M&T Bank, Among Others, Stops Giving Student Loans

College acceptance letters are finally rolling in and, after grueling examinations and endless applications, high school students can finally rest easy — but not quite so fast. Several large banks — including M&T Bank, which has a large presence at Cornell — have dropped out of the Federal Family Education Loan Program.

The bank’s move to leave FFELP — through which certain colleges have chosen to provide federal student loans — decreases the selection of lenders for students who require financial aid. While the consequences for students have become more serious than expected, prospective and current Cornell students need not worry, since Cornell participates in a direct loan program in lieu of FFELP.