to the private student loan business, he’s lived through a dramatic boom and bust. In the early 2000s, the market more than quadrupled, fueled by soaring college prices and federal subsidies in the form of loan guarantees. Then Uncle Sam decided to do the lending itself, directly, and private loan originations collapsed from more than $20 billion in 2008 to less than $6 billion in 2011. Since then, they’ve grown at a glacial pace to $13 billion a…
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