U.S. Education (ED) Secretary Arne Duncan told eCampus News on June 12 he will work with private lending companies as the Obama Administration pushes for a direct federal student loan system, adding that he will not compromise in extending college money to low-income students or in bolstering the nation's college-completion rate.

"I just think we should be in the business of investing in students and not in subsidizing banks," said Duncan, who added that the federal government underwrites about 97 percent of student loans every year, with most of that money coming from private lenders.

Duncan's remarks came during a wide-ranging interview...

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