Career Ed hit by tighter credit
HOFFMAN ESTATES -- The shares of for-profit education companies, including Career Education Corp., plunged after SLM Corp., the largest U.S. loan provider, said it would cut off funding to borrowers with a higher risk of defaulting. Career Education said Tuesday in a regulatory filing that Sallie Mae terminated a recourse-loan program. Career Education estimated that as much as $60 million of its revenue in 2007 was related to students affected by Sallie Mae's decision. Career Education declined $2.93, or 15 percent, to $17.01 in Nasdaq trading.
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